Indico Announces Completion of Phase 3 Drilling of Supergene Zone at Ocana
29 Mai 2014 - 3:00PM
Marketwired Canada
Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI) is pleased
to announce the successful completion of the Phase 3 Drill Programme on the
supergene zone. Total copper assay results for 13 additional drill holes,
including soluble copper assays for nine holes, are also reported here. All
thirty-three holes were completed as planned and totalled 2975 metres. Two of
the strongest intersections from this programme occur at the eastern end of the
main ridge: hole OCA13-28 with 36.2m of 0.68% total copper, and hole OCA13-27
with 92.9m of 0.34% copper, including 31.5m of 0.69% copper. The latter
intercept is at the edge of the drilling and open to the east under the area
where the four deep hypogene holes are still planned. Assays results are pending
for holes 30 to 33, drilled on the north slope of the ridge.
President and CEO, Bob Baxter stated: "These results demonstrate that there is
significant potential for the soluble copper system to increase in volume and
lateral extent. The significance of this being that the eastern flank of this
ridge has similarities to our southern flank of mineralization, but with a
thicker enrichment layer than expected."
Mining Plus Pty Ltd. is currently conducting a NI 43-101 compliant maiden
resource estimate for Ocana, which and is expected to be completed over the next
few weeks.
The Ocana Property consists of 22 concessions covering 110 km2 and is located on
the northwest extension of the Southern Peru Porphyry Copper Belt, a trend
defined in part by the Toquepala, Quellaveco, Cuajone, and Cerro Verde Mines to
the southeast. Most recent exploration of the belt has resulted in discovery of
the Zafranal copper-porphyry deposit, located approximately 75 km to the
southeast of the Ocana Property.
Total copper and sequential leach (soluble) copper results for ten additional
holes are tabulated below (Table 1). Soluble copper and acid consumption tests
from these and previous results indicate the supergene mineralization should be
amenable to low-cost, SX/EW heap-leach processing. Figure 1 shows the
layout/density of the planned holes and assay highlights from current and
previous drilling. Additional maps and cross sections, as well as previous drill
results, are available at http://www.indicoresources.com/s/Ocana.asp. Four
additional longer holes (400 metres each) are planned to test the eastern limits
of the extensive hypogene mineralization.
The Phase 3 drill programme has successfully defined a horizontal layer of near
surface, supergene mineralization up to 90 metres thick (Figure 1). It is 1,000
metres long and 600 metres wide, bounded to the north by the property boundary,
to the southwest by a gravel-filled valley, and open to the east. If the deep
holes targeting the eastern hypogene extents are successful, additional short
infill holes are planned that may significantly extend the supergene
mineralization to the east. The results from hole OCA13-27 suggest that this
area has good potential for increasing both tonnage and grade of the supergene
mineralization.
Table 1. Additional sequential copper leach results from supergene zone -
Phase 3.
----------------------------------------------------------------------------
From To Tot. Soluble Recovery Acid Cons.
Hole (m) (m) Interval Cu% Cu% % (kg/T)
----------------------------------------------------------------------------
OCA13DH016 17 49.4 32.4 0.369 0.286 76% 22.73
----------------------------------------------------------------------------
OCA13DH017 38 91.2 53.2 0.456 0.349 68% 20.86
----------------------------------------------------------------------------
OCA13DH018 28 52 24 0.444 0.236 51% 21.92
----------------------------------------------------------------------------
OCA13DH019 5.4 52.1 46.7 0.475 0.316 66% 12.51
----------------------------------------------------------------------------
OCA13DH020 43 53 10 0.291 0.219 72% 12.50
----------------------------------------------------------------------------
OCA13DH021 50.25 88.5 38.25 0.472 0.367 72% 9.30
----------------------------------------------------------------------------
OCA13DH022 21.1 58.35 37.25 0.345 0.233 63% 15.70
----------------------------------------------------------------------------
OCA13DH023 45 55.3 10.3 0.312 0.240 76% 19.23
----------------------------------------------------------------------------
OCA13DH024 75 106.9 31.9 0.224 0.153 67% 25.01
----------------------------------------------------------------------------
Note: Total Cu% is sum of acid, cyanide, and residual Cu AAS assays (3acid
digestion); Soluble Cu is the sum of acid and cyanide soluble assays;
Recovery % is the soluble copper divided by the total copper; Acid
consumption is kilograms of sulfuric acid per tonne of material. Intervals
are based on a 0.1% total soluble Cu cut-off.
Table 2. Additional total copper results(i) from supergene & hypogene zones
- Phase 3.
----------------------------------------------------------------------------
From To Mo Au Ag
Hole (m) (m) Interval Cu % (ppm) g/t g/t Zone
----------------------------------------------------------------------------
OCA13DH016 17 49.4 32.4 0.364 78 0.016 1.2 mixed
49.4 59 9.6 0.165 38 0.017 1.2 hypogene
----------------------------------------------------------------------------
OCA13DH017 38 91.2 53.2 0.435 80 0.026 1.1 mixed
----------------------------------------------------------------------------
OCA13DH018 28 52 24 0.457 52 0.038 1.6 mixed
----------------------------------------------------------------------------
52 62.15 10.15 0.295 68 0.026 1.2 mixed
62.15 72.2 10.05 0.312 252 0.034 2.3 hypogene
----------------------------------------------------------------------------
OCA13DH019 5.4 52.1 46.7 0.468 66 0.042 2.1 mixed
52.1 63.2 11.1 0.471 65 0.046 2.0 hypogene
----------------------------------------------------------------------------
OCA13DH020 43 53 10 0.279 65 0.025 1.2 mixed
53 71.8 18.8 0.187 52 0.021 1.0 hypogene
----------------------------------------------------------------------------
OCA13DH021 50.25 88.5 38.25 0.447 37 0.021 0.8 mixed
88.5 96.75 8.25 0.325 79 0.027 1.4 hypogene
----------------------------------------------------------------------------
OCA13DH022 21.1 58.35 37.25 0.346 72 0.027 1.7 mixed
58.35 72.1 13.75 0.232 61 0.017 1.6 hypogene
----------------------------------------------------------------------------
OCA13DH023 45 55.3 10.3 0.333 38 0.028 1.2 oxide & mixed
55.3 66.7 11.4 0.299 43 0.025 2.2 hypogene
----------------------------------------------------------------------------
OCA13DH024 71.4 106.9 35.5 0.222 40 0.022 1.0 oxide & mixed
106.9 109.6 2.7 0.245 26 0.026 1.5 hypogene
----------------------------------------------------------------------------
OCA13DH025 72 109.6 37.6 0.307 91 0.030 1.2 mixed
109.6 121.7 12.1 0.171 53 0.027 0.8 hypogene
----------------------------------------------------------------------------
OCA13DH026 28 49.5 21.5 0.777 118 0.035 1.3 mixed(ii)
49.5 55.1 5.6 0.189 47 0.030 0.9 hypogene
----------------------------------------------------------------------------
OCA13DH027 30.6 123.5 92.9 0.345 114 0.026 1.3 mixed
including 30.6 92 61.4 0.168 120 0.027 1.4 mixed
and 92 123.5 31.5 0.689 103 0.023 1.2 mixed
123.5 125.6 2.1 0.131 67 0.02 0.7 hypogene
----------------------------------------------------------------------------
OCA13DH028 35.3 71.55 36.25 0.679 70 0.027 1.3 mixed
71.55 84.0 12.45 0.207 56 0.025 1.0 hypogene
----------------------------------------------------------------------------
(i) see analytical methods description below; (ii) preliminary pending re-
assay of one sample. Zones are defined as oxide = copper oxide, mixed =
mixed copper oxide and secondary sulphide, hypogene = primary copper
sulphides; hypogene results reported to end of hole.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/948835-F1.pdf.
Diamond Drilling and Sampling Procedures
The diamond drilling was completed using HQ core size. Core recovery was
estimated to be greater than 95% for any given hole. Whole core was split in
half with a manual core splitter for intervals of brittle copper oxides, and the
remainder with a diamond saw. One half is collected for sample preparation and
analysis, and the other half retained for future reference. Samples were
collected on a 2.0m (leached, mixed and enriched zones) and 3.0m (hypogene zone)
sample intervals. Indico on-site personnel rigorously mark, collect, and track
samples which are then security sealed and shipped to Acme, Lima, Peru for
preparation. Pulps are then forwarded to Acme's analytical lab in Santiago,
Chile.
Analytical accuracy and precision are monitored by the analysis of reagent
blanks, certified reference material, and duplicate (coarse rejects and quarter
core) samples. Indico inserts blind certified reference material at regular
intervals (1 in 20) into the sample sequence by field personnel in order to
independently assess analytical accuracy of both regular assays and acid-soluble
copper analysis. In addition, representative blind duplicate samples are
routinely forwarded to Acme for additional quality control (1 in 20 coarse
rejects, and 1 in 40 quarter core). Multi-elements were assayed using Acme's
M300 package, which includes 4-acid digestion and ICP-ES finish; samples with
greater than 0.5% copper are further assayed using an atomic absorption (AAS)
finish (MA402). Lower detection limits are as follows: Cu greater than 0.001%,
Mo greater than 0.001%, Ag greater than 0.5g/t. Sequential copper leach tests
are done by method LHSEQ (3-acid digestion with AAS finish), and acid
consumption by method (GC850). Gold is assayed by fire assay (FA430), in which
fusion of a 30-gram aliquot is followed by AA finish; with a lower detection
limit of 0.005 g/t. Acme has an 9001:2008 and 17025 International Standard
Organization rating.
Qualified Person
John Drobe, P.Geo., Indico's Chief Operating Officer and a qualified person as
defined by National Instrument 43-101, has reviewed the scientific and technical
information that forms the basis for this news release. Mr. Drobe is not
independent of the Company, as he is an officer.
On behalf of Indico Resources Ltd.
Robert Baxter, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of the British Columbia
Securities Act and the Alberta Securities Act. Generally, the words "expect",
"intend", "estimate", "will" and similar expressions identify forward-looking
information. By their very nature, forward-looking statements are subject to
known and unknown risks and uncertainties that may cause our actual results,
performance or achievements, or that of our industry, to differ materially from
those expressed or implied in any of our forward looking information. Statements
in this press release regarding Indico's business or proposed business, which
are not historical facts, are forward-looking information that involve risks and
uncertainties, such as estimates and statements that describe Indico's future
plans, objectives or goals, including words to the effect that Indico or
management expects a stated condition or result to occur. Since forward-looking
statements address events and conditions, by their very nature, they involve
inherent risks and uncertainties. Actual results in each case could differ
materially from those currently anticipated in such statements. Investors are
cautioned not to place undue reliance on forward-looking statements, which speak
only as of the date they are made. All of the Company's Canadian public
disclosure filings may be accessed via www.sedar.com and readers are urged to
review these materials, including the technical reports filed with respect to
the Company's mineral properties. The foregoing commentary is based on the
beliefs, expectations and opinions of management on the date the statements are
made. The Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future
events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Indico Resources Ltd.
Dennis Nenadic
IR/Corporate Communications
(604) 398-5379
+1(604) 398-5387 (FAX)
dnenadic@indicoresources.com
www.indicoresources.com
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