Nov 2 2010
Indicator Minerals Inc. (TSX VENTURE:IME) today announced that it has completed the previously announced acquisition of all of the issued and outstanding shares of Bluestone Resources Inc., a private company with a 100% interest in the drill-ready Mohave Copper Porphyry Project, Arizona.
"This is an exciting acquisition for Indicator," says Bruce Counts, President and CEO of Indicator. "There is strong evidence to suggest that the Mohave Project hosts a large copper porphyry deposit. We are eager to commence drilling and preparations for a 4,000-metre core-drilling program are underway."
The Mohave Project is located in north-western Arizona and is interpreted as a large-scale, copper porphyry deposit with significant amounts of silver and molybdenum. Exploration work conducted by Bluestone has identified extensive copper mineralisation over a large area of the project with a coincident Induced Polarisation (IP) anomaly and complimentary structural features. The geology of the Mohave Project is believed to be analogous to the Bagdad Copper Porphyry Mine, which is located within 30km and along the same structural trend.
Upon closing of the acquisition, Indicator issued an aggregate of 5,000,040 common shares to former Bluestone shareholders, representing approximately 4.7% of its issued and outstanding shares upon completion.
Source: Indicator Minerals Inc.