Indicator Minerals Inc.

Indicator Minerals Inc.

November 07, 2005 12:33 ET

Indicator Minerals Inc.: High Priority Geophysical Targets Identified at Darby

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2005) - Indicator Minerals Inc. (TSX VENTURE:IME) (IME) announced today that it has identified more than 15 high priority geophysical targets on its 80% owned Darby Project.

The Darby Project is located approximately 120km southwest of the hamlet of Kugaaruk, Nunavut in the newly identified Franklin Diamond District. During the 2005 field season approximately 2,400 line-km of detailed Magnetic and Electromagnetic (Mag/EM) airborne geophysical data were acquired on the property. The survey was centred over an area interpreted as the source of the kimberlite indicator minerals that were recovered from heavy mineral samples collected in 2004.

An initial review of the airborne data has yielded more than 15 high priority targets. The largest anomaly is interpreted as having a surface area greater than 10 hectares, has coincident Mag/EM signatures and is associated with one of the kimberlite float trains discovered earlier this year. Results from the airborne survey will be compiled with those from the 211 heavy mineral samples as well as mobile metal ion (MMI) sampling to establish a priority list for drilling.

To date, less than 30% of the property has been surveyed with airborne geophysics. One of the three kimberlite float trains discovered in 2005 is located outside the airborne area indicating that the rest of the property is also prospective for discovery.

"Darby has quickly emerged to become one of IME's key projects", commented Dave Kelsch, Vice President of Exploration. "The combination of exceptional kimberlite indicator mineral chemistry, the presence of multiple kimberlite float trains and now high confidence geophysical anomalies leaves IME well positioned for discovery in 2006".

Indicator Minerals Inc. (TSXV: IME) is a well financed, Canadian diamond exploration company focused on the discovery of economic diamond deposits. The company has one of the most experienced technical teams in Canada and is committed to the efficient and systematic evaluation of its projects. Indicator is currently exploring more than 11 million acres of targeted ground in the Canadian Eastern Arctic and Botswana. The Company also has an exclusive exploration agreement with Hunter Exploration.

On behalf of the Board
Indicator Minerals Inc.
/s/"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.
    Bernie Kennedy
    Investor Relations Manager
    1-888-331-2269 or (604) 331-2269