Indico Announces Completion of Phase 3 Drilling of Supergene Zone
at Ocana
Additional Positive Results Suggest Significant Upside Potential
to the East
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) -
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 Ocaña, which and is expected
to be completed over the next few weeks.
The Ocaña 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 Ocaña 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. |
|
Hole |
From (m) |
To (m) |
Interval |
Tot. Cu% |
Soluble Cu% |
Recovery % |
Acid Cons. (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* from
supergene & hypogene zones - Phase 3. |
|
Hole |
From (m) |
To (m) |
Interval |
Cu % |
Mo (ppm) |
Au g/t |
Ag 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** |
|
|
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 |
| * see analytical methods description below; **
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.
Indico Resources Ltd.Dennis NenadicIR/Corporate
Communications(604) 398-5379+1(604)
398-5387dnenadic@indicoresources.comwww.indicoresources.com
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