The correct answer is option 3, which states that both statements 1 and 2 are correct.

Statement 1 states that most of the coal and the ferrous group of minerals in India occur in the peninsula, south of the Vindhyas. This is true because the major coal and mineral reserves in India are located in the states of Jharkhand, Chhattisgarh, and Odisha, which lie in the peninsular region south of the Vindhyas.

Statement 2 states that peninsular India once formed part of the super-continent which included Australia, Antarctica, Africa, and South America. This is also true. The peninsular region of India was part of the ancient supercontinent called Gondwana, which existed about 180 million years ago. Gondwana included several present-day continents such as Africa, South America, Australia, Antarctica, and the Indian subcontinent.

Therefore, both statements are correct, and the correct answer is option 3.