IME: TSX-V | $0.08
Diamond Rights:
Indicator Minerals Inc. ("Indicator" or "IME") has an 80% interest in the diamond
rights
to deposits discovered on the Grail Project. Hunter Exploration Group holds the
remaining
20% interest.
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Property Size:
66 Mineral Claims & 1 Prospecting Permit totaling approximately 236,043 acres.
Location:
The Grail property is located on the Boothia Peninsula in Kitikmeot Region of the
Nunavut
Territory. The Project is approximately 83 kilometres northwest of the hamlet of
Taloyoak and
250 kilometres northwest of Kugaaruk, Nunavut.
Value:
Exploration work on Grail suggests a new kimberlite field exists with excellent
diamond potential. Kimberlite Indicator Minerals (KIM's) have been recovered from and isolated to an area of the Grail Project. The KIM's indicate the kimberlites have excellent potential to host economic quantities of diamond. Airborne geophysical surveys have been conducted over this area revealing compelling targets that Indicator is preparing to drill test.
Overview:
The presence of Kimberlite Indicator Minerals (KIM's) in regional samples collected by
Hunter Exploration Group in 2003 led to the acquisition of more than one million acres
of
Prospecting Permits on the Boothia Peninsula. Indicator acquired an 80% interest in
the
project in early 2004.
After several successive heavy mineral sampling programs, kimberlite indicator minerals have been isolated to a discrete area of the Grail Project. Several pyrope grains sourced from the area were analyzed as hi-chrome, lo-calcium G10D classification indicating a high probability the grains are derived from a diamond bearing kimberlite.
In 2008, a 2790 line km helicopter-borne magnetic survey was flown at 100m line spacing over the focus area in order to identify kimberlite targets for drill testing. Four key areas were identified and additional high resolution data was collected at 50m line spacing focusing on the anticpated source of the chemistry.
Plan:
Preliminary plans for the Grail property entail a ground geophysical program to refine and ground-truth targets identified in the airborne magnetic data. The ground geophysics will be followed by a drill program to test approximately 20 targets.
