Assay results

3rd November 2021

Further Diamond Assays Received from Minos

• Second batch of assay results received for diamond drilling at Minos
• Continuity of mineralisation on Section 10560 confirmed - significant new results include:
• • 26m @ 3.58g/t Au from 76m
    - including 2m @ 18.9g/t Au from 92m
  • 5m @ 1.08g/t Au from 158m
  • 2m @ 1.88g/t Au from 152m
• Results confirm and infill earlier intersections of significant mineralisation intercepted above and below the target zone
• Results pending for one remaining diamond tail - expected within the next 4-6 weeks

Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to announce assay results have been received for diamond drill hole LLRCD028 at the Minos Prospect located within Indiana's 100% owned 5,713 km² Central Gawler Craton Gold Project in South Australia (Figures 2-4).

Three Reverse Circulation (RC) drill holes (LLRC027, LLRC028 and LLRC045) were extended with diamond tails during July (see ASX announcement dated 14 July 2021). Assays have now been received for LLRCD028 with significant results as follows:

• 26m @ 3.58g/t Au from 76m (includes previously reported RC pre-collar results)
• 5m @ 1.08g/t Au from 158m
• 2m @ 1.88g/t Au from 152m

The results for the second diamond hole confirm and infill earlier intersections of significant mineralisation intercepted above and below the target zone within LLRCD028 (Figure 1).

Mineralisation on this drill section (10560) extends from 25 metres below surface (mbs) in LLRC039 to 175mbs in LLRC041. The broad medium grade intersection in LLRCD028 is centred around 75mbs and is about 100m above the high-grade intersection in LLRC041 of 21m @8.43g/t Au from 176m down hole. Further drilling is required to test the extension back to surface and at depth below 200mbs.

Mineralised sheared/fractured and altered (silica-siderite-sericite-pyrite) host rock was intersected in all drill holes, interpreted to be located within a subvertical shear zone immediately south of a NW-SE trending chert/quartz marker horizon. Sulphide mineralisation is commonly associated with multiple stages of fracturing in at least three different orientations. Pyrite is associated with the fine fracturing that sometimes contains quartz and in some orientations is stylolitic in nature.

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$0.057	Robert (Bob) Adam	Trevor Harris
www.indianaresources.com.au
Share Price	Non-executive Director	CFO & Company Secretary
24.7M	Felicity Repacholi-Muir	Gary Ferris	Suite 3, 339 Cambridge St,
Wembley WA 6014
Market Cap	Non-executive Director	General Manager Exploration

ASX:IDA

Results from the remaining diamond tail are expected to be received within the next 2-4 weeks depending on turnaround times from the assay laboratory in South Australia.

Indiana will review all the drilling data for Minos, including historical drilling, with a view to assessing whether the drilling density is sufficient to produce a Resource Estimate or whether further infill drilling is required. Further geological information from the current diamond drilling program will also provide input into the proposed resource estimation for Minos.

Company Comment

Indiana's Executive Chairman Bronwyn Barnes said:

"Minos remains one of our priority areas and these assay results confirm that Minos is an exceptional gold target. Minos remains open along strike and at depth, and the current RC drill programme that commenced on October 23rd has been designed to test the extension of the mineralised zone.

We look forward to receiving the assays from the remaining diamond tail at Minos over the coming weeks and will be able to provide an update on our planned exploration programme for the remainder of the year shortly."

Table 1: Composite intercepts >= 0.5 g/t Au and > 0.5m length

	Site ID			Drill			MGA			MGA			RL			Dip			MGA			Total Depth			From			To			Length			Au g/t			Note
			Type			East			North							Azimuth
	LLRCD028		RC	495493		6607931		142		-80		210		78.0		30.0		32.0		2.0		0.63
																								41.0		44.0		3.0		0.60
																								58.0		59.0		1.0		0.58
																								76.0		78.0		2		3.65			a, c
				DD																261.1		76.0		102.0		26.0		3.58			B
																						including	92.0		94.0		2.0		18.9
																								145.8		148.9		3.1		0.97
																								152.0		154.0		2.0		1.88
																								158.0		163.0		5.0		1.08
																								177.9		188.0		3.1		0.80
																								195.6		169.5		0.9		0.71
																								206.9		208.0		1.1		1.25

Notes

1. Original RC composite
2. New combined RC-DD composite
3. End of RC pre-collar

>= 0.5 g/t Au composites and > 0.5m length allowing for 2 m of internal dilution, no top cut applied Reported intersections are downhole lengths - true widths are unknown at this stage

Au analysis by fire assay, Bureau Veritas Adelaide, DL 0.01 ppm Coordinates by GPS (positional accuracy approximately ±3m)

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

Figure 1: Minos Cross Section 10560

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 2: Minos Prospect- 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

Background

The Minos prospect is located within the Lake Labyrinth Shear Zone (LLSZ) and 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 4). There is no outcrop 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. There remains a number of other high potential targets 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 North West of the tenement package which historically produced more than 1 million ounces.

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
	Ends

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