Indicator Minerals Inc (TSX-V:IME) said 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 president and CEO Bruce Counts. "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 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 types of kimberlite present and is approximately 1.8 hectares at surface.
More than 4,000 kilograms of kimberlite material was recovered fromNQN-001 kimberlite.
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.
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 kilogram 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.
Indicator Minerals is a Canadian exploration company focused on the discovery and development of economic gemstone deposits. It 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.