Diamond Rights:
IME has earned a 51% interest in the diamond rights on the Borden property and can earn an additional 19% upon meeting certain criteria. CBR Gold Corp. (CBG: TSX-V) currently retains a 49% interest.
Property Size:
5 Prospecting Permits, & 37 mineral claims totaling more than 331,000 acres.
Location:
Borden Project is located on the Borden Peninsula of northwestern Baffin Island in the Nunavut Territory. The property is approximately 80 km southeast of the community of Arctic Bay and the former Nanisivik Mine which hosts a deep water port and an airstrip capable of accommodating small jet aircraft.
Value:
Borden has the potential to host a new diamondiferous kimberlite field. Kimberlite boulders were discovered while prospecting a geophysical target identified in airborne magnetic data collected in 2008. Kimberlite indicator minerals, including pyrope garnet, have been identified in the float.
Overview:
Exploration work on the property started in 2004 when Indicator conducted a small heavy mineral sampling program to verify the presence of Kimberlite Indicator Minerals (KIM's) that were noted in a historic report.
Once the presence of KIM's on the property was confirmed, Indicator proceeded to collect more than 100 soil samples between 2005 and 2007. Results from these sampling programs were used to isolate the area of the property believed to host the kimberlites from which the grains were derived.
In the late summer of 2008, a 2,400 line km helicopter-borne magnetic survey was conducted over the interpreted source area to identify targets suitable for drilling. Preliminary geophysical data showed high priority magnetic targets. A geologist was sent to prospect the targets discovered kimberlite float on top of one of the geophysical anomalies.
Plan:
The Borden property has drill ready geophysical targets supported by kimberlite indicator minerals and kimberlite float. Indicator is in the process of acquiring all the necessary permits for the next stage of exploration.
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