Indico Appoints New Director and Chief Operating Officer; Ocana Phase 2 Drill Programme Outlined
May 02 2012 - 8:30AM
Marketwired Canada
Indico Resources Ltd. (TSX VENTURE:IDI)(OTCQX:IDIFF) ("Indico" or the "Company")
is pleased to announce the appointment of Mr. Henk van Alphen to the Company's
Board of Directors and Mr. John Drobe as the Company's Chief Operating Officer.
Mr. van Alphen has had a successful career in the mining business for over 25
years. Since 1999, Henk has been a director of Cardero Resource Corp., a mineral
exploration company listed on the Toronto Stock Exchange and the NYSE-Amex, and
was instrumental in establishing the Cardero Group of Companies. Henk holds
senior management and director positions with several resource exploration and
development companies. Having raised over $200 million for mining exploration,
his leadership, knowledge and access to capital will be an invaluable asset to
the Company.
Mr. John Drobe is a geologist with 25 years of experience, specializing in
porphyry copper-gold, epithermal and skarn deposits throughout Latin America.
John is currently Vice-President Exploration for Dorato Resources Inc., a
mineral exploration company listed on the TSX Venture Exchange. Prior to joining
Dorato, John held the position of Chief Geologist for Corriente Resources Inc.,
a mineral exploration company previously listed on the TSX and AMEX. John was
responsible for all aspects of exploration and resource definition at
Corriente's Mirador, Panantza, and San Carlos porphyry copper deposits.
Mr. van Alphen will be replacing Mr. Michael Kinley, who has resigned from the
Board of Directors. The Company would like to express its sincere thanks to
Michael for his years of service on the Board.
The Company also announces the granting of incentive stock options to certain of
its directors, officers and consultants to purchase up to an aggregate of
1,200,000 common shares in its capital stock at a price of $0.21 per share,
exercisable for a period of two years.
Ocana Property Update - Phase 2 Drilling Proposal
Indico is preparing to initiate the Phase 2 drill programme at the Ocana Copper
Project (http://www.indicoresources.com/i/misc/ocana_2.gif). This programme will
total 5000 metres and target 1) higher-grade hypogene mineralization within
breccia at depth, and 2) shallow, high-grade copper oxide mineralization under
the main ridge along the south edge of the alteration anomaly.
The Ocana porphyry project covers 110 km2 located on the northwest extension of
the Southern Peru Porphyry Copper Belt
(http://www.indicoresources.com/i/maps/Ocana_concessions_complete.jpg). Ocana is
accessible by an 85 km graded dirt road connected to the paved Pan American
Highway. The Toquepala, Quellaveco, Cuajone, and Cerro Verde Mines are on
regional trend to the southeast. Recent exploration in the belt has also
resulted in discovery of the Zafranal copper - molybdenum - gold porphyry
deposit (NI 43-101 compliant Measured & Indicated resources of 301MT of 0.47%
copper and 0.08g/t gold, and additional Inferred resources of 51 MT of 0.32%
copper and 0.06 g/t gold, located approximately 75 km to the southeast of the
Ocana Project. The geology and mineralization at Ocana is similar to that at the
Zafranal. The information in this release relating to regional geology, mines,
deposits and projects was determined from the relevant company web sites and
public filings.
Five drill holes were completed in Phase I, totaling 2,195 m
(http://www.indicoresources.com/i/maps/Ocana_DDH_proposed2012_NR.jpg), and all
contained strong hypogene mineralization over significant thicknesses. In
addition, two holes located nearest the main east-west ridge (OKA-001 and 002)
also intersected significant supergene copper oxide and sulphide at or near
surface. Results for all five holes are summarized in Table 1. Notable in the
initial phase of drilling was OKA-004, in which consistent hypogene
mineralization at 0.25% copper (0.32% copper equivalent) terminated in
increasing copper grades, with the last 15 m averaging 0.42% copper
(http://www.indicoresources.com/i/misc/2011-11-08_NR3.jpg).
Phase 1 drilling indicates the mineralized system has dimensions of at least 840
m east-west and extends at least 250 m north-south. Phreatic breccia underlies
most of this area and trends west-northwest and is continuous for more than 1
km, over a width of at least 200 m within the concession, and extending for
another approximately 200 m off the property to the north. With these
dimensions, the Ocana porphyry could be comparable in size to the 351 MT
Zafranal Cu-Mo porphyry, which is owned by AQM Copper and Teck Corporation (see
below).
The Phase 2 drilling will test the depth and extent of the hypogene
mineralization within the breccia, with emphasis on intersecting the source of
highly-mineralization fragments intersected in OKA-003. It will also target the
southern and eastern extents of shallow high-grade supergene mineralization
intersected in holes OKA-001 and 002. The large ridge south of these holes may
preserve a significant thickness of supergene copper, the northern edge of which
was intersected by the Phase 1 holes.
Table 1: Detailed Drill Results - Phase 1 Drill Programme (2011)
---------------------------------------------------------------------------
From To CuEq Cu Mo Au Ag
Drill Hole (m) (m) Interval (%)(i) (%) (ppm) (g/t) (g/t) Mineral Zone
---------------------------------------------------------------------------
OKA-001 2 46 44 0.824 0.734 105 0.032 1.3 oxide
130 supergene
degrees/ ----------------------------------------------------------------
-70 46 192 146 0.308 0.232 97 0.022 1.1 hypogene
degrees ----------------------------------------------------------------
192 447 255 0.217 0.153 98 0.014 0.6 hypogene
----------------------------------------------------------------
447 697.8 250.8 0.126 0.094 44 0.009 0.4 hypogene
---------------------------------------------------------------------------
OKA-002 4 24 20 0.776 0.183 742 0.254 3.6 oxide
120 ----------------------------------------------------------------
degrees/ 24 38 14 1.607 1.290 511 0.057 1.9 supergene
-70 ----------------------------------------------------------------
degrees 38 150 112 0.334 0.209 136 0.057 1.5 hypogene
----------------------------------------------------------------
150 406.3 256.3 0.211 0.154 71 0.015 0.9 hypogene
---------------------------------------------------------------------------
OKA-003 2 150 148 0.285 0.134 98 0.132 0.6 hypogene
120 ----------------------------------------------------------------
degrees/ 150 321 171 0.536 0.322 111 0.187 2.2 hypogene
-70
degrees ----------------------------------------------------------------
including 219 270 51 0.706 0.424 187 0.206 3.8 hypogene
----------------------------------------------------------------
321 403.3 82.3 0.219 0.125 145 0.020 0.7 hypogene
---------------------------------------------------------------------------
OKA-004 57 356.7 299.7 0.318 0.253 70 0.027 1.1 hypogene
310
degrees/
-80
degrees ----------------------------------------------------------------
including 300 356.7 56.7 0.449 0.368 89 0.030 1.5 hypogene
---------------------------------------------------------------------------
OKA-005 63 84 21 0.669 0.605 73 0.018 1.4 mixed
235 supergene
degrees/ ----------------------------------------------------------------
-70 84 216 132 0.340 0.270 72 0.023 1.7 hypogene
degrees ----------------------------------------------------------------
216 276 60 0.210 0.164 42 0.020 1.0 hypogene
---------------------------------------------------------------------------
(i) Copper equivalent calculations represent the total metal value for each
metal, multiplied by the conversion factor, summed and expressed in
equivalent copper percentage. These results are exploration results
only and no allowance is made from recovery losses that may occur
should mining eventually result. These equivalent grades should not be
interpreted as actual grades since the conversion rations vary with the
volatile prices of Cu and Mo and the economic recoveries of Cu and Mo
can vary significantly in actual extraction and processing. However, it
is the company's opinion that elements considered here have a
reasonable potential to be recovered. The three-year, moving-average
metal prices used for the purposes of the equivalency calculations are
copper $US3/pound, gold $US1200/ounce, molybdenum $US15/pound and
silver $US21/ounce.
Qualified Person
John Drobe, P.Geo., and a qualified person as defined by National Instrument
43-101, has reviewed and takes responsibility for 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 and a shareholder.
About Indico Resources Ltd.
Indico Resources Ltd. is a resource exploration company focused in the discovery
and exploration of porphyry copper-gold deposits in South America. The Ocana
Porphyry Project is the Company's primary exploration project and is currently
the main focus of exploration activities. In addition, the Company has reviewed
multiple additional porphyry exploration projects and is in negotiation to
acquire interests in additional porphyry exploration projects. Please visit our
website at www.indicoresources.com.
On behalf of Indico Resources Ltd.
Gary Freeman, President and Chief Executive Officer
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.
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