 | 
Batangas Projects: Resources and Multiple Targets in a Well-Mineralized Copper-Gold Belt
Mindoro acquired the Lobo and Archangel Projects in the Batangas District of Luzon Island in December 2000, under an agreement with Egerton Gold Philippines Inc., a private Philippines company. Mindoro may earn a 75 percent interest in the Batangas Projects through phased exploration expenditures, issues of shares, and by taking one of the projects (either Lobo or Archangel) to the feasibility stage. Lobo and Archangel are each held under a Mineral Production Sharing Agreement (MPSA), which is a legally binding contract with the Philippine Government allowing for mineral exploration and development. Early work in the Batangas District was so encouraging that Mindoro has since increased its tenements and tenement applications (under Exploration Permits) to over 29,000 hectares. These cover favorable geology and abundant epithermal gold-copper-silver showings, and several clusters of porphyry copper-gold prospects.
The Batangas Projects, which include the original Lobo and Archangel Projects, are located within a well mineralized copper-gold belt. This belt includes the Taysan porphyry copper-gold deposit of Freeport McMoRan, adjacent to the Mindoro projects, as well as the Dizon, Tapian, San Antonio and Mogpog porphyry copper-gold deposits, several of which have been mined.
The Batangas Projects summary map, as above, shows the tenement situation and main prospects defined to date. Of particular note are the areas of high chargeability (reflecting metal sulphides) defined to date, which are shown in yellow. These cover a remarkable area within Mindoro's tenements, indicating the widespread and strong alteration and mineralizing processes which have operated in the Batangas District. Many mineral showings are as yet un-surveyed by geophysical surveys (induced polarization, or IP) and it is expected that even more chargeability anomalies will be defined as work progresses.
| |
)
