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Lobo
Under the Gold Fields joint venture, the Lobo Project is comprised of the Calo-Pica project and the former "Lobo project", which includes the SW Breccia mineral resource, among others. It is partly surrounded by Mindoro's El Paso, Archangel and Talahib projects, all located in the southern part of Batangas Province, Luzon Is., Philippines (see map below).
Under the joint venture, the Lobo Project consists of a granted MPSA, covering 1,163 ha, two EPs covering 4,072 ha, and two EP applications covering 2,626 ha. Mindoro owns 100 percent direct and indirect interest of the Lobo Project via a wholly-owned Philippine subsidiary, subject to a 1 percent NSR to the original claim holders. The EP parcels are subject to a 2 to 4 percent NSR.
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SW Breccia Mineral Resource
Past work by Mindoro outlined from five to seven km of northeast-trending epithermal vein/breccia trends on the Lobo Project. Mineralization along these trends occurs as both low-sulphidation gold and high-sulphidation copper-silver, with lesser gold, mineralization shoots. Two such mineralization shoots are SW Breccia, where Mindoro has drill-defined a small near-surface gold resource, and the old Lobo Mine, where copper was mined during the 1960's. High gold-copper-silver values occur at surface in a number of areas along these trends. There are likely other mineralization-shoots not exposed at surface that will require drilling to discover.
At SW Breccia on the Camo Trend, a NI 43-101 compliant resource estimate was prepared during 2004, based on 25 shallow drill holes completed by Mindoro using a man-portable diamond drill rig. Indicated and inferred resources, to a depth of 130 m are as follows:
SW Breccia Zone Resource at 0.5 g/t Au cutoff:
| Category | Contained Au ounces | Tonnes | Au (g/t) |
| Indicated | 56,380 | 270,000 | 6.49 |
| Indicated | 10,540 | 61,000 | 5.35 |
- Total metal contents in the reported resources represent metal in the ground and have not been adjusted for metallurgical recoveries and other factors which will be considered in later study.
- Mineral resources which are not mineral reserves do not have demonstrated economic viability.
- The tonnage and contained oz figures above have been rounded to the nearest thousand and gold grades to the nearest 2nd decimal, which may have resulted in minor discrepancies.
- The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- It is uncertain if further exploration will result in upgrading the Inferred mineral resource to an Indicated or Measured mineral resource or the Indicated mineral resource to a Measured Resource category.
There is high potential to expand the SW Breccia resource, and to locate new resources on the adjacent five to seven km of vein-breccia trends at Lobo as shown on the map below.
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Calo-Pica Porphyry Copper-Gold Prospects
A cluster of unusually large IP chargeability anomalies has been defined at Calo, with extremely high chargeability readings of up to 100 msec against a background of 6-8 msec. The chargeability anomalies, which occur at the intersection of strong regional northwest to southeast, and northeast to southwest structural features, suggest large concentrations of metal sulphides below the younger cover volcanics.
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Porphyry copper-gold mineralization has already been drill-intersected by Mindoro on the far-eastern margin of Calo, where Pica drill hole two intersected 213 m of 0.18 % copper and 0.30 g/t gold. To the southwest, young volcanic cover above the chargeability anomaly contains exotic copper mineralization. Two trench rock chip samples gave 2.62 % copper over 30 m, and 2.17 % copper over 20 m. This exotic copper occurrence, typical of those associated with South American porphyry copper deposits, also implies a significant copper source in the underlying rocks.
Seven wide-spaced drill holes, up to two kilometer apart, were completed in 2007. The first six holes intersected weak to moderate alteration in places. Hole 7 intersected clasts of diorite with strong potassic, silica, clay and chlorite alteration within a debris flow (lahar) at depth, with from trace to one percent chalcopyrite (copper-iron sulphide) and up to three percent hydrothermal magnetite. These clasts are interpreted to be derived from the core of a porphyry copper-gold system some hundreds of meters to the west, where there is a diatreme about 700 m distant.