Indicator Minerals Commences
2011 Exploration at Mohave Copper Project;
IP & Magnetic Surveys Underway
Vancouver, B.C., March 1, 2011 - Indicator Minerals Inc. (IME:TSX-V)
today announced that it has commenced the 2011 exploration program at
its 100% owned Mohave Copper Porphyry Project located in northwest Arizona.
"This is an exciting time for Indicator shareholders," says
Bruce Counts, President and CEO of Indicator. "There is strong
technical evidence to suggest that the Mohave Project has the potential
to host a very large copper-molybdenum-silver porphyry deposit. We have
excellent copper, molybdenum and silver results from rock and soil
sampling, a classic porphyry signature from previous IP work and the
chance to evaluate economic potential with the first modern drill
program in the property's history."
Key Point Summary
- Induced
Polarization (IP) and Ground Magnetic surveys underway
- Two
phase, 10,000 meter core drilling program planned
- Drilling contracts
executed
- Phase
One drilling to start beginning of April, 2011
The 2011 Exploration Program
The program will include up to 10,000m of diamond drilling as well as
extensive Induced Polarization (IP) and Ground Magnetic surveys. IP
surveys are the primary geophysical tool used to define the extent of
mineralization within a copper porphyry deposit. A previous IP survey
at Mohave identified a chargeability anomaly more than 2km in diameter
that is consistent with those obtained over other productive copper
porphyry deposits in the region. This year Indicator will extend the
previous IP survey with the collection of more than 47 line-km of data
to the west and south where the anomaly remains open. (Click here to view the IP Survey and
chargeability anomaly)
The core drilling program will be conducted in two phases with the
first phase of 5,000m set to begin in early April and designed to test
three or four spatially distinct areas of the property. The second
phase of drilling will follow-up on phase one results and is scheduled
for Q3, 2011. Preparation work has begun to improve road access and
ready drill pads for the program.
The Mohave Property
The Mohave Project is located in north-western Arizona and is
interpreted as a large-scale, copper porphyry deposit with significant
silver and molybdenum credits. Exploration work has identified
extensive copper mineralisation over a large
area of the project coincident with an Induced Polarisation
(IP) anomaly and complimentary structural features. The geology of the
Mohave Project is believed to be analogous to the Freeport McMoRan Bagdad Copper Porphyry Mine, which is
located within 35km of the property.
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. This under explored
and largely untested project has a compelling copper, molybdenum and
silver footprint with a coincident IP anomaly indicative of a large
Copper Porphyry system.
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.
/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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