Indicator Minerals Inc.
TSX VENTURE : IME

Indicator Minerals Inc.

March 01, 2011 09:09 ET

Indicator Minerals Commences 2011 Exploration at Mohave Copper Project; IP & Magnetic Surveys Underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2011) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced that it has commenced the 2011 exploration program at its 100% owned Mohave Copper Porphyry Project located in northwest Arizona.

"This is an exciting time for Indicator shareholders," says Bruce Counts, President and CEO of Indicator. "There is strong technical evidence to suggest that the Mohave Project has the potential to host a very large copper-molybdenum-silver porphyry deposit. We have excellent copper, molybdenum and silver results from rock and soil sampling, a classic porphyry signature from previous IP work and the chance to evaluate economic potential with the first modern drill program in the property's history."

Key Point Summary

  • Induced Polarization (IP) and Ground Magnetic surveys underway
  • Two phase, 10,000 meter core drilling program planned
  • Drilling contracts executed
  • Phase One drilling to start beginning of April, 2011

The 2011 Exploration Program

The program will include up to 10,000m of diamond drilling as well as extensive Induced Polarization (IP) and Ground Magnetic surveys. IP surveys are the primary geophysical tool used to define the extent of mineralization within a copper porphyry deposit. A previous IP survey at Mohave identified a chargeability anomaly more than 2km in diameter that is consistent with those obtained over other productive copper porphyry deposits in the region. This year Indicator will extend the previous IP survey with the collection of more than 47 line-km of data to the west and south where the anomaly remains open. (Click here to view the IP Survey and chargeability anomaly)

The core drilling program will be conducted in two phases with the first phase of 5,000m set to begin in early April and designed to test three or four spatially distinct areas of the property. The second phase of drilling will follow-up on phase one results and is scheduled for Q3, 2011. Preparation work has begun to improve road access and ready drill pads for the program.

The Mohave Property

The Mohave Project is located in north-western Arizona and is interpreted as a large-scale, copper porphyry deposit with significant silver and molybdenum credits. Exploration work has identified extensive copper mineralisation over a large area of the project coincident with an Induced Polarisation (IP) anomaly and complimentary structural features. The geology of the Mohave Project is believed to be analogous to the Freeport McMoRan Bagdad Copper Porphyry Mine, which is located within 35km of the property.

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. This under explored and largely untested project has a compelling copper, molybdenum and silver footprint with a coincident IP anomaly indicative of a large Copper Porphyry system.

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.

Contact Information

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