Indiana Resources Limited reported assays results from the Reverse Circulation (RC) drilling campaign completed at the Minos Prospect within Indiana's 100% owned 5,713 km2 Central Gawler Craton Gold Project in South Australia. A total of ten (10) drill holes for 1,668m were completed at Minos in December 2022, with the programme primarily designed to test the previously identified northwest parallel zone and tighten the existing drill density of the Minos mineralisation. The holes targeted at the new parallel structure intersected more high-grade mineralisation strengthening confidence in the continuity of gold zones at the Minos Prospect within the Lake Labyrinth Shear Zone (LLSZ).

Minos remains open across strike, along strike in both directions and at depth. The December 2022 RC drilling programme at the Northwest end of Minos comprised ten (10) drill holes (LLRC111 to LLRC120) for a total of 1,668m and was designed to infill/extend the main structure plus test the new parallel zone to the south. Drilling intersected multiple significant zones of veining, shearing and alteration corresponding with the planned target zones.

The results received from the December programme confirm the Company's geological interpretation and reinforces the LLSZ as a major gold bearing system. Significant results include: 12m at 9.06g/t Au from 106m in LLRC113 including 1m at 95.6g/t Au from 109m, and 11m at1.20g/t Au from 34m, 13m at 5.95g/t Au from 110m in LLRC112 including 1m at 34.0g/t Au from 111m, and 1m at 21.4g/t Au from 114m and 2m at 6.64g/t Au from 193m. 4m at 2.57g/t Au from 44m 16m at 3.43g/t Au from 120m in LLRC115 including 2m at 11.35g/t Au from 133m, and 14m at 1.31g/t Au from 92m.

5m at 2.25g/t Au from 139m. 15m at 1.90g/t Au from 37m in LLRC117. 9m at 1.50g/t Au from 40m in LLRC116 and 8m at 1.42g/t Au from 64m.

9m at 1.17g/t Au from 74m in LLRC118. Gold mineralisation at Minos remains open along strike in both directions and at depth. Drilling to date has outlined a 600-metre strike extent of shallow, near-surface gold mineralisation.

Significantly the intercepts in LLRC113 and LLRC115 confirm a new zone of high-grade mineralisation that remains open. Previous significant results from Minos include: 38m at 6.54 g/t Au from 29m in LLRCD029 including 16m at 13.12 g/t Au from 37m; 21m at 8.43 g/t Au from 176m in LLRC041 including 1m at 159 g/t Au from 185m; 2m at 18.4 g/t Au from 162m in LLRC041 including 1m at 35.6 g/t Au from 163m; 26m at 4.28 g/t Au from 68m in LLRC025 including 3m at 20.21 g/t Au from 82m; 23m at 6.44 g/t Au from 186m in LLRC035 including 1m at118 g/t Au from 198m; 10m at 8.83 g/t Au from 39m in LLRC042, including 3m at 26.03 g/t Au from 40m, 36m at 2.63 g/t Au from 124m in LLRC069 including 1m at 12.60 g/t Au from 151m and 1m at 12.50 g/t Au from 159m. 10m at 4.40g/t Au from 123m in LLRC102 including 2m at 17.70g/t Au from 123m.

Indiana is planning to recommence RC drilling in the April quarter at Minos to increase the understanding of the scale of the LLSZ potential. Auger soil geochemistry in the Minos-Ariadne corridor is also planned to test both across and along strike for additional drill targets. Gold mineralisation was intersected in all sections tested during this programme.

The following is a summary from the NW end of Minos to the SW on local oblique grid sections: 10700, 10660, 10640, 10620 and 10540. LLRC111 and LLRC112 were completed on local Section 10700. The drill holes were completed to test the extension of the known strike towards the northwest.

The holes intersected significant high-grade mineralisation in two structures beneath an earlier shallow RC drill fence. Significant new results on the section include: 13m at 5.95g/t Au from 110m in LLRC112, Including 1m at 34.0g/t Au from 111m, Including 1m at 21.4g/t Au from 114m; 2m at 6.64g/t Au from 193m in LLRC112 and 4m at 2.57g/t Au from 44m in LLRC112. LLRC113 and LLRC114 were completed on local Section 10660, adjacent to previous significant mineralisation in drill hole LLRC069 which returned 36m at 2.63 g/t Au from 124m; including 1m at 12.60g/t Au from 151m and 1m at 12.50g/t Au from 159m.

LLRC113 intersected high-grade mineralisation from 106m downhole interpreted to be the northern extension of the new parallel zone. and a shallower intercept from 34m interpreted to be an adjacent structure to the Northeast. Significant new results on the section include: 12m at 9.06g/t Au from 106m in LLRC113, including 1m at 95.6g/t Au from 109m and 11m at1.20g/t Au from 34m in LLRC113.

LLRC115 and LLRC116 were completed on local Section 10640. LLRC115 intersected high-grade mineralisation within the interpreted parallel zone Southwest of the main structure. LLRC116 intersected significant mineralisation near surface and up dip of previous intersections in the main zone.

Significant new results on the section include: 16m at 3.43g/t Au from 120m in LLRC115, including 2m at 11.35g/t Au from 133m. 14m at 1.31g/t Au from 92m in LLRC115. 5m at 2.25g/t Au from 139m in LLRC115.

9m at 1.50g/t Au from 40m in LLRC116 and 8m at 1.42g/t Au from 64m in LLRC116.