Pan De Azucar Polymetallic, Sulphur and Porphyry Targets

The Pan de Azucar Project (PDA) is located on Pan de Azucar Island, Concepcion municipality, 112 km northeast of Iloilo City in Panay Island, Central Philippines. It is covered by a granted MPSA under the name of Minimax. Mindoro's fully owned local subsidiary has the right to earn 75 percent direct and indirect interest by completing a phased exploration program. Mindoro currently owns a 40 percent interest in the PDA Project.



Pan de Azucar Island is a volcanic caldera. The main targets defined to date are the Valderama pyritic massive sulphide and Asparin Hill porphyry copper-gold prospects. The dacitic-andesitic caldera rocks are intensely and pervasively altered. Dacitic units are preferred hosts to mineralization, which at surface is represented by ferruginous soil and boulders.

Mindoro conducted ground early-stage exploration work over the property in early 1997 via geologic mapping and rockchip sampling. Anomalous values of copper, gold, zinc, silver, and arsenic in gossanous rock samples were noted. This led to a detailed ground investigation. The detailed groundwork carried out in 1997, established a 2.3 km-baseline with 100-m spaced gridlines from 250 m up to 1,600 m long for detailed to semi-detailed soil geochemical survey. The total gridlines cut was 50 line km. Out of 2,104 soil samples collected, some 1,764 samples were analyzed for gold, copper, silver, zinc lead and arsenic. Ten rockchip float and outcrop samples were assayed for the same element suite, and another twenty-one were sent for mineragraphic and petrographic analyses. Several samples had multi-element scans by X-ray diffraction (XRD).

IP / magnetic survey was carried out in May-June, 2001, and totaled 9.8 line km of dipole dipole IP, coupled with resistivity measurements on 7 profiles. The ground magnetometer survey covered 11 km on 7 profiles. The survey defined a very strong high chargeabilty anomaly associated with Valderama Hill, and extending northwards to the limit of the survey.

Technical Reports
January 20, 2003	Pan de Azucar Project