Indicator Minerals Darby Project Yields More Kimberlite; Partner Increases Budgetadmin
Indicator Minerals Inc. announced today that additional kimberlite boulders have been found on the Darby Project. These boulders are located in an area distinct from all previous discoveries made on the property and may represent a third kimberlite cluster. These new developments have prompted Teck Cominco Limited (“Teck Cominco”) to increase the 2008 Darby exploration budget by 18%.
“We are extremely encouraged by the results of the summer campaign so far. These new discoveries confirm that a kimberlite field extends over a wide area at Darby and likely hosts several clusters,” commented Bruce Counts, President and CEO of Indicator Minerals. “The increased exploration budget demonstrates the partnership’s view that Darby has the potential to deliver large, significantly diamondiferous kimberlites.”
The most recently discovered boulders were found 18 kilometres from the nearest known kimberlite and 40 kilometres from the kimberlite float found earlier this month. The boulder train is 160 metres wide and can be traced in an up ice direction for 1.5 kilometres. Kimberlite indicator minerals, including garnet, have been visually identified.
The increase in the exploration budget at Darby will be directed towards expanding the prospecting, ground geophysics and heavy mineral sampling programs in the vicinity of the boulder discoveries. Data from the recently completed airborne survey are successfully being used to identify priority targets. Samples of the kimberlite boulders have been collected for analysis.
Nine kimberlites have been discovered at Darby, of which five have proven diamond bearing including the 12 hectare ‘Iceberg’ kimberlite. The project is currently under option to and operated by Teck Cominco. Under the terms of the agreement, Teck Cominco can earn a 51% interest by spending $14 million before June 2010. Upon formation of a Joint Venture, Indicator has the right to have its remaining 29% interest carried to production on a project loan basis. Hunter Exploration Group retains a 20% interest in the Darby Project. Further information about the Darby project can be viewed in the project section of Indicator’s website: www.indicatorminerals.com.
Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic diamond deposits. Founded in 2004, the company has assembled a highly qualified technical team, experienced in worldwide diamond exploration. Indicator is exploring more than 5.5 million acres of targeted ground in the Canadian arctic and has three key projects in Nunavut: Darby, Borden and Nanuq North. Indicator’s management has positioned the company to be a sophisticated player in both Canadian and international diamond exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs.