Indicator Minerals Completes Drilling Program at Nanuq
North
Four-tonne
sample of NQN-001 kimberlite collected for diamond analysis
Vancouver, B.C., June 30, 2010 - Indicator Minerals Inc. today
announced that it has completed the drilling program on the
diamondiferous NQN-001 kimberlite at the Nanuq North Project, Nunavut,
Canada and that more than four tonnes of kimberlite has been obtained
for diamond analysis.
"This year's program is an exciting and important milestone in the
evaluation of the NQN-001 kimberlite," says Bruce Counts,
President and CEO of Indicator Minerals Inc. "The pending results
will provide an understanding of the diamond distribution within the
NQN-001 kimberlite body which is critical in determining how the Nanuq
North Project will be advanced, including the collection of a mini-bulk
sample."
Six holes were drilled and 762 metres of kimberlite was acquired. Five
of the holes were drilled at a -50� angle and penetrated the edge of
the kimberlite at depths between 60 metres and 126 metres below the
surface allowing for a cursory estimate of surface expression and
internal kimberlite geology. Preliminary analysis of the drill core
suggests that the NQN-001 kimberlite has good continuity at depth with
at least two phases (types) of kimberlite present and is approximately
1.8 hectares at surface. Drilling results are summarised in the tables
below.
More than 4,000kg of kimberlite material was recovered from the NQN-001
kimberlite. The sample is composed of a medium grained, strongly
magnetic kimberlite and a coarse grained, moderately magnetic
kimberlite. Both phases are olivine rich and contain pyrope and
eclogitic garnets. Indicator is shipping the core to a secure facility
in Vancouver where a more detailed geological analysis will be
conducted prior to being sent to an accredited lab for diamond
analysis. Initial diamond results are anticipated in October, 2010.
Table 1: Drill set-up on top of NQN-001 kimberlite
|
Hole
|
Angle
|
Kimberlite
Interval
|
Kimberlite
Intersection Length
|
Comments
|
|
2010-01
|
-90
|
13.7m to
257.0m
|
243.3m
|
Terminated
in kimberlite
|
|
2010-02
|
-50
|
24.6m to
165.1m
|
140.5m
|
Terminated
in granite
|
|
2010-03
|
-50
|
16.8m -
87.4m
|
70.6m
|
Terminated
in granite
|
|
2010-04
|
-50
|
19.0m -
78.7m
|
59.7m
|
Terminated
in granite
|
Table 2: Drill set-up outside of NQN-001 kimberlite
|
Hole
|
Angle
|
Kimberlite
Interval
|
Kimberlite
Intersection Length
|
Comments
|
|
2010-05
|
-50
|
105.4m -
209.0m
|
103.6m
|
Terminated
in kimberlite
|
|
2010-06
|
-50
|
80.0m -
224.0m
|
144.0m
|
Terminated
in kimberlite
|
Exploration expenditures on the 33,100 hectare Nanuq North property are
currently funded on a 50/50 basis by Indicator and Peregrine Diamonds
Ltd. Indicator is operator of the project. In 2009, a total of 206
diamonds were recovered from a 152.75 kg sample of the NQN-001
kimberlite. The largest stone measured 0.98mm x 0.72mm x 0.70mm. The
majority of the diamonds described are characterized as white/colorless
with no inclusions.
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 Nanuq North
property.
About Indicator Minerals:
Indicator Minerals Inc. is a Canadian exploration company focused on
the discovery and development of economic gemstone deposits. Founded in
2004, the Company has assembled one of the most qualified technical
teams in worldwide diamond exploration. The Company is exploring more
than 2.27 million acres of targeted ground in the Canadian arctic and
has three key projects in Nunavut: Grail, Borden and Nanuq North.
Management has quickly positioned the Company to be a sophisticated
player in both Canadian and international gemstone exploration by
forming strategic partnerships, acquiring highly prospective properties
and conducting systematic and efficient exploration programs.
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.
/s/"Bruce Counts" P.Geoph.
President & CEO
For
further information, please contact:
Indicator Minerals Inc.
Bruce Counts, President & CEO
Tel: (604) 331-4605
www.indicatorminerals.com
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.
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