Indicator Minerals Inc.

Indicator Minerals Inc.

July 09, 2007 13:00 ET

Indicator Minerals Drills Two New Kimberlites at Darby

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2007) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that two new kimberlite bodies have been discovered on the Darby Project.

The two new kimberlites, DR34 and DR36, were discovered by core drilling. Samples are currently being prepared for shipment by air for diamond analysis. An additional hole was also drilled in an untested section of the Iceberg kimberlite complex. Iceberg is an 11 hectare diamondiferous kimberlite discovered during the 2006 exploration program.

Kimberlite was intersected at DR34 between 74.3m and 225m in a drill hole dipping 50 degrees to horizontal. DR36 was drilled using a 55 degree dip and intersected kimberlite between 51.7m and 100.7m. Representative samples from the kimberlites will be sent to independent laboratories for diamond recovery using caustic fusion techniques. Samples are also being collected for diamond indicator mineral analysis and petrologic evaluation.

"Today's announcement reinforces our expectation of a successful drilling campaign at Darby," says David Kelsch, Vice President of Exploration for Indicator Minerals. "In 2006 we established that a new field of large, diamond-bearing kimberlites exists on the property. We believe that this year's program will continue that theme with the discovery and analysis of as many new kimberlites as possible."

A high resolution airborne geophysical program has also commenced at Darby. The 16,000 line kilometre survey will extend coverage to new areas of the property where kimberlite boulders were discovered in 2006. A second drill is scheduled to arrive near the end of July and will focus on testing targets generated by the airborne survey.

The total number of kimberlites confirmed to date by drilling on the Darby Project is seven. The 2007 exploration budget for Darby which is being funded by Teck Cominco Limited is $8.5 million and is designed to test a minimum of 30 new targets on the property with core drilling. Progress reports from the drill program are expected to be released to the public on a regular basis throughout the exploration season.

The Darby Project includes more than 685,000 acres of mineral claims and is located approximately 120 kilometres southwest of the community of Kugaaruk in Nunavut Territory. The project is currently under option to Teck Cominco, Limited which can earn a 51% interest by spending $14 million before June 2010. Hunter Exploration Group retains a 20% interest in the Darby Project.

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery of economic diamond deposits. Founded in 2004, the company has assembled a highly qualified technical team, experienced in worldwide diamond exploration. Indicator is exploring more than 4.3 million acres of targeted ground in the Canadian arctic and has three key projects in Nunavut: Darby, Barrow and Grail. Indicator's management has positioned the company to be a sophisticated player in both Canadian and international diamond exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs.

On behalf of the Board Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Indicator Minerals Inc.
    Bruce Counts
    President & CEO
    1-877-331-4605 or (604) 331-4605
    Indicator Minerals Inc.
    Lisa May
    Manager, Corporate Communication
    1-877-331-4605 or (604) 331-4605
    (604) 331-4654 (FAX)