Indiana Resources : High Grade Gold Soil Sample Results from Saboussire

21 January 2020

HIGH GRADE GOLD SOIL SAMPLE RESULTS FROM SABOUSSIRE

HIGHLIGHTS

• Large +50ppb gold anomaly identified at Saboussire extending 2km North/South by 1km East/Wests
• Total of 271 anomalous samples assayed >20 ppb Au, including:
• • 17 samples @ > 100 ppb Au with peak value of 9610 ppb Au (9.6 g/t Au)
  • 34 samples @ 50 - 100 ppb Au
  • 220 samples @ 20 - 50 ppb Au
• Two new zones of interest identified with expanded works program to shortly commence

Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to report excellent high grade soil samples from the Saboussire and Kenieko licenses in West Mali (Figure 1).

At Saboussire, a large +50 ppb gold anomaly extending over 2 kilometres in a north-south direction and 1 kilometre in an east-west direction was identified in the south west area of the licence. In the central portion of the licence, a 9610 ppb Au (9.6 g/t Au) result was returned with this area now earmarked for immediate follow up.

The soil geochemistry programme had been designed to test and extend existing Government soil sample anomalies on the licence and test the strike extent of the strong mineralised trend identified at Kossanto and further south at Koussikoto. Soil sampling totalling 1,253 samples was completed over 3 individual areas of the Saboussire licence on a nominal 200m x 100m grid pattern.

Assay data has now also been reviewed in relation to the magnetics and interpreted geology. As a result, two additional areas have been highlighted at Saboussire that require additional sampling to follow up on the anomalous trends and the high-grade result (see Figures 2 and 4). An additional programme has been designed for immediate implementation that includes approximately 1,200 samples on a 200m x 100m grid to infill and cover the new areas identified.

The Saboussire licence covers an area of 100 km2 and is located on the Main Transcurrent Zone. The Main Transcurrent Zone is interpreted to be one of the major structures which controls mineralisation in Western Mali and Eastern Senegal.

Soil sampling completed at Kenieko Nord totalled 606 samples over areas not previously sampled and were completed on a 400m x 100m grid pattern. The soil sample results returned have identified narrow spot highs and review of both the magnetics and interpreted geology have largely shown the underlying geology covers magnetic lows, commensurate with the interpreted sedimentary underlying geology.

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

The Company is now reviewing existing data for this license and considering the potential to conduct some basic mapping in the areas of the highest values. See Figures 5 and 7.

Kenieko Nord is considered to be an excellent geological and structural location, within the highly prospective Kenieba Inlier of Western Mali, which hosts a number of multi-million ounce gold deposits, including the Loulou 12.5Moz deposit (Barrick Gold) and the Sabodala 6Moz deposit (Teranga Gold).

Indiana, through its wholly owned subsidiary Mukuyu Resources Limited ('Mukuyu'), has an earn-in agreement with FIMOCO SARL, ('FIMOCO') and the option to acquire up to an 85% stake in Saboussire.

Indiana Chairman, Bronwyn Barnes commented:

"These are very encouraging results and further exploration work is certainly warranted. There is strong potential for the prospective trends to extend over considerable strike lengths and this work can be done quickly and with minimal expenditure. We have now assembled a highly strategic landholding in Mali located on two highly prospective mineral corridors that host several multi-million ounce gold deposits. We are now focused on kicking off the next phase of exploration on a number of priority targets as soon as possible."

This ASX release was reviewed and authorised for release to the market by the Board of Indiana.

For further details please contact:

Bronwyn Barnes

Non-Executive Chairman

T: [phone]

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

Competent Person's Statement

Aida Tabakovic

Company Secretary

T: [phone]

Information relating to exploration results is based on information reviewed by Mr Simon Coxhell BSc, who is a consultant to Indiana Resources Ltd and is a Member of the Australian Institute of Mining and Metallurgy. Mr Coxhell has sufficient experience which is relevant to the style of mineralisation under consideration and the activity he is undertaking to qualify as a Competent Person in terms of the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('JORC 2012'). Mr Coxhell consents to the inclusion of the information relating to historical exploration results in this announcement in the form and context in which it appears.

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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Figure 1 - Indiana West Mali tenure showing location of Saboussire and Kenieko

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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Figure 2 - Saboussire: Soil sample results and areas recommended for further work

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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Figure 3 - Saboussire: Soil sample results on Magnetics and areas recommended for further work

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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Figure 4 - Saboussire: Soil sample results on Interpreted Geology and areas recommended for further work

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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Figure 5 - Kenieko Nord: Soil sample results

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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Figure 6 - Kenieko Nord: Soil sample results on Magnetics

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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Figure 7 - Kenieko Nord: Soil sample results on Interpreted Geology

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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JORC Code, 2012 Edition

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling	∙ Nature and quality of sampling (e.g. cut channels, random	∙	Soil sampling was undertaken on a nominal 100m X 200 m
techniques	chips, or specific specialised industry standard		staggered grid pattern over the Saboissure licence and 100m X
	measurement tools appropriate to the minerals under		400 m over the Kenieko Nord licence. Average depth of samples
	investigation, such as down hole gamma sondes, or		collected ranged from 0.2 m to a maximum depth of 0.5 metres.
	handheld XRF instruments, etc.). These examples should		The top 20 cm was scrapped aside and the sample then collected.
	not be taken as limiting the broad meaning of sampling.	∙ Approximately 1000 grams of sample was collected from each
	∙ Include reference to measures taken to ensure sample		sample collected.
	representivity and the appropriate calibration of any	∙ Sample locations were recorded by handheld GPS survey with
	measurement tools or systems used.		estimated accuracy of +/-2-5 metres.
	∙ Aspects of the determination of mineralisation that are	∙ Analysis was conducted by submitting the 1000 grams of sample
	Material to the Public Report.		whole for preparation by crushing, drying and pulverising at SGS
	∙ In cases where 'industry standard' work has been done		Laboratory in Bamako for gold analysis via Fire Assay and Aqua
	this would be relatively simple (e.g. 'reverse circulation		Regia digest at a 5 ppb detection limit.
	drilling was used to obtain 1 m samples from which 3 kg	∙ Samples were analysed for low level gold analysis at a 5 ppb
	was pulverised to produce a 30 g charge for fire assay'). In		detection limit.
	other cases more explanation may be required, such as
	where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types
	(e.g. submarine nodules) may warrant disclosure of
	detailed information.
Drilling	∙ Drill type (e.g. core, reverse circulation, open-hole	∙ Soil samples were collected from approximately 40 cm depth
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc.) and
	details (e.g. core diameter, triple or standard tube, depth
	of diamond tails, face-sampling bit or other type, whether
	core is oriented and if so, by what method, etc.).
Drill sample	∙ Method of recording and assessing core and chip sample	∙ One sample per hole/sample site collected., except in the case of
recovery	recoveries and results assessed.		duplicate samples (1: 40)
	∙ Measures taken to maximise sample recovery and ensure	∙ There is insufficient data available at the present stage to evaluate
	representative nature of the samples.		potential sampling bias.
	∙ Whether a relationship exists between sample recovery
	and grade and whether sample bias may have occurred
	due to preferential loss/gain of fine/coarse material.
Logging	∙ Whether core and chip samples have been geologically	∙ Samples were logged for colour and sample type, interpreted
	and geotechnically logged to a level of detail to support		geology, slope, regolith, and quality.
	appropriate Mineral Resource estimation, mining studies	∙ All samples were logged, in a qualitative manner.
	and metallurgical studies.
	∙ Whether logging is qualitative or quantitative in nature.
	Core (or costean, channel, etc.) photography.
	∙ The total length and percentage of the relevant
	intersections logged.
Sub-sampling	∙ If core, whether cut or sawn and whether quarter, half or	∙	No core
techniques	all core taken.	∙ Sample preparation for all recent samples follows industry best
and sample	∙ If non-core, whether riffled, tube sampled, rotary split, etc.		practice and was undertaken by SGS Laboratory in Bamako, Mali
preparation	and whether sampled wet or dry.		where they were crushed, dried and pulverised to produce a sub
	∙ For all sample types, the nature, quality and		sample for analysis.
	appropriateness of the sample preparation technique.	∙ Sample preparation involving oven drying, followed by rotary
	∙ Quality control procedures adopted for all sub-sampling		splitting and pulverisation to 85% passing 75 microns.
	stages to maximise representivity of samples.	∙ QC for sub sampling follows SGS procedures.
	∙ Measures taken to ensure that the sampling is	∙ Field duplicates were taken at a ratio of 1:40.
	representative of the in situ material collected, including	∙ Blanks were inserted at a ratio of 1:40.
	for instance results for field duplicate/second-half	∙ Standards were inserted at a ratio of 1:40
	sampling.	∙ Sample sizes are considered appropriate to the grain size of the
	∙ Whether sample sizes are appropriate to the grain size of		material being sampled.
	the material being sampled.
Quality of	∙ The nature, quality and appropriateness of the assaying	∙ The methods are considered appropriate to the style of
assay data	and laboratory procedures used and whether the		mineralisation. Extractions are considered near total.
and laboratory	technique is considered partial or total.	∙ No geophysical tools were used to determine any element
tests	∙ For geophysical tools, spectrometers, handheld XRF		concentrations at this stage.
	instruments, etc., the parameters used in determining the	∙ Laboratory QA/QC involves the use of internal lab standards using
	analysis including instrument make and model, reading		certified reference material, blanks, splits and duplicates as part of
	times, calibrations factors applied and their derivation,		the in house procedures. Repeat and duplicate analysis for

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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Criteria	JORC Code explanation	Commentary
	etc.	samples shows that the precision of analytical methods is within
	∙ Nature of quality control procedures adopted (e.g.	acceptable limits.
	standards, blanks, duplicates, external laboratory checks)
	and whether acceptable levels of accuracy (i.e. lack of
	bias) and precision have been established.
Verification of	∙ The verification of significant intersections by either	∙ The Company's Geologistshave visually reviewed the samples
sampling and	independent or alternative company personnel.	collected.
assaying	∙ The use of twinned holes.	∙ No twin holes drilled, but duplicate samples collected.
	∙ Documentation of primary data, data entry procedures,	∙ Data and related information is stored in a validated Mapinfo or
	data verification, data storage (physical and electronic)	Micromine database. Data has been visually checked for import
	protocols.	errors.
	∙ Discuss any adjustment to assay data.	∙ No adjustments to assay data have been made.
Location of	∙ Accuracy and quality of surveys used to locate drill holes	∙ All sample locations have been located by GPS with precision of
data points	(collar and down-hole surveys), trenches, mine workings	sample locations considered +/-5m.
	and other locations used in Mineral Resource estimation.	∙ Location grid of plans and and coordinates in this release samples
	∙ Specification of the grid system used.	use WGS94, Z29N datum.
	∙ Quality and adequacy of topographic control.	∙ No Topographic data was used .
Data spacing	∙ Data spacing for reporting of Exploration Results.	∙ The samples are nominally spaced on a 100 metre (E-W spacing)
and	∙ Whether the data spacing and distribution is sufficient to	with sample spacing along each section on a 200 metres spacing
distribution	establish the degree of geological and grade continuity	along each line at Saboussire. Samples were spaced at 100 m X 400
	appropriate for the Mineral Resource and Ore Reserve	m in the Kenieko Nord licence.
	estimation procedure(s) and classifications applied.	∙ Data spacing and distribution is considred sufficient to establish
	∙ Whether sample compositing has been applied.	the likely trends of anomalous gold.
		∙ No Sample compositing has occurred.
Orientation of	∙ Whether the orientation of sampling achieves unbiased	∙ The orientation of sampling is considered adequate and there is
data in	sampling of possible structures and the extent to which	not enough data to determine bias if any.
relation to	this is known, considering the deposit type.	∙ Mineralised outcrop strikes north-north-west. Sampling was more
geological	∙ If the relationship between the drilling orientation and the	or less orthogonal to this apparent strike.
structure	orientation of key mineralised structures is considered to
	have introduced a sampling bias, this should be assessed
	and reported if material.
Sample	∙ The measures taken to ensure sample security.	∙ Chain of custody is managed by the Company and samples are
security		transported to the laboratory via Company staff with samples
		safely consigned to SGS for preparation and analysis. Whilst in
		storage, they are kept in a locked yard. Tracking sheets are used
		track the progress of batches of samples.
Audits or	∙ The results of any audits or reviews of sampling	∙ No review or audit of sampling techniques or data compilation has
reviews	techniques and data.	been undertaken at this stage.

Section 2 Reporting of Exploration Results

	Criteria		JORC Code explanation		Commentary
	Mineral tenement	∙ Type, reference name/number, location and ownership		∙ The areas covered by geochemical sampling is located on
	and land tenure	including agreements or material issues with third parties		granted licences in the Kenieba area.
	status	such as joint ventures, partnerships, overriding royalties,		∙ The licences subject to sampling are understood to be in good
			native title interests, historical sites, wilderness or		standing
			national park and environmental settings.		∙ No impediments to operating on the permit are known to exist.
			∙ The security of the tenure held at the time of reporting
			along with any known impediments to obtaining a licence
			to operate in the area.
	Exploration done	∙ Acknowledgment and appraisal of exploration by other		∙ The areas subject to geochemical sampling has previously been
	by other parties	parties.		evaluated in a broad manner by other parties. Data evaluation
					and capture is ongoing.

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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	Criteria		JORC Code explanation		Commentary
	Geology	∙ Deposit type, geological setting and style of		∙ The area consists of variable shallow overburden, sub
			mineralisation.			outcropping principally mafic and sedimentary rocks. Gold
						mineralization in the area is often found on sheared contact
						zones and associated with minor sulphides, shearing and minor
						quartz veining and zones of silicification.
	Drill hole	∙ A summary of all information material to the	∙	Soil geochemical sampling was completed, given the large
	Information	understanding of the exploration results including a			number of soil geochemical samples and the nature of the
			tabulation of the following information for all Material			sampling completed, it is considered not relevant/appropriate
			drill holes:			to include the coordinates of all holes.
			o easting and northing of the drill hole collar	∙	Thematically mapped individual results are documented in the
			o elevation or RL (Reduced Level - elevation above sea			figures included in the announcement, allowing accurate
			level in metres) of the drill hole collar			evaluation of individual results by other parties.
			o dip and azimuth of the hole
			o down hole length and interception depth
			o hole length.
			∙ If the exclusion of this information is justified on the basis
			that the information is not Material and this exclusion
			does not detract from the understanding of the report, the
			Competent Person should clearly explain why this is the
			case.
	Data aggregation	∙ In reporting Exploration Results, weighting averaging		∙ No averaging or aggregation techniques have been applied.
	methods	techniques, maximum and/or minimum grade truncations		∙ No top cuts have been applied to exploration results.
			(e.g. cutting of high grades) and cut-off grades are usually		∙ No metal equivalent values are used in this report.
			Material and should be stated.
			∙ Where aggregate intercepts incorporate short lengths of
			high grade results and longer lengths of low grade results,
			the procedure used for such aggregation should be stated
			and some typical examples of such aggregations should be
			shown in detail.
			∙ The assumptions used for any reporting of metal
			equivalent values should be clearly stated.
	Relationship	∙ These relationships are particularly important in the		∙ The orientation or geometry of the mineralised zones strikes in
	between	reporting of Exploration Results.			a north-northwesterly direction and dips variably to the east
	mineralisation	∙ If the geometry of the mineralisation with respect to the			and west.
	widths and	drill hole angle is known, its nature should be reported.		∙ Not applicable, shallow soil samples
	intercept lengths	∙ If it is not known and only the down hole lengths are
			reported, there should be a clear statement to this effect
			(e.g. 'down hole length, true width not known').
	Diagrams	∙ Appropriate maps and sections (with scales) and		∙ Appropriate maps are included in main body of report..
			tabulations of intercepts should be included for any
			significant discovery being reported These should include,
			but not be limited to a plan view of drill hole collar
			locations and appropriate sectional views.
	Balanced	∙ Where comprehensive reporting of all Exploration Results		∙ All results for the target economic mineral being gold have been
	reporting	is not practicable, representative reporting of both low			reported.
			and high grades and/or widths should be practiced to
			avoid misleading reporting of Exploration Results.
	Other substantive	∙ Other exploration data, if meaningful and material, should		∙ All available data has been reported.
	exploration data	be reported including (but not limited to): geological
			observations; geophysical survey results; geochemical
			survey results; bulk samples - size and method of
			treatment; metallurgical test results; bulk density,
			groundwater, geotechnical and rock characteristics;
			potential deleterious or contaminating substances.
	Further work	∙ The nature and scale of planned further work (e.g. tests		∙ Future drilling and sampling is being considered to further
			for lateral extensions or depth extensions or large-scale			evaluate these gold geochemical anomalies.
			step-out drilling).		∙ Refer to maps in main body of report for potential target areas.
			∙ Diagrams clearly highlighting the areas of possible
			extensions, including the main geological interpretations
			and future drilling areas, provided this information is not
			commercially sensitive.

Indiana Resources Limited ABN 67 009 129 560

45 Ventnor Avenue, West Perth, WA, 6005 AUSTRALIA

1. [phone] Website: www.indianaresources.com.au

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