Indicator Minerals Inc. (TSX VENTURE: IME) today announced that
assay results for the first two holes of the current core drilling
program on the Mohave Project include, from surface: 65.8m (216ft)
of 0.20% Cu and 70.7m (232ft) of 0.30% Cu in holes MV11001 and
MV11002 respectively. Mohave is located in north-western Arizona
and is 100% owned by Indicator Minerals Inc.
"We are very excited about these first assay results. They
demonstrate that Mohave hosts a very large, mineralized porphyry
system that extends to depth. The presence of both copper oxide and
copper sulphide grades comparable to those currently being mined at
the nearby Bagdad and Mineral Park mines is very encouraging," says
Bruce Counts, President and CEO of Indicator Minerals Inc. "The
initial drill holes have exceeded our expectations as all six
completed to date have intersected mineralization over significant
intervals."
Drill Highlights:
Holes MV11001 and MV11002 were located within the area of an
historic leach operation that mined copper oxides in the 1960's.
The holes were collared approximately 150m (500ft) apart, inclined
at a -60 degrees angle and drilled to a depth in excess of 350m
(1150ft). Highlights from the core holes are as follows:
MV11001:
-- Intersected from surface to 65.8m (216 ft) grading 0.20%Cu, 0.011% Mo
and 2.35 g/t Ag
-- Included in this intersection is a 32.9m (108ft) interval from 3.1m to
36.0m (10ft to 118ft) grading 0.28% Cu and 2.62 g/t Ag
MV11002:
-- Intersected from surface 70.7m (232ft) grading 0.30% Cu, 0.010 Mo, 2.54
g/t Ag
-- Included in this intersection is a 25.0m (82ft) interval grading 0.66%
Cu and 5.3 g/t Ag
In addition, a recent surface trench located in the vicinity of
drill holes MV11001 and MV11002 returned results of 0.24% Cu,
0.076% Mo, and 0.68 g/t Ag over 50.3m (165ft). Summary results for
these two holes are tabled below. In addition drill hole
cross-sections and a plan map are posted on the Indicator Minerals
website at www.indicatorminerals.com.
Drill Hole Geology:
The first two drill holes were collared in a mineralized
Precambrian granite complex with intermediate argillic and potassic
alteration hosting both copper oxide and copper sulphide
mineralization. The mineralized Precambrian unit was truncated by a
low angle fault. Below the low-angle fault was a potassic altered
quartz monzonite porphyry and related stockwork that is interpreted
as having been locally displaced.
The low angle fault has been reactivated and mineralized with
younger Mo-Ag-Zn mineralization that occurs throughout the rocks
above and below the fault. Both holes displayed multiple types of
mineralization including Cu-Mo-Ag-Zn, Cu-Zn, Mo and a late stage
Pb-Zn-Ag.
Hole MV11001, intersected copper oxide mineralization in the
Precambrian unit from surface to 16.7m (55ft), followed by an
oxide/sulphide transition to 35.1m (115ft). Finally, copper
sulphide mineralization was encountered to a depth of 65.8m (216ft)
before being truncated by the low angle, sub-horizontal fault. The
balance of the hole intersected the more weakly mineralized quartz
monzonite.
Hole MV11002 encountered copper oxide mineralization in the
Precambrian unit between surface and 11.0m (36ft). The copper
oxides were followed by an oxide/sulphide transition zone down to
22.9m (75ft) and copper sulphide only to 70.7m (232ft). The
Precambrian unit was truncated by the low-angle sub-horizontal
fault followed by a weakly mineralized monzonite with higher zinc
and intervals of higher molybdenum and including narrow 0.6m (2ft)
intervals grading greater than 1.0%Cu, 0.019% Mo and 41.6gpt
Ag.
Drill Program:
Indicator's 2011 drill program is being conducted in two phases.
The first phase, currently underway, is intended to test a number
of compelling targets over a wide area identified through Induced
Polarization (IP) surveys, extensive rock and soil sampling as well
as structural, geological and alteration mapping. The second phase
of drilling will build on the results from the first phase and is
scheduled for Q3/Q4 of 2011.
In the first phase of drilling as many as 15 inclined core holes
to depths up to 350m (1150ft) are planned. To date, the company has
completed six holes, each of which has intersected mineralization
over significant intervals. Additional assay results for the
completed holes are pending and the seventh drill hole is in
progress.
Assay Tables:
Hole MV11001 (Dip -60 degrees, Azimuth 180 degrees)
---------------------------------------------------------------
From (ft) To (ft) Intercept (ft) Cu (%) Mo (%) Ag (g/t) Zn (%)
---------------------------------------------------------------
10 128 118 0.28 0.064 2.62 0.05
---------------------------------------------------------------
128 216 88 0.1 0.017 1.99 0.11
---------------------------------------------------------------
216 440 224 0.08 0.006 0.41 0.03
---------------------------------------------------------------
440 1039 599 0.03 0.005 0.41 0.03
---------------------------------------------------------------
1039 1045 6 0.18 0.014 0.70 0.01
---------------------------------------------------------------
1045 1191 146 0.03 0.004 0.26 0.01
---------------------------------------------------------------
Hole MV11002 (Dip -60 degrees, Azimuth 220 degrees)
-----------------------------------------------------------------
From (ft) To (ft) Intercept (ft) Cu (%) Mo (%) Ag (g/t) Zn (%)
-----------------------------------------------------------------
10 32 22 0.48 0.001 3.89 0.02
-----------------------------------------------------------------
32 92 60 0.67 0.003 5.91 0.02
-----------------------------------------------------------------
92 171 79 0.08 0.010 0.94 0.04
-----------------------------------------------------------------
171 232 61 0.07 0.023 0.67 0.01
-----------------------------------------------------------------
232 606 374 0.03 0.007 0.51 0.03
-----------------------------------------------------------------
606 608 2 greater 0.019 41.60 0.06
than 1.0
-----------------------------------------------------------------
608 1166 558 0.02 0.006 0.31 0.02
-----------------------------------------------------------------
Mohave Copper Project:
The Mohave Project is located in north-western Arizona and is
interpreted as a large-scale copper porphyry with significant
amounts of silver and molybdenum and a late stage overprint of
molybdenum-only and lead-zinc-silver mineralization. Exploration
work has identified extensive copper mineralization over a large
area of the project coincident with a large Induced Polarization
(IP) anomaly and complimentary intrusive dyke swarms and structural
features. The geology of the Mohave Project is believed to be
analogous in many ways to the Bagdad Copper Porphyry Mine, which is
located within 35km from the property.
QA/QC
Mr. Bruce Counts, P.Geoph., President & CEO of Indicator, is
a Qualified Person under NI 43-101 and is responsible for the
design and execution of the programs carried out by Indicator on
the Mohave property, and for the contents of this release. Core
cutting, logging and sampling are completed in Indicator's secure
facility at Wikieup, Arizona. Samples are transported to the
Skyline Labs in Tucson for drying, weighing, crushing as well as
final preparation and analysis.
All samples are analyzed for 49 elements using Inductively
Coupled Plasma Mass Spectrotrometry (ICP-MS) finish. In addition,
total copper and total molybdenum assays are acquired by three acid
digestion with an Atomic Absorption Spectroscopy (AAS) finish on
over-limits of Cu greater than 1000ppm and Mo greater than 500ppm
as well as on Pb and Zn greater than 10,000ppm.. Gold is determined
by 30g Fire Assay (FA) fusion with an Atomic Absorption
Spectroscopy (AAS) finish. Indicator includes standards and
duplicates in addition to the laboratory's internal quality control
work. Duplicate reject samples are analyzed by ALS Chemex
Analytical Laboratories of Vancouver, Canada.
About Indicator Minerals:
Indicator Minerals Inc. is a leading Canadian exploration
company focused on the discovery and development of economic
mineral deposits. The company has assembled one of the most
qualified technical teams in worldwide exploration to focus on
advancing its early-stage Mohave Copper Porphyry project in
north-western Arizona.
Indicator Minerals Ltd. is a member of the Discovery Group of
companies, for more information on the group visit
www.discoveryexp.com.
Cautionary Notice: This release may contain forward-looking
statements regarding the Company's business or financial condition,
including the proposed completion of financings, use of proceeds
and exploration programs. Actual results could differ materially
from those described in this news release as a result of factors,
including, but not limited to the following: the timing and
completion of financings, the actual use of proceeds, the timing,
results and success of exploration and development programs,
financial arrangements, the ability to obtain additional financing,
developments in global resource markets, political developments,
the timing of regulatory and environmental approvals and other
factors. The Company cautions that these and similar statements
involve risk and uncertainties, which could cause actual results to
differ materially from those in the forward looking statement.
Forward-looking statements are made in the context of information
available as of the date stated. The Company undertakes no
obligations to update or revise such statements to reflect new
circumstances or unanticipated events as they occur, unless
required by applicable law.
On behalf of the Board
Indicator Minerals Inc.
Bruce Counts, P.Geoph., President & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Indicator Minerals Inc. Bruce Counts President &
CEO (604) 331-4605 or T.F.: 1-877-331-4605 (604) 331-4654 (FAX)
www.indicatorminerals.com
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