INDICO RESOURCES LTD. : http://www.indicoresources.com/ : QwikReport

Irmin

Location - The Irmin project lies along the northern extension of the Southern Peru Porphyry Copper Belt, in the districts of Yanaquihua and Chicas in the province of Condesuyos, Department of Arequipa of southern Peru. 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 (Measured & Indicated resources of 301MT of 0.47% Cu, 0.08g/t Au), located approximately 75km to the southeast of the Irmin Project.

Elevation ranges from 700m at the Rio Ocoña to approximately 1,500m - 2000m around the areas of current exploration.



Access - The Irmin project is accessible from the regional centre of Arequipa via 220 km of the coastal paved Pan American Highway, followed by 85km of graded dirt road running along the east side of the Rio Ocoña, starting in the village of Ocoña. The nearest settlements to the concessions are the small villages of La Barrera, located 24 km to the southwest along the Rio Ocoña, and Soledad, located 5 km east of the deposit, and which is populated by the informal miners currently mining distal gold veins immediately east of the Irmin concessions.

Concessions - Indico's 23 concessions cover an area of 122.55 km2. Two concessions held by Berteus Resources Peru S.A, totalling an area of 40 km2, known as Barreno 1 and Barreno 2, lie within the centre block of Indico Resources' concessions as seen in the map below.


Click to Enlarge


Terms of Agreement - The concessions covering the Irmin project are owned by three Peruvian companies: Minera Andina de Exploraciones S.A.A., Mines Representaciones S.A.C. and S.M.R.L. Rosita No.1 de Arequipa. These companies have entered into a Mining Assignment and Option Agreement with Inversiones Minerals S.A.C. (IM) with a right to acquire a 100% interest in the Mining Concessions.

Indico Resources has the exclusive option to acquire all of the issued and outstanding shares of Inversiones Minerals S.A.C. with a cash and share payment agreement made over a 10 year period ending April 20, 2019 (renegotiated Sept/2014). The total schedules of payments are listed below:

Schedule of Property Option Payments
Year $US Shares
2010 $387,272 -
2011 $322,727 200,000
2012 $451,818 300,000
2013 $516,364 500,000
2014 $580,909 1,000,000
2015 $1,500,000 6,500,000
2016 - 2018 $6,000,000 -
2019 $7,990,000 -
Total $17,750,000.00 8,500,000


There are no exploration expenditure commitments, no royalties, back-in rights and no finder's fee in connection with the transaction. Should the company wish to walk away from the deal part way into the agreement, the remaining balance will not be owed and no applicable termination payment.

Drilling - Indico has diamond drilled a total of 9903 metres in 57 holes at the project. The initial five wide-spaced holes totaling 2195 metres drilled in mid-2011 (Phase 1) successfully identified a significant porphyry copper-molybdenum-gold deposit on the Jimena target. All drill holes intersected strong mineralization over significant thicknesses and a follow-up Phase 2 programme was completed in late 2012. This second programme totaled 4733 metres and consisted of 19 holes drilled mostly within the area of the Phase 1 programme, with a few holes drilled to the south and to the east expanding the area of known mineralization. Phase 3 drilling, totaling 2975 metres, was designed to support a maiden supergene resource estimate, and was completed in May 2014.

The mineralized system has dimensions of at least 1000 metres east-west and up to 700 metres north-south. It extends significantly to the north onto the neighbouring property. The two targets of interest for on-going drilling are 1) the eastern extension of the shallow, flat-lying supergene blanket that is part copper oxide and part copper sulphide (chalcocite), and is amenable to low-cost, acid heap-leaching, based on sequential copper leach tests on core samples; and 2) higher-grade portions of the hypogene copper-gold-molybdenum mineralization within the central and eastern portions of the breccia that underlies most of the mineralized area. Surface Exploration - The Irmin property covers an area with widespread color alteration anomalies discernible from satellite images. These are typical of large porphyry copper-gold systems. Rock types, alteration, and veining on the property are consistent with the porphyry model. The surface exploration work completed includes a ground geophysical survey (magnetic and induced polarization), detailed structural and alteration mapping, geochemical surveys (talus fines, rock and trench sampling), and interpretation of satellite imagery. This work has defined the primary target Jimena and the secondary target Waka Waka.


Click to Enlarge


Satellite Imagery & Geochemistry - The high resolution satellite imagery over Irmin clearly shows a large (3 km) coherent area of intense clay and iron alteration at the Jimena Prospect, typical of a large porphyry system. The Waka Waka anomaly to the east is smaller and less coherent. The 2010/2011 regional talus fine program returned highly anomalous copper and molybdenum values concentrated over these intensely altered areas. The Jimena Target covers an area of approximately 1.5 km x 1 km, which is just the southern half of a 2 km X 3 km anomaly bisected by the concession boundary. This has been the focal point for all drilling completed by Indico since August 2011, as well as the focus of exploration on the neighbouring ground to the north, where Trafigura drilled ten holes along the property boundary.


Click to Enlarge

Click to Enlarge

Click to Enlarge

Click to Enlarge

Click to Enlarge
Supergene Resource Estimate

In July 2014, Indico announced the maiden resource estimate for the supergene portion of the Irmin project (under the previous name "Ocaña") based on 9903 metres of drilling in 57 holes. The technical report for this estimate has been filed on SEDAR and can also be downloaded HERE. Table 1 lists the estimated resources following Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") classification definitions at the cut-off grade of 0.1% recoverable (acid and cyanide soluble) copper. The recoverable copper cut-off, using sequential copper leach analysis, is used because it is a more conservative limit of economically extractable material.

Table 1. Irmin Supergene Resource Estimate
Classification Millions of Tonnes Total Cu % Million Lbs of Cu Tonnes of Cu
Indicated 13.7 0.46 139 63,000
Inferred 36.1 0.34 270 122,000


Table 2 below summarizes the resource estimate in over a range of recoverable copper (Rec Cu%) cut-off grades.

Table 2. Grade and Tonnages of Indicated1 and Inferred2 Resources by Copper Cut-off Grade
Indicated Inferred
Rec Cu % Cut-off Cumulative Tonnes (millions) Tot Cu % Cumulative Tonnes (millions) Tot Cu %
0.10 13.7 0.46 36.1 0.34
0.20 12.7 0.47 30.0 0.39
0.30 8.2 0.52 17.1 0.44
0.40 4.2 0.61 7.1 0.52

1 An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

2 An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure.


Recoverable copper cut-off grades are based on sequential copper leach tests on sample pulps by Acme Laboratories in Santiago, Chile. Based on average soluble copper recoveries of 77%, together with sulphuric acid consumption tests that indicate low acid consumption, we believe the supergene mineralization should be amenable to low-cost, SX/EW heap-leach processing. Metallurgical samples (750kg) are now at SGS Laboratories in Arizona, where they will undergo column leach testing under the direction of veteran metallurgist Joseph Keane.

Estimation Methods

The resource estimate was completed by Marek Mroczek, P.Geo. of Mining Plus Canada Consultants Ltd. ("Mining Plus"), an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") in accordance with CIM Standards on Mineral Resources and Mineral Reserves. Estimation methods are summarized below and additional details of the estimation methods and procedures will be available in a NI 43-101 technical report to be co-authored and released by Mining Plus, and filed on SEDAR (www.sedar.com) within 45 days from the date of this news release.

The resources estimate is based on results from 9,903 metres of drilling in 57 diamond drillholes. Quality control data generated during the various drill programs conducted at Indico Resources were independently verified by Mining Plus as part of the project review. The resource model consists of a detailed three dimensional deposit model interpreted for cut off 0.1% recoverable copper, different mineralogical zones and lithology. The interpreted three dimensional deposit model was used to estimate total copper and recoverable copper grades. The recoverable copper grade is based on sequential leaching lab analyses and consists of sum cyanide leachable copper and acid soluble copper. All recoverable copper values exceeding total copper were capped to the total copper values. The block model grades were estimated by ordinary kriging in cells measuring 15 x 10 x 6 metres. In total 1,278 assays for total copper and recoverable copper were composited to 872 composites of 2 metre length. The basic statistics analyses showed that capping of high assay values was not necessary.


Click to Enlarge


Click to Enlarge


Click to Enlarge

Supergene Mineralization

The sulphide and oxide supergene mineralization intersected in the first two drill programmes outlined a significant exploration target. Phase 3 drilling then converted this target to the Indicated and Inferred resources described above, with significant potential for expansion to the east. The supergene forms a blanket of varying thickness extending south from the concession boundary to underneath the gravel covered valley south of the main east-west ridge. Under this southern ridge, the supergene blanket is consistently approximately 50 metres thick, dips to the west subparallel to the ridge crest, and has been intersected in holes across an east-west distance of at least 700 metres, across a width of at least 200 metres at the west end, increasing to 400 metres on the east end. Under the central part of the system the blanket averages about 30-45 metres thick and apparently thickens to the east (up to 100 metres) as the slope steepens; however, the eastern extents are covered by up to 40 metres of very weakly mineralized leached material, and the overall grade decreases. The blanket consists of copper oxide and sulphate minerals near the top, grading down into dominantly chalcocite at the base, where it transitions sharply to hypogene chalcopyrite mineralization.

Sequential copper leach tests performed on drill core sample pulps test work confirm the supergene mineralization is amenable to low-cost, acid heap-leaching. Results for these tests are summarized in Table 3. The recoveries average about 77% for those drill intercepts assaying >0.1% soluble copper.

Table 3: Detailed Significant Drill Results from Phase 3 to Date
Hole From (m) To (m) Interval Cu % Mo (ppm) Au g/t Ag g/t Zone
OCA13DH001 0 46.8 46.8 0.388 45 0.159 1.4 mixed & enriched
  46.8 100 53.2 0.245 84 0.208 1.2 hypogene
OCA13DH002 0 12 12 0.187 85 0.137 0.7 mixed
OCA13DH003 35 50 15 0.211 71 0.053 0.7 mixed
  50 88.8 38.8 0.186 50 0.059 0.8 hypogene
OCA13DH004 10 29 19 0.294 284 0.091 1.2 mixed
  29 73.65 44.65 0.471 207 0.131 1.5 hypogene
OCA13DH005 34.2 100.6 66.4 0.415 50 0.023 1.0 mixed & enriched
  100.6 143.7 43.1 0.208 41 0.018 0.6 hypogene
OCA13DH006 28.35 65.4 37.05 0.348 86 0.112 0.9 hypogene
OCA13DH007 2 70.5 68.5 0.270 82 0.026 1.5 mixed
including 28 70.5 42.5 0.351 85 0.019 1.2 mixed
  70.5 100.95 30.45 0.224 112 0.013 1.8 hypogene
OCA13DH008 43 87.5 44.5 0.402 267 0.051 2.1 mixed
including 57 87.5 30.5 0.512 321 0.057 2.1 mixed
  87.5 126.8 39.3 0.291 171 0.032 1.6 hypogene
OCA13DH009 48 101.2 53.2 0.162 54 0.028 1.6 mixed
OCA13DH010 80 140 60 0.364 27 0.021 0.9 mixed
including 88 108 20 0.512 37 0.027 1.0 mixed
  140 179.2 39.2 0.104 28 0.015 0.7 hypogene
OCA13DH011 50 169.2 119.2 0.191 51 0.021 2.1 mixed
including 152 169.2 17.2 0.420 46 0.021 1.1 mixed
  169.2 183.5 14.3 0.208 36 0.020 1.2 hypogene
OCA13DH012 38 119.8 81.8 0.302 33 0.021 1.3 mixed
including 74 119.8 45.8 0.455 38 0.021 1.1 mixed
  119.8 126.2 6.4 0.228 18 0.021 2.1 hypogene
OCA13DH013 16 83.7 67.7 0.293 53 0.027 1.4 oxide & mixed
including 42 83.7 41.7 0.407 47 0.035 1.5 mixed
  83.7 97.25 13.55 0.178 37 0.018 0.6 hypogene
OCA13DH014 33 45.75 12.75 0.245 30 0.022 1.1 mixed
  45.75 64.6 18.85 0.150 29 0.019 1.1 hypogene
OCA13DH015 22.2 51.9 29.7 0.326 92 0.025 1.6 mixed
  51.9 62.2 10.3 0.164 34 0.015 0.8 hypogene
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 0.773 118 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
OCA13DH029 46 89 43 0.378 116 0.024 1.4 mixed
  89 100.5 11.5 0.146 160 0.012 0.7 hypogene
OCA13DH030 24.3 52.45 28.15 0.200 300 0.070 1.3 mixed
  52.45 66.65 14.2 0.284 298 0.044 1.4 hypogene
OCA13DH031 28 41.5 13.5 0.348 67 0.021 1.1 mixed
  41.5 55.4 13.9 0.145 80 0.020 0.6 hypogene
OCA13DH032 47 48.7 1.7 0.570 >4000 0.043 2.0 mixed
48.7 53.1 4.4 0.243 3762 0.033 0.6 hypogene
OCA13DH033 29.6 42 12.4 0.301 129 0.081 0.8 mixed
  42 50.4 8.4 0.217 206 0.060 0.6 hypogene

Note: Cu, Mo and Ag are determined by 4-acid digestion, ICP-ES and AAS finish (where Cu>0.5%); Au is by FA-30g. Mixed Zone = mixed copper oxides and secondary sulphide (chalcocite), Hypogene Zone = primary copper sulphide (chalcopyrite).

Table 4: Sequential Copper Leach Results Phase 3 to Date
Hole From (m) To (m) Interval Tot. Cu% Soluble Cu% Recov. % Acid_kg/T
OCA13DH001 0 46.8 46.8 0.378 0.324 82% 10.41
OCA13DH002 0 12 12 0.179 0.147 80% 11.67
OCA13DH003 35 50 15 0.209 0.157 78% 16.32
OCA13DH004 10 29 19 0.276 0.247 87% 15.87
OCA13DH005 24 100.6 76.6 0.379 0.277 67% 19.98
including 24 81 57 0.410 0.332 77% 19.73
OCA13DH007 28 70.5 42.5 0.324 0.258 77% 13.51
OCA13DH008 43 87.5 44.5 0.404 0.294 70% 19.00
OCA13DH009 48 101.2 53.2 0.165 0.130 73% 13.48
OCA13DH010 84 130 46 0.449 0.383 84% 15.74
including 88 108 20 0.555 0.502 90% 14.90
OCA13DH011 92 169.2 77.2 0.237 0.183 74% 16.88
including 152 169.2 17.2 0.436 0.370 84% 17.98
OCA13DH012 74 119.8 45.8 0.483 0.390 78% 14.55
OCA13DH013 42 82 40 0.420 0.323 77% 15.20
OCA13DH014 33 45.75 12.75 0.241 0.191 75% 13.98
OCA13DH015 22.2 51.9 29.7 0.283 0.228 77% 14.28
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
OCA13DH025 72 109.6 37.6 0.327 0.290 86% 12.4
OCA13DH026 20 49.5 29.5 0.606 0.553 87% 18.6
including 28 49.5 21.5 0.775 0.714 92% 19.7
OCA13DH027 30.6 123.5 92.9 0.341 0.284 69% 18.0
including 30.6 92 61.4 0.155 0.109 60% 14.7
and 92 123.5 31.5 0.703 0.626 85% 24.4
OCA13DH028 35.3 71.55 36.25 0.683 0.540 64% 18.0
OCA13DH029 46 89 43 0.375 0.285 79% 18.5
OCA13DH030 24.3 52.45 28.15 0.208 0.158 71% 21.1
OCA13DH031 28 41.5 13.5 0.360 0.297 80% 26.5
OCA13DH032 47 48.7 1.7 0.559 0.487 87% 14.0
OCA13DH033 29.6 42 12.4 0.316 0.270 85% 14.9
Note: Total Cu% is sum of acid, cyanide, and residual Cu assays by 3-acid digestion, AAS finish; 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.

Table 5: Sequential Copper Leach Results Phase 2 (2012)
Hole From (m) To (m) Interval Tot. Cu% Tot. Sol. Cu% Recov. % Acid_kg/T
OKA-001 2 46 44 0.73 0.64 78% -
OKA-002 20 38 18 0.62 0.55 86% -
OKA-005 63 81 18 0.58 0.39 59% -
OCA12DH003 1.3 59.9 58.6 0.32 0.23 64% 13.80
including 27 59.9 32.9 0.43 0.34 77% 13.80
OCA12DH004 4 37.5 33.5 0.49 0.47 91% 14.66
OCA12DH005 5 37 32 0.54 0.50 93% 14.45
OCA12DH006 11 61 50 0.61 0.53 80% 12.71
OCA12DH007 30 87.6 57.6 0.72 0.66 89% 16.62
OCA12DH009 54 63.8 9.8 1.36 1.32 94% 18.43
OCA12DH010 13.2 29.5 16.3 0.40 0.32 78% 22.38
OCA12DH012 22 69.5 47.5 0.63 0.50 76% 19.27
OCA12DH013 32 83 51 0.53 0.48 90% 16.00
OCA12DH016 28 55 27 0.85 0.81 96% 19.94
OCA12DH017 49 55 6 0.45 0.36 80% 12.51
OCA12DH018 34.55 50.45 15.9 0.26 0.23 86% 12.21
OCA12DH019 47 59 12 0.23 0.18 75% 14.70
OCA12DH019 97 147 50 0.34 0.27 78% 14.80
Total Cu% is sum of acid, cyanide, and residual Cu assays; Total Soluble Copper is sum of acid and cyanide soluble assays; all determinations by AAS method.

Significant Intercepts from Initial Phase 3 Supergene Drilling.



Soluble Copper (Phase 2 and 3)


Click to Enlarge


Click to Enlarge


Click to Enlarge



Click to Enlarge




Click to Enlarge




Click to Enlarge


Click to Enlarge


Click to Enlarge


Click to Enlarge


Click to Enlarge


Click to Enlarge
Hypogene Mineralization

Hypogene copper-molybdenum-gold mineralization occurs mostly as fine-grained disseminated chalcopyrite within dacite porphyry and as disseminated and matrix-fill in phreatic/hydrothermal breccia intruding the dacite. The strongest copper-gold grades occur in the eastern portions of the west-northwest trending breccia, between holes OCA005 and 010. This breccia is continuous for more than 1 kilometre, with a width of at least 200 metres within the concession, and extending for about another 200 metres off the property to the north. The breccia comprises mostly fine diorite (diabase) fragments with dacite fragments increasing toward the contact with the main dacite host rock. A zone of significant gold mineralization (>0.1 g/t) and higher-than-average copper is associated with fine grained diorite and diorite breccia in the central and eastern portions. Outside the areas of significant diorite, where dacite porphyry is the host rock, the gold grades, and in some holes the copper grades, decline sharply, though molybdenum and silver grades are maintained. The highest copper grades are within strong potassic alteration with a weak to moderate quartz-sericite overprint. Examples of typical grades within this zone are OCA004, which intersected 264 metres of 0.36% copper and 0.15 g/t gold, including 39 metres of 0.69% copper and 0.20 g/t gold. Hole OCA005 intersected 111.5 metres of 0.5% Cu and 0.12 g/t gold, or 0.67% Cu Eq. Hole OCA010 intersected the highest-grade primary (hypogene) mineralization yet encountered within the diorite breccia: 300 metres of 0.48% copper and 0.17 g/t gold, or 0.69% CuEq, and including 57 metres of 1.12% copper and 0.21 g/t gold. The hole ended at 300.5 metres within mineralization grading >0.3% copper.

This high-grade mineralization will be drilled out in a future drill programme using a man-portable drill rig capable of being installed on the steep rocky slopes in this area. Mapping indicates the breccia extends for 200 metres east of the high-grade mineralization in hole OCA010. The current known extent of the copper-gold zone is approximately 500 metres east-west by 200 metres north south and truncated by the concession boundary; it is open at depth, but is drill-tested to extend at least 300 metres vertically.

Table 1: Detailed Significant Drill Results from Phase 2 (2012)
Hole From (m) To (m) Interval Cu% Mo (ppm) Au g/t Ag g/t CuEq Zone
OKA-001 2 46 44 0.734 105 0.032 1.3 0.824 oxide supergene
  46 192 146 0.232 97 0.022 1.1 0.308 hypogene
  192 447 255 0.153 98 0.014 0.6 0.217 hypogene
  447 697.8 250.8 0.094 44 0.009 0.4 0.126 hypogene
OKA-002 4 24 20 0.183 742 0.254 3.6 0.776 oxide
  24 38 14 1.290 511 0.057 1.9 1.607 supergene
  38 150 112 0.209 136 0.057 1.5 0.334 hypogene
  150 406.3 256.3 0.154 71 0.015 0.9 0.211 hypogene
OKA-003 2 150 148 0.134 98 0.132 0.6 0.285 hypogene
  150 321 171 0.322 111 0.187 2.2 0.536 hypogene
including 219 270 51 0.424 187 0.206 3.8 0.706 hypogene
  321 403.3 82.3 0.125 145 0.020 0.7 0.219 hypogene
OKA-004 57 356.7 299.7 0.253 70 0.027 1.1 0.318 hypogene
including 300 356.7 56.7 0.368 89 0.030 1.5 0.449 hypogene
OKA-005 63 84 21 0.605 73 0.018 1.4 0.669 supergene
  84 216 132 0.270 72 0.023 1.7 0.340 hypogene
  216 276 60 0.164 42 0.020 1.0 0.210 hypogene
OCADH001 0 27.4 27.4 - - - - - overburden
  27.4 56.3 28.9 0.187 20 0.021 0.6 0.217 mixed
  89 440 351 0.231 83 0.030 1.0 0.304 hypogene
including 89 146 57 0.240 190 0.032 0.8 0.366 hypogene
OCADH002 0 18 18 - - - - - overburden
  87 294 207 0.220 151 0.091 0.9 0.371 hypogene
including 168 195 27 0.291 557 0.083 1.6 0.645 hypogene
and 234 294 60 0.351 102 0.157 1.3 0.530 hypogene
OCADH003 1.3 27 25.7 0.207 79 0.051 1.5 0.299 oxide
  27 78 51 0.491 71 0.049 1.9 0.582 mixed
  78 366.1 288.1 0.226 68 0.026 1.1 0.290 hypogene
including 200 272 72 0.297 95 0.031 1.3 0.380 hypogene
OCADH004 4 37.5 33.5 0.509 121 0.115 1.1 0.665 mixed
including 4 24 20 0.694 124 0.087 1.1 0.831 oxide
  37.5 301.45 263.95 0.360 112 0.153 1.8 0.546 hypogene
including 94 133 39 0.689 160 0.198 2.9 0.943 hypogene
and 184 301.45 117.45 0.400 120 0.149 2.3 0.569 hypogene
OCADH005 7 33.5 26.5 0.626 130 0.104 1.2 0.779 mixed
  33.5 145 111.5 0.501 118 0.121 2.6 0.675 hypogene
including 59 94.8 35.8 0.659 101 0.177 3.3 0.872 hypogene
  145 300.25 155.25 0.199 80 0.020 1.0 0.263 hypogene
OCADH006 11 61 50 0.646 115 0.171 2.7 0.856 mixed
including 26 44 18 1.211 199 0.224 3.6 1.511 mixed
  114 299 185 0.251 67 0.076 0.9 0.349 hypogene
including 114 177 63 0.356 71 0.183 1.0 0.535 hypogene
OCADH007 34 87.6 53.6 0.809 108 0.046 1.9 0.916 mixed
  108 250.05 142.05 0.151 103 0.014 0.7 0.220 hypogene
OCADH008 0 68.65 68.65 - - - - - overburden
  71.5 355 283.5 0.263 62 0.024 1.4 0.326 hypogene
including 163 241 78 0.376 70 0.030 1.9 0.452 hypogene
OCADH009 54 295 241 0.325 97 0.058 1.3 0.428 mostly hypogene
including 54 63.8 9.8 1.438 79 0.054 1.8 1.536 mixed
and 112 295 183 0.317 104 0.060 1.5 0.427 hypogene
OCADH010 0.5 300.5 300 0.483 117 0.168 2.9 0.694 mostly hypogene
including 13.2 29.5 16.3 0.474 86 0.099 2.0 0.609 mixed
and 146.5 176.5 30 1.688 393 0.321 7.8 2.198 hypogene
or 146.5 203.5 57 1.119 418 0.213 5.7 1.542 hypogene
OCADH011 25 250.3 225.3 0.352 182 0.148 1.8 0.569 hypogene
including 25 128 103 0.527 110 0.279 2.3 0.809 hypogene
including 128 250.3 122.3 0.205 243 0.038 1.3 0.367 hypogene
OCADH012 22 69.5 47.5 0.678 61 0.022 1.6 0.741 mixed
  69.5 80.35 10.85 0.325 49 0.019 1.8 0.382 hypogene
OCADH013 32 83 51 0.556 147 0.022 1.4 0.659 mixed
  83 201.1 118.1 0.236 93 0.020 1.2 0.309 hypogene
OCADH014 27 292 265 0.349 141 0.104 2.1 0.517 hypogene
including 27 94 67 0.349 41 0.266 2.2 0.586 diorite hypogene
and 94 292 198 0.349 174 0.049 2.0 0.493 dacite hypogene
OCADH015 88.5 178.85 90.35 0.190 50 0.015 1.6 0.243 hypogene
OCADH016 28 61.55 33.55 0.796 136 0.229 1.8 1.050 mixed
  61.55 86.05 24.5 0.333 106 0.188 1.8 0.333 hypogene
OCADH017 49 57 8 0.441 71 0.024 1.6 0.511 mixed
  57 84 27 0.214 93 0.023 1.6 0.294 hypogene
OCADH018 34.55 50.45 15.9 0.302 62 0.007 1.3 0.352 mixed
  50.45 87.25 36.8 0.218 113 0.027 1.5 0.310 hypogene
OCADH019 47 147 100 0.284 75 0.018 1.2 0.348 mixed
including 47 59 12 0.253 183 0.021 1.8 0.378 mixed
and 97 147 50 0.397 69 0.017 1.1 0.455 mixed
*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 $US1500/ounce, molybdenum $US15/pound and silver $US21/ounce.

Table 2: List of Phase 2 Drill Hole Collars
Hole ID East PSAD56 North PSAD56 Elev (m) Azimuth Inclination Depth (m) Date start Date finish
OKA11DH001 713762.2 8267444.83 1786.28 130 -70 697.8 20110720 20110804
OKA11DH002 714090.17 8267367.2 1857.18 120 -70 406.3 20110805 20110812
OKA11DH003 714110.32 8267549.74 1839.04 120 -70 403.3 20110814 20110819
OKA11DH004 713686.18 8267496.43 1762.64 310 -80 356.7 20110820 20110826
OKA11DH005 713447.92 8267574.25 1725.15 235 -70 330.7 20110901 20110908
OCA12DH001 713730.15 8267569.39 1767.39 210 -75 447.05 20121007 20121015
OCA12DH003 713605.93 8267382.62 1793.88 0 -90 366.1 20121014 20121021
OCA12DH002 713944.84 8267583.01 1800.34 210 -70 301.8 20121009 20121013
OCA12DH006 713890.76 8267511.22 1808.85 210 -60 301.1 20121022 20121030
OCA12DH004 714045.03 8267431.96 1838.53 30 -60 301.45 20121017 20121022
OCA12DH005 714044.73 8267431.29 1838.58 210 -60 300.25 20121023 20121028
OCA12DH007 713778.82 8267322.57 1867.56 210 -90 250.05 20121030 20121105
OCA12DH008 713595 8267581.43 1743.28 210 -60 388.25 20121031 20121107
OCA12DH009 713851.98 8267593.08 1784 210 -70 334.35 20121106 20121112
OCA12DH010 714311.18 8267575.27 1950 210 -70 300.5 20121113 20121117
OCA12DH011 714218.87 8267440.2 1912 210 -70 250.3 20121117 20121120
OCA12DH012 713458.9 8267484.13 1742 0 -90 80.35 20121119 20121120
OCA12DH013 713941.63 8267282.06 1912 210 -90 201.1 20121122 20121125
OCA12DH014 714221.8 8267438.31 1912 120 -60 300 20121117 20121126
OCA12DH015 714114.53 8267217.14 1971 0 -90 178.85 20121122 20121130
OCA12DH016 714109.94 8267445.02 1868 0 -90 86.05 20121127 20121128
OCA12DH017 713448.77 8267373.7 1744 0 -90 99.9 20121129 20121202
OCA12DH018 713860.15 8267378.61 1834 0 -90 87.25 20121130 20121202
OCA12DH019 714055.16 8267057.36 1879 30 -80 158.25 20121202 20121206


Map and Cross Sections of Significant Intercepts from Phase 2 Drilling in 2012




Click to Enlarge



Click to Enlarge



Click to Enlarge



Click to Enlarge



Click to Enlarge



Click to Enlarge



Click thumbnails to enlarge

Copyright © 2018 by Indico Resources Ltd.   All rights reserved worldwide.
For more information, send questions and comments to
This page was created on Sat Dec 15, 2018 at 4:14:44 AM Pacific Time.