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Wed, June 30, 2010 Indicator Minerals Completes Drilling Program at Nanuq North
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2010) - Indicator Minerals Inc. (TSX VENTURE:IME) 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 -50º 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 - 257.0m | 243.3m | Terminated in kimberlite |
| 2010-02 | -50 | 24.6m - 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.
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.
