Indicator Minerals Discovers Kimberlite at Bordenadmin
Monday, August 25th 2008
Indicator Minerals Inc. and Committee Bay Resources Ltd. announced today that kimberlite boulders have been discovered on the Borden Project while prospecting near geophysical targets.
“This exciting development greatly increases our confidence that there are diamond-bearing kimberlites at Borden,” commented Bruce Counts, President and CEO of Indicator Minerals. “These discoveries demonstrate the quality of our technical team and their ability to consistently add significant value to projects through the systematic application of exploration techniques.”
The kimberlite boulders were discovered while prospecting a geophysical target identified in data collected during this year’s airborne magnetic survey. Kimberlite indicator minerals, including pyrope garnet, have been visually identified in the float. Samples of the kimberlite boulders have been collected for analysis.
More than 2400 line-km of airborne magnetic data were collected in August and numerous high quality anomalies have been recognised in the preliminary data. Geophysical, geochemical and geological data collected this year is being interpreted in order to establish a list of priority targets to be drill-tested in 2009.
The Borden Property is located on western Baffin Island on the Borden Peninsula, approximately 90km southeast of the community of Arctic Bay in the Nunavut Territory. Indicator has earned a 51% interest in the diamond rights to the Borden Project and is earning an additional 19% interest in the property by spending $6.00 per acre on mineral claims in their first two years. Further information about Borden can be viewed in the project section of Indicator’s website: www.indicatorminerals.com.