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Indicator Minerals encouraged by results from Mohave

Indicator Minerals (CVE:IME) announced late Thursday that it intersected anomalous copper, molybdenum and silver at its Mohave project in north-western Arizona.

The mineral exploration company posted results from the third and fourth holes of its phase one core drilling program in the Rio Verde zone of the property.

Highlights from the program include 0.05% copper, 0.01% molybdenum, and 1.17 grams per tonne (g/t) silver over 11 feet, and 0.034% copper, 0.019% molybdenum, and 0.40 g/t silver over 13 feet, from hole MV11003, which was drilled to a depth of 370 metres.

In addition, 0.11% copper and 1.33 g/t slver was returned over 34 feet in the hole MV11003.

Hole MV11004, which was drilled to a depth of 362 metres, returned 0.04% copper, 0.01% molybdenum, and 0.5 g/t silver over 52 feet, and 0.03% copper, 0.013% molybdenum and 0.3 g/t silver over 27 feet.

"These holes . . . are mineralized over significant intervals and serve to reinforce our interpretation that Mohave hosts a very large porphyry system that extends to depth," said president and CEO, Bruce Counts.

"Our strategy is to drill distinct zones within the 1,800 acre geophysical and geochemical anomaly at Mohave to identify and focus in on areas with ore grade mineralization."

The first phase of drilling at Indicator's Mohave project is intended to target distinct zones through induced polarization and ground magnetic surveys, rock and soil sampling, and structural, geological and alteration mapping.

To date, nine of the up to 15 holes of the phase one program have been drilled, each of which has intersected significant mineralization, the company said.

Indicator plans to begin the second phase of drilling on the Mohave property in the third or fourth quarter of 2011.