Indiana Resources : Wide Gold Intersections Extend Minos Strike

Initial assay results returned from November RC drill programme at Minos 7 RC drillholes completed for 1,258m

Significant results include

o 7m @ 3.18g/t Au from 54m, including 1m @ 12.20g/t Au o 9m @ 2.77g/t Au from 186m, including 1m @ 17.20g/t Au o 3m @ 2.08g/t Au from 151m

o 4m @ 1.18g/t Au from 164m

Gold mineralisation confirmed over 600m strike length at Minos

Drilling proves Lake Labyrinth Shear Zone is a fertile structure with 30 km of strike remaining underexplored

Awaiting further assay results from Minos drilling carried out in December

Total of ~12,000m of RC and Diamond drilling completed across the Central Gawler Craton Gold Project during 2021

Multiple drilling programmes planned for South Australian gold portfolio in 2022 starting with RC drilling at Minos in late January

Wide Gold Intersections Extend Minos Strike

11th January 2022

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Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to report that further wide gold intersections have been identified up and down dip from previous drilling at the Minos P ospect within Indiana's 100% owned 5,713 km2 Central Gawler Craton Gold Project in South Australia.

Assay results from the RC programme completed in November 2021 at Minos have been received from the seven drillholes completed for a total of 1,258m. This programme was designed to infill the existing drill hole coverage and provide further geological information for inclusion in the proposed resource estimate for Minos.

ForThe results confirm the Company's geological interpretation and reinforces that the Lake Labyrinth Shear Zone is a significant gold bearing system. It also confirms that Minos has potential for extension

f the known mineralisation which remains open along strike in both directions and at depth.

Company Comment

Indiana's Executive Chair Bronwyn Barnes said:

"Results from our November RC programme confirm that the Minos Prospect is developing into a continuous orebody that remains open both along strike and at depth.

CAPITAL STRUCTURE	BOARD & MANAGEMENT		CONTACT US
434,946,960	Bronwyn Barnes	Aida Tabakovic	[phone]
Shares on Issue	Executive Chair	Joint Company Secretary	[e-mail]
A$0.060	Robert (Bob) Adam	Trevor Harris	www.indianaresources.com.au
Share Price	Non-executive Director	CFO & Company Secretary	Suite 3, 339 Cambridge St,
26M	Felicity Repacholi-Muir	Gary Ferris
Wembley WA 6014
Market Cap	Non-executive Director	General Manager Exploration

ASX:IDA

These wide gold results continue to indicate the real potential and scale of the Lake Labyrinth Shear Zone, with as much as 30km of strike length yet to be drill tested. Exploration and drilling will be continuing apace across our Central Gawler Gold Project during 2022, with further RC drilling

planned to commence shortly. We look forward to providing regular updates on our exploration
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progress."
Mi	os Results
F	ur of the seven drill holes were step-outs to test the down-dip extensions of previously reported

mineralisation; LLRC060, LLRC061, LLRC063 and LLRC064. LLRC061 had to be terminated prior to reaching depth due to water issues.

useThe continuity of the mineralisation at depth was highlighted by LLRC063 (Section A-A' (Figure 2)). Significant assay results include:

• LLRC063 - 9m @ 2.77g/t Au (186-195m) including 1m @ 17.20g/t Au,

Two of the holes, LLRC058 and LLRC059 targeted the south-eastern part of the mineralised zone where previous drilling reported 1m @ 2.29g/t Au and 9m @ 1.01g/t Au (LLRC030: 73-74m and 105- 114m) - see ASX Release 13th July for details). Section C-C' (Figure 4)

Results of note from these two holes include:

• LLRC058 - 4m @ 0.74g/t Au and 3m @ 1.22g/t Au (38-42m and 60-63m respectively)
• LLRC059 - 1m @ 9.50g/t Au, 3m @ 2.08g/t Au and 4m @ 1.18g/t Au (131-132m,151-154m and 164-168 respectively).

LLRC062 was completed to test the up-dip extension of mineralisation, Refer to Section B-B' (Figure

3). Significant assay results include:

• LLRC062 - 11m @ 0.80g/t Au and 7m @ 3.18g/t Au (41-52m and 54-61 respectively).

personalAn additional hole to further test the up-dip potential has been planned for the upcoming programme.

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; For

• 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).

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

Mineralisation remains open along strike in both directions and at depth. A drill rig is due to return to Minos in late January to carry out a further RC programme which is currently being finalised. A further announcement will be made in due course on this programme, detailing scope and timing.

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personal	Figure 1: Minos Prospect - significant drilling results
N xt Steps

Indiana is awaiting results from the drilling programme completed at the Minos Prospect during December 2021 with results expected in late January/early February. The RC drill programme comprised fifteen drillholes for a total of 2,310m, with drilling focused on tightening the existing drill density and extending the lodes at depth.

ForAlso pending are the assay results from the calcrete sampling programme completed during December. The calcrete geochemistry sampling programme completed across the Partridge, Earea Dam and Ealbara Prospects, with results expected to identify further gold anomalies, mineralisation trends and assist with drillhole targeting.

Indiana looks forward to advising the market when drilling recommences at Minos.

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

For personal use only

ASX:IDA

Figure 2: Minos Cross Section A-A'

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

For personal use only

Figure 3: Minos Cross Section B-B'

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