Indiana Resources : Next Phase of Drilling Underway at Minos Gold Prospect

19th April 2022

Next Phase of Drilling Underway at Minos Gold Prospect

Highlights

• • RC drilling programme commenced at Minos Prospect, South Australia

• • 16 holes planned for approximately 2,100m

• • Drilling aimed at tightening the existing drill density

• • Programme expected to be completed in +/- 10 days

• • Awaiting assays from calcrete sampling programme

• • Gold mineralisation at Minos confirmed over 600m strike length - remains open along strike in both directions and at depth

Indiana Resources Limited (ASX: IDA)('Indiana' or the 'Company') is pleased to announce that reverse circulation (RC) drilling commenced Friday 15th April at the Minos Prospect within Indiana's 100% owned 5,713 km2 Central Gawler Craton Gold Project in South Australia.

Company Comment

Technical Director Felicity Repacholi-Muir said:

"It is exciting to be back on the ground at Minos

following the extended delay due to heavy rainfall

earlier in the year. Minos has delivered some

impressive gold intercepts, and we look forward to

increasing our knowledge of the Lake Labyrinth

Shear Zone.

We are eagerly awaiting the results from the

calcrete sampling completed in December.

Combined with the current drilling campaign, the

calcrete results will set the foundations for an

expanded exploration programme in 2022 that will

help us unlock the full potential of the Central

Gawler Craton Gold Project. We look forward to

implementing our expanded exploration

programme once all requisite approvals are

received."

Photo 1: RC Drilling rig onsite at Minos

BOARD & MANAGEMENT	CONTACT US
439,610,821	Bronwyn Barnes	Aida Tabakovic	[phone]
Shares on Issue	Executive Chair	Joint Company Secretary	[e-mail]
A$0.068	Felicity Repacholi-Muir	Trevor Harris	www.indianaresources.com.au
Share Price	Technical Director	CFO & Company Secretary
Suite 3, 339 Cambridge St,
$29.9M	Robert (Bob) Adam	Wembley WA 6014
Market Cap	Non-executive Director

CAPITAL STRUCTURE

ASX:IDA

RC Drilling Minos

The planned programme at Minos comprises sixteen drillholes for approximately 2,100 metres. Drilling to date has outlined a 600-metre strike extent of shallow, near-surface mineralisation with the current programme focused on tightening the existing drill density (refer Figure 1) and better defining some of the known high-grade zones which will increase the confidence levels to enable Indiana to deliver a maiden resource estimate.

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 3m @ 26.03 g/t Au from 40m

• • 36m @ 2.63 g/t Au from 124m in Hole LLRC069 including 1m @ 12.60 g/t Au from 151m and

  1m @ 12.50 g/t Au from 159m

Figure 1: Plan map showing previous drilling and the current programme at the Minos Prospect

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014

ASX code: IDA | [phone] |[e-mail]| www.indianaresources.com.au

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ASX:IDA

Next Steps

Assay results from the calcrete sampling programme completed in December across the Partridge, Earea Dam and Ealbara Prospects remain outstanding. Results from this programme are expected to identify further gold anomalies, mineralised trends and assist with drillhole targeting for an expanded exploration programme within the Central Gawler Gold Project once all requisite approvals are received.

Ends

This announcement is authorised for release to the market by the Technical Director of Indiana Resources Limited with the authority from the Board of Directors.

For further information, please contact:

Felicity Repacholi-Muir	Trevor Harris	Aida Tabakovic
Technical Director	Joint Company Secretary	Joint Company Secretary
T: [phone]	T: [phone]	T: [phone]

To find out more, please visitwww.indianaresources.com.au

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

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014

ASX code: IDA | [phone] |[e-mail]| www.indianaresources.com.au

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ASX:IDA

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Ms Felicity Repacholi-Muir, a Competent Person who is a Director of the company. Ms Repacholi-Muir is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ms Repacholi-Muir consents to the inclusion of the information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in this report from previous Company announcements, including Exploration Results extracted from the Company's subsequent ASX announcements of 4th August 2020, 18th January 2021, 9th February 2021, 22nd February 2021, 3rd March 2021, 13th July 2021, 7th October 2021, 3rd November 2021, 21st December 2021, 11th January 2022, 23rd February 2022 and 15th March 2022.

Forward Looking Statements

Indiana Resources Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Indiana Resources Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimate.

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014

ASX code: IDA | [phone] |[e-mail]| www.indianaresources.com.au

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