The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
IME: TSX-V
President and CEO: Bruce Counts
Vice President, Exploration: Dave Kelsch
Chief Financial Officer: Andrew Wilton
Indicator Minerals Inc., a junior focused on gem exploration-stage projects, is looking for diamonds on more than 2.74 million acres of targeted ground in the Canadian arctic and is advancing four drill-ready projects in Nunavut - Darby, Borden, Grail and Nanuq North - with potential for discovery.
For 2010 Indicator concentrated its exploration spending on the Nanuq North Project located 250 kilometers, or 160 miles, north of Chesterfield Inlet in Nunavut with Peregrine Diamonds Ltd. and Hunter Exploration Group.
In April, the junior settled a funding dispute with Peregrine that began in 2009, and the partners agreed to equally fund a C$2 million exploration program at Nanuq North, potentially a new diamond district.
The program was conducted in late May and June and included five drill holes covering 1,000 meters.
The partners had a primary goal of evaluating the 4.5-hectare, or nearly 11.1-acre NQN-001 kimberlite for size and type and obtaining an initial understanding of the distribution of diamonds in the different kimberlite phases identified.
Indicator also collected an 800-kilogram mini-bulk sample from the 4.5-hectare surface area kimberlite.
In 2009, Indicator recovered a total of 206 diamonds from a 152.75-kilogram sample of the NQN-001 kimberlite.
The largest stone measured 0.98 millimeters by 0.72 millimeters by 0.70 millimeters.
Most of the diamonds in the sample are characterized as white-colorless with no inclusions.
Cash and short-term deposits: C$1.1 million (May 31, 2010)
Working capital: C$652,284 (May 31, 2010)
Market capitalization: C$8.12 million (Sept. 25, 2010)
1075 West Georgia St., Suite 275 Vancouver, BC Canada V6E 3C9
Tel: 604-331-4605 Fax: 604-331-4654
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