Indicator Minerals Identifies Second Major Moly Zone at Mohave
07 October 2011 - 12:00AM
Marketwired
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.
---------------------------------------------------------------------------
Length Weighted Weighted Weighted
Zone Drill Hole # From (m) To (m) (m)(i) (% Mo) (gpt Ag) (% 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(i))
----------------------------------------------------------------------
(includes) (112.17) (113.9) (1.73) (1.7(ii))
----------------------------------------------------------------------
(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(iii)
---------------------------------------------------------------------------
(i) interval 76.15 to 78.65m returned 2.50m of 0.60gpt Au with 27.36gpt Ag
(ii) interval 112.17 to 113.9m returned 1.73m of 0.60gpt Au and 1.70gpt Ag
(iii) 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 greater than 1000ppm and Mo greater than 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 statements.
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.
Contacts: Indicator Minerals Inc. Bruce Counts President &
CEO (604) 331-4605 or Toll Free: 1-877-331-4605 (604) 331-4654
(FAX)www.indicatorminerals.com
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