Indicator Minerals Inc.

Indicator Minerals Inc.

November 15, 2010 08:31 ET

Indicator Minerals Announces Diamond Results From NQN-001 Kimberlite

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2010) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced that it has received diamond results from an initial sample of the NQN-001 kimberlite located on the Nanuq North Diamond Project in Nunavut Territory, Canada.

The 1,008 kilogram sample from the NQN-001 kimberlite yielded 612 diamonds larger than 0.075 mm. The two largest stones measured 1.00 x 0.84 x 0.64 mm and 0.68 x 0.68 x 0.46 mm and both were described by the Saskatchewan Research Council Geoanalytical Laboratories ("SRC") as having an off-white color with inclusions. The sample was composed of rock taken at regular intervals from all six core holes drilled in 2010. The following table summarizes the caustic fusion diamond results from the SRC.

NQN-001 Caustic Fusion Diamond Results

Sample Weight Square Mesh Screen Size (in mm) Number of Diamonds Number of Diamonds per kg
0.075 0.106 0.150 0.212 0.300 0.425 0.600
1,008kg 196 186 117 64 34 13 2 612 0.61

More than 3 tons of kimberlite material obtained from NQN-001 remain untested. Indicator believes that processing the remaining kimberlite for commercial size stones is warranted. This can be achieved using the low cost technique of Dense Media Separation. Also, kimberlite indicator mineral results from 96 till samples collected at Nanuq North in 2010 are pending. Once all of the results from the 2010 program have been received, an exploration programme will be formulated for 2011 that may include the drilling of high priority targets.

Exploration expenditures on the 33,100 hectare Nanuq North property are currently funded on a 50/50 basis by Indicator and Peregrine Diamonds Ltd. Indicator is operator of the project. More information on the Nanuq North Project is available on our website

The SRC is an independent laboratory that is accredited by the Standards Council of Canada to the ISO/IEC Guide 25 standard for diamond recovery by caustic fusion. After collection in the field, the NQN-001 drill core was shipped to Vancouver where it was logged and sampled under the supervision of senior Indicator personnel. The samples were then sealed in secure containers and shipped to the SRC under strict chain of custody protocols.

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 Nanuq North property.

About Indicator Minerals:

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. Founded in 2004, the Company has assembled one of the most qualified technical teams in worldwide exploration. Management has quickly positioned the Company to be a sophisticated player in both Canadian and international exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs.

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 statements. 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 Toll Free: 1-877-331-4605
    (604) 331-4654 (FAX)