Indicator Minerals announced that the arbitration hearing with Peregrine Diamond regarding the Nanuq North Project has been set for May, 2010. Indicator plans to commence core drilling on the NQN-001 kimberlite as soon as possible following conclusion of the arbitration proceedings. The main objective of the next field program is to acquire vital information regarding the kimberlite’s geometry, geology and diamond distribution which is a crucial step in determining how to extract a bulk-sample efficiently and cost-effectively.
Indicator Minerals Inc. today responded to a notice from Peregrine Diamonds Ltd. and Peregrine Holdings Ltd. on matters concerning the Nanuq North property.
Peregrine announced that a 2009 diamond exploration programme with a $1.5 million budget has been approved for its 100%-owned Nanuq property. The 2009 exploration programme is designed to set the stage for a 2010 drill program by increasing the kimberlite indicator mineral sample density on the property and by field checking priority geophysical anomalies.
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