Completion of RC Drilling – Minos and Ariadne

4th November 2021

Completion of RC Drilling - Minos and Ariadne

• RC drilling program completed at Minos and Ariadne prospects
• 19 holes for 2,387m completed
• Drilling program includes infill at Minos and initial testing of the mineralised zone at Ariadne
• Samples delivered to laboratory in South Australia
• Assays expected within 4 -6 weeks

Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to announce that reverse circulation (RC) drilling has now been completed at Minos and Ariadne within Indiana's 100% owned 5,713 km2 Central Gawler Craton Gold Project in South Australia (Figures 2 & 3).

A total of 19 holes were completed for 2,387m at the Minos and Ariadne prospects (Figure 1) and samples have been delivered to the laboratory in Adelaide for assay. Results are expected within the next four to six weeks.

Of the 19 holes completed, seven holes at Minos were designed to infill the existing drill hole coverage and provide further geological information for inclusion in the proposed resource estimate for Minos.

Four of the seven planned drill holes are step-outs to test the down-dip extensions of previously reported mineralisation and two holes are targeting the south-eastern part of the mineralised zone where previous drilling reported 1m @ 2.29g/t Au and 9m @ 1.01g/t Au (hole LLRC030: 73-74m and 105-114m respectively - see ASX Release 13th July for details).

Previous significant results from Minos include:

• 38m @ 6.54 g/t Au from 29m in Hole LLRCD029 including 16m @ 13.12 g/t Au from 37m;
• 21m @ 8.43 g/t Au from 176m in Hole LLRC041 including 1m @ 159 g/t Au from 185m;
• 2m @ 18.4 g/t Au from 162m in Hole LLRC041 including 1m @ 35.6 g/t Au from 163m;
• 26m @ 4.28 g/t Au from 68m in Hole LLRC025 including 3m @ 20.21 g/t Au from 82m;
• 23m @ 6.44 g/t Au from 186m in Hole LLRC035 including 1m @118 g/t Au from 198m
• 10m @ 8.83 g/t Au from 39m in Hole LLRC042 including 3 m @ 26.03 g/t Au from 40m (see ASX Releases 3rd March 2021 & 13th July 2021 for full details).

Twelve holes totalling 1,259m were completed at the Ariadne prospect located about 700m ESE along strike from Minos. The drilling program at Ariadne focused on the centre of the known gold mineralised zone where many of the historical drill holes were only assayed as 4m composites. The drilling at Ariadne is designed to further advance the geological understanding of the nature and geometry of the mineralised zone and was the first of several planned drilling programs at Ariadne to add to a potential resource base for the Minos-Ariadne area.

CAPITAL STRUCTURE	BOARD & MANAGEMENT		CONTACT US
434,446,960	Bronwyn Barnes	Aida Tabakovic	[phone]
Shares on Issue	Executive Chair	Joint Company Secretary
[e-mail]
A$0.062	Robert (Bob) Adam	Trevor Harris
www.indianaresources.com.au
Share Price	Non-executive Director	CFO & Company Secretary
A$3.55M	Felicity Repacholi-Muir	Gary Ferris	Suite 3, 339 Cambridge St,
Wembley WA 6014
Cash	Non-executive Director	General Manager Exploration

ASX:IDA

Significant historical drilling results from Ariadne include:

• 8m @ 3.12g/t Au (LL41 79-87m)
• 12m @ 2.27g/t Au (THRC-01240-52m)
• 12m @ 1.18g/t Au (THRC-01448-60m) (see ASX Release 4th August 2020 for full details)

All samples have been submitted for laboratory analysis with results expected in 4-6 weeks.

Background

The Minos prospect is located within the Lake Labyrinth Shear Zone ('LLSZ') which is interpreted to be a 30km long WNW- ESE trending regional structure that is at least 50 to 100 metres wide. The Minos and Ariadne prospects are located within the central part of the structure whilst the Partridge and North Hicks prospects are located at the WNW and ESE extensions respectively (Figure 2). There are no outcrops or workings at Minos and the entire area is covered by at least 1 to 2 metres of soil and calcrete. The only surface expression of mineralisation within the main LLSZ near Minos is at Ariadne.

The LLSZ is a major regional structure and the Company believes that it has acted as a pathway for ore forming fluids that produced the mineralisation at Minos and Ariadne. Indiana believes that the LLSZ may potentially host further zones of gold mineralisation and will be a major focus of future exploration.

The Minos prospect forms a part of Indiana's 100% owned exploration portfolio in the Central Gawler Craton of South Australia. With a tenement package comprising 5,713 km2, Indiana acquired the ground in late 2020 and commenced exploration activity in early 2021. A number of other high potential targets remain within the tenement portfolio and the Company is working through land access requirements in order to expand its exploration footprint in this exciting region.

The Central Gawler Craton has outstanding potential for the discovery of significant gold deposits, as indicated by the Tunkillia Gold Project (965,000 ounce gold resource), which adjoins the southern edge of the Company's tenements and the historical mining centre of Tarcoola, which adjoins the northern edge of the tenements, where historic production and current resources total approximately 93,000 ounces. Both Tarcoola and Tunkillia are now owned by Barton Gold Pty Ltd. In addition, Barton Gold also owns the Challenger Gold deposit, located 150 km northwest of the tenement package which historically produced more than 1 million ounces.

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014	2
ASX code: IDA | [phone] | [e-mail] | www.indianaresources.com.au

ASX:IDA

Technical information included in this announcement has previously been provided to the market in releases dated:

4th August 2020	Indiana to Acquire South Australia Gold Projects
28th September 2020	IDA Completes Acquisition of South Australian Gold Projects
16th November 2020	RC Drilling Campaign at Central Gawler Craton
18th January 2021	Unassayed Historic Diamond Core Discovered - Minos Prospect
21st January 2021	Commencement of Drilling at Minos Prospect
27th January 2021	Completion of Drilling at Central Gawler Craton Gold Project
9th February 2021	Significant Au Results - Minos Diamond Hole
22nd February 2021	Exceptional High-Grade Gold Results at Minos Prospect
3rd March 2021	High Grade Gold Results Continue at Minos
23rd March 2021	Exploration Update
19th April 2021	Commencement of RC Drilling at Minos, Central Gawler Craton
3rd May 2021	Completion of Drilling at Central Gawler Craton Gold Project
8th June 2021	Drilling Commences at Central Gawler Craton Gold Project
24th June 2021	Exploration Update - Central Gawler Craton Gold Project
13th July 2021	Stunning High-Grade Gold Results Continue at Minos Prospect
14th July 2021	Completion of Diamond Drilling at Minos Prospect
12th August 2021	Aircore Drilling & Exploration Update
7th October 2021	Exploration Update
25th October 2021	Commencement of Drilling
3rd November 2021	Assay Results
		Ends

This announcement is authorised for release to the market by the Chairman of Indiana Resources Limited with the authority from the Board of Directors. For further information, please contact:

Bronwyn Barnes	Trevor Harris	Aida Tabakovic
Executive Chairman	Joint Company Secretary	Joint Company Secretary
T: [phone]	T: [phone]	T: [phone]

To find out more, please visit www.indianaresources.com.au

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014	3
ASX code: IDA | [phone] | [e-mail] | www.indianaresources.com.au

ASX:IDA

Figure 1: Minos to Ariadne - Significant Drilling Results

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014	4
ASX code: IDA | [phone] | [e-mail] | www.indianaresources.com.au

ASX:IDA

Figure 2: IDA's ground position in the Central Gawler Craton

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014	5
ASX code: IDA | [phone] | [e-mail] | www.indianaresources.com.au