Indicator Minerals Inc.
TSX VENTURE : IME

Indicator Minerals Inc.

July 12, 2011 17:30 ET

Indicator Intersects Highly Anomalous Cu, Mo, Ag at Rio Verde Zone of the Mohave Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 12, 2011) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced that assay results have been received for holes three and four of Phase One of the 2011 core drilling program on the Mohave Project. Holes MV11003 and MV11004, located in the Rio Verde Zone, intercepted anomalous Cu, Ag and Mo values in conjunction with Pb and Zn from surface to 370.9m and 362.10m respectively. Mohave is located in north-western Arizona and is 100% owned by Indicator Minerals Inc.

"These holes, located 520 meters SE of the first two holes, are mineralized over significant intervals and serve to reinforce our interpretation that Mohave hosts a very large porphyry system that extends to depth," said Bruce Counts, President and CEO of Indicator Minerals Inc. "Our strategy is to drill distinct zones within the 1800 acre geophysical and geochemical anomaly at Mohave to identify and focus in on areas with ore grade mineralization."

Drill Highlights:

Holes MV11003 and MV11004 were located in the Rio Verde Zone which is characterized as a Cu-Mo-Ag bearing Pb-Zn domain within a high chargeability anomaly. The holes were collared from the same setup with both holes inclined at -60° angles with MV11003 drilled north to a depth of 370m and MV11004 drilled to the south to a depth of 362m. Assay highlights from the core holes are as follows.

Assay Tables:

Hole MV11003 (Dip -60°, Azimuth 0°)
From (ft) To (ft) Intercept (ft) Cu (%) Mo (%) Ag (g/t) Pb/Zn (%)
110 121 11 0.05 0.01 1.17 0.8
240 253 13 0.034 0.019 0.40 0.33
279 351 72 0.073 - 0.87 1.4
426 460 34 .11 - 1.33 -
Hole MV11004 (Dip -60°, Azimuth 180°)
From (ft) To (ft) Intercept (ft) Cu (%) Mo (%) Ag (g/t) Pb/Zn (%)
73 158 85 0.03 - 0.7 0.17
158 217 59 0.03 0.0083 3.5 -
217 269 52 0.04 0.01 0.5 0.4
381 407 26 0.02 - 3.4 0.17
715 742 27 0.03 0.013 0.3 0.063
760 810 50 0.027 - 2.2 0.19

A plan map can be found on the Indicator Minerals website at www.indicatorminerals.com.

Drill Hole Geology:

The third and fourth drill holes of the program were located in the Rio Verde Zone. They were collared in a mineralized Precambrian granite complex within potassic and argillic alteration. In hole MV11003 the mineralized Precambrian granite complex was cut by several monzonite porphyry, diabase and granite/pegmatite dykes before it was truncated by a high angle fault. Below the high-angle fault was a potassic altered quartz monzonite stock. Hole MV11004 was dominated by the Precambrian granite complex cut by monzonite porphyry, diabase and granite-pegmatite dykes. A major low angle fault was intersected from 239 to 247m (784 to 811 ft) and below the fault the Ag-Pb-Zn grades decreased significantly.

The mineralization at Mohave is complex with multiple overprints dominated by a potassic Cu-Mo-Ag stockwork and related breccias. A younger Mo dominant and locally Pb-Zn-Ag bearing, mineralization event is also present and appears to be related to a granite/pegmatite-hosted fluorite bearing molybdenite event.

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 and distinct zones over a wide area identified through Induced Polarization (IP), ground magnetic 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 12 to 15 inclined core holes to depths up to 300m (1000ft) are planned. To date, the company has completed nine holes, each of which has intersected mineralization over significant intervals. Additional assay results for the completed holes are pending and the tenth drill hole is in progress.

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 and the Mineral Park Copper Porphyry Mines.

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 >1000ppm and Mo >500ppm as well as on Pb and Zn >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. A comprehensive standard and duplicate sample program including reject analyses by ALS Chemex Analytical Laboratories of Vancouver, Canada is underway.

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 Inc. 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.

Contact Information

  • Indicator Minerals Inc.
    Bruce Counts
    President & CEO
    (604) 331-4605 or T.F.: 1-877-331-4605
    (604) 331-4654 (FAX)
    www.indicatorminerals.com