VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced assay results for holes five through eight of its eleven hole core drilling program on the 100% owned Mohave Copper-Moly-Silver Porphyry Project located in north-western Arizona.
"The results from these four holes further demonstrate that there is a large mineralized system present at Mohave and reinforces our belief that the property may host an economic deposit," said Bruce Counts, President and CEO of Indicator Minerals Inc. "Our strategy of initially drilling widely spaced holes on the property within the 1800 acre chargeability anomaly has been successful and identified an exciting new molybdenum area with the first hole drilled in the Cupola Zone, north of the Central Monzonite Complex."
Holes MV11005 through MV11008 were located on drill centers varying between 450-950 meters from the first hole drilled this season (MV11001) and all holes intersected mineralization from surface.
Significantly, hole MV11008 was the first hole to test 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.
Assay highlights are as follows:
Detailed assay tables and a drill plan map can be found on the Indicator Minerals website at www.indicatorminerals.com.
Drill Hole Geology:
The mineralization at Mohave is characterized as complex with multiple overprints and is dominated by potassic alteration with Cu-Mo-Ag stockwork and related breccias as well as several younger Mo-Ag and Pb-Zn-Ag events.
Hole MV11005 was collared in a strong chargeability in Precambrian granite and intersected several monzonite porphyry dykes. Alteration includes strong potassic/sodic alteration with multiple vein types including: AM veins (anhydrite-molybdenite), QM veins (quartz-molybdenite-pyrite), AC veins (anhydrite-Kspar-pyrite-magnetite-chalcopyrite) and QP veins (quartz-pyrite-chalcopyrite-epidote-chlorite). This vein classification scheme is modified after a scheme developed at the Mineral Park Mine.
Holes MV11006 and MV11007 tested the Leach Cap Zone in an area surrounded by a weak chargeability. Alteration includes potassic and sodic alteration overprinted by a quartz-muscovite and green sericite-quartz-molybdenite-pyrite veins as well as numerous argillic altered high angle faults.
Hole MV11008 was collared in a moderate chargeability in mineralized Precambrian granite, granite-pegmatite dykes and sills. Alteration includes strong potassic with argillic and silicic overprints with chalcopyrite and molybdenite mineralization in AM, QM, AC, QP veins defined above as well as and PMQ veins comprised of quartz-sericite with base and precious metals.
A significant WNW-ESE trending molybdenum soil anomaly occurs along the northern and southern contacts of the Central Monzonite Complex and extends west from MV11008 for a distance of 1.2km and to the east-southeast from MV11008 for a distance of 1.3km to the Scott Fault trace.
Indicator's 2011 drill program is being conducted in two phases. The recently completed first phase a 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 second phase of drilling will build on the results from the first phase and is planned for Q4 of 2011.
The first phase of drilling 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. Additional assay results for the last three holes, MV11009 through MV11011 are pending.
Mohave Copper Project:
The Mohave Project is located in north-western Arizona and is interpreted as a large-scale copper porphyry with significant amounts of silver and molybdenum and a late stage overprint of molybdenum and lead-zinc-silver mineralization. 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 in many ways to the Bagdad and the Mineral Park Copper Porphyry Mines where large volumes of low grades including 0.10-0.20% Cu, 0.01%-0.03% Mo and 1.5-2.0 gpt Ag are presently being mined.
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 as well as on Pb and Zn >10,000ppm. 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.