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Pan De Azucar Project
Pan De Azucar Project: Porphyry Mineralization Yet To Be Drill Evaluated
The Pan de Azucar MPSA covers 535 ha on Pan de Azucar Island and adjacent Panay Island. Under a 1997 agreement with a private Philippines company, Minimax Mineral Exploration Corporation, Mindoro may earn a 75 percent interest in the Pan de Azucar Project through phased exploration expenditures and issues of shares. Mindoro has earned a 40 percent interest to date.
Geology and Mineralization
The Pan de Azucar Prospect is located within a collapsed caldera structure, where the dacitic-andesitic caldera-fill package hosts pervasive replacement and structurally-controlled alteration and mineralization. Dacitic units are preferred hosts to mineralization. An epithermal, massive pyritic-sulphide deposit, the Valderama Zone, with low to moderate grade copper-gold-zinc-silver values was drill-intersected by Mindoro in 2001 and a porphyry copper-gold target located at Asparin Hill in 2002.
Valderama Zone: Massive Sulphide Mineralization
A 2001 scout drill program, consisting of 1,041 meters, encountered promising copper, gold, silver and zinc values at shallow depths, for example:
- 37.1 meters of 0.8 percent copper, 1.87 g/t gold
- 40.25 meters of 0.69 percent copper, 1.21 g/t gold, 4.34 g/t silver, and 0.63 percent zinc (true thicknesses).
A second drill program in 2002, consisting of 431 meters, encountered lower, more irregular grades. The zone is open to the north for a further 250-300 meters, to the property boundary, where gossanous outcrops are present. The Valderama epithermal replacement mineralization is believed to be related to an adjacent porphyry copper-gold system.
Based on drilling to date, the Valderama Zone averages between 36 percent and 40 percent sulphur. Mineralization is near-surface, and a few hundred meters from tide water. It may, therefore, have potential for a low-cost sulphur source for sulphuric acid production for treatment of the numerous lateritic nickel deposits going into production in the Philippines and elsewhere in the region and for fertilizer production. Mindoro's main priorities, however, are the remaining Pan de Azucar copper-gold targets and Mindoro's projects elsewhere.
Asperin Hill: Porphyry Copper-Gold Prospect
A short, 45 meter drill hole was completed on the Asparin Hill target, approximately 700 meters west of the Valderama Zone, to test an area of gossanous quartz-alunite boulders, also site of the strongest geochemical anomalies on the project, a coincident circular topographic depression some 300 meters in diameter, and a broad magnetic anomaly. This intersected dacitic rocks with intense porphyry-related alteration, including biotite alteration, plus disseminated and veinlet chalcopyrite mineralization. Both are characteristic of porphyry copper systems. Future work at Pan de Azucar will focus on the Asparin Hill porphyry copper-gold target.
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