Indicator Minerals Inc.
TSX VENTURE : IME

Indicator Minerals Inc.

October 06, 2011 09:00 ET

Indicator Minerals Identifies Second Major Moly Zone at Mohave

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2011) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced assay results for the final three drill holes from its eleven hole core drilling program on the 100% owned Mohave Project located in north-western Arizona. These results confirm the presence of two new mineralized zones on the project: the South Moly Zone and the Scott Fault Zone.

"The results from the 2011 drilling program clearly indicate that the Mohave Project has the potential to host an economic resource. Our initial core drilling program has already identified four distinct zones of significant mineralization and the majority of the 1,800 acre geophysical anomaly remains untested," said Bruce Counts, President and CEO of Indicator Minerals Inc. "In addition, ground work on the western half of the property has identified several prospective areas that warrant close attention, including zones hosting multiple veins that have produced gold and silver values up to 3.0gpt and 150gpt respectively."

Drill Highlights

Three spatially distinct areas were tested with these final three holes of the 2011 drill campaign, including two new zones: the South Moly Zone located approximately 350m SW from the Oxide Pit Zone where MV11001 was collared and the Scott Fault Zone located approximately 1,500m SE from the Oxide Pit Zone. Assay highlights from each of the final three holes are presented and tabled below:

  • Hole MV11009 was located in the North Cupola Zone (NCZ) and was drilled from the same set-up as MV1008 (see news release dated 15 August, 2011). Holes MV11008 and MV11009 tested a 2.5 km west-northwest trending molybdenum soil anomaly located along the northern contact of the Central Monzonite Complex. Highly anomalous molybdenum mineralization was intersected from surface to a depth of 189m. Results from MV11009 include 47.73m (157ft) of 0.015% Mo, 0.40gpt Ag and 0.025% Cu.
  • Hole MV11010 tested the South Moly Zone (SMZ), defined by a strong chargeability anomaly coincident with elevated levels of molybdenum in surface rock and soil. This new zone lies in the south-central portion of the larger 1800 acre chargeability high in the mineralized porphyry system. Assay results from MV11010 produced 0.011% Mo and 0.74gpt Ag over 299.95m (984ft) from surface to a depth of 303.0m.
  • MV11011 was the first hole drilled into the Scott Fault Zone (SFZ) that forms the eastern boundary of the porphyry system. Results from the initial hole into the Scott Fault Zone produced 119.95m (395ft) of 2.36gpt Ag including 0.50m of 100gpt Ag and 3.0gpt Au, and 2.50m of 27.36gpt Ag and 0.60gpt Au.
Zone Drill Hole # From (m) To (m) Length (m)* Weighted
(% Mo)
Weighted
(gpt Ag)
Weighted
(% Cu)
NCZ MV11009 23.77 71.5 47.73 0.015 0.40 0.025
SMZ MV11010 3.05 303.0 299.95 0.011 0.74 0.044
(includes) (99.0) (151.0) (52.0) (0.017) (0.69) (0.055)
(includes) (214.0) (259.0) (45.0) (0.017) (0.86) (0.050)
(includes) (259.0) (276.0) (17.0) (0.025) (1.47) (0.077)
SFZ MV11011 3.05 123.0 119.95 2.36
(includes) (76.15) (78.65) (2.50) (27.36*)
(includes) (112.17) (113.9) (1.73) (1.7**)
(includes) (115.5) (117.0) (1.50) (37.80)
and 148.22 148.85 0.63 7.0
and 154.68 156.00 1.32 8.9
and 229.85 231.5 1.65 8.5
and 232.6 233.15 0.55 1.7***
* interval 76.15 to 78.65m returned 2.50m of 0.60gpt Au with 27.36gpt Ag
** interval 112.17 to 113.9m returned 1.73m of 0.60gpt Au and 1.70gpt Ag
*** interval 232.6 to 233.15m returned 0.55m of 2.5gpt Au and 1.7gpt Ag.

A detailed plan map, cross-section, assay sheet and photo montage of select core samples are available on the Indicator website at www.indicatorminerals.com.

Drill Program:

Indicator's 2011 drill program was intended to test a number of compelling targets over a wide area identified through Induced Polarization (IP) and ground magnetic surveys, extensive rock and soil sampling as well as structural, geological and alteration mapping. The first drilling program at Mohave completed eleven inclined core holes to depths up to 390m (1280ft) for a total of 3500 meters (11,500 feet) with all eleven holes intersecting anomalous mineralization over significant intervals.

Mohave Project:

The Mohave Project is located in north-western Arizona and is interpreted as a large-scale porphyry with a significant footprint of hydrothermal alteration and mineralization coupled with excellent infrastructure. Exploration work has identified extensive copper, molybdenum and silver 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 to the Bagdad and Mineral Park Copper Porphyry Mines where large volumes of low grade ores (including 0.10-0.20% Cu, 0.01%-0.03% Mo and 1.5-2.0 gpt Ag) are presently being mined.

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. 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 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: 1-877-331-4605
    (604) 331-4654 (FAX)
    www.indicatorminerals.com