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Mar 08, 2005
Geophysical Survey Identifies Promising Copper-Gold Targets
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that it has received an independent geophysical report by S.J.V. Consultants Ltd., of Vancouver, B.C., on the inverse modeling and interpretation of results of a major program of induced polarization (IP) and magnetic surveys carried out over the Lobo Project, in the Philippines. The surveys had the objective of defining porphyry copper-gold deposits below extensive gold-mineralized epithermal vein-breccia trends. In the Philippines, porphyry copper-gold and epithermal gold systems commonly occur telescoped relatively close together.
"We are extremely pleased with the results of the geophysical survey. It has given us two very promising porphyry copper-gold targets at Pica and Calumpang, as well as an intriguing limestone-replacement gold target at Signal. We have moved a drill rig on site at Signal and will be drilling this week. A second, larger drill rig will be moved to Lobo by late March to commence testing Pica and, after that, the Calumpang porphyry target", said Tony Climie, President of Mindoro.
In their report, S.J.V. concludes, "there are two areas where the IP responses give strong indications of a buried porphyry system. The anomalies consist of a flat-lying resistive layer (possible silica cap) overlying a high chargeability body (possible sulphides). Coincident magnetic anomalies support this interpretation." The first area is the Pica Prospect, in which anomalous responses have been obtained for over one kilometer of strike length and 500 to 700 meters width, and for which preliminary results were reported in Mindoro's news release dated Nov. 22, 2005.
The second porphyry target is the newly-defined Calumpang Prospect, immediately to the northeast of Pica. S.J.V. has recommended drilling of both porphyry targets. S.J.V. also recommended drilling of the Signal Prospect, which is reflected by coincident resistivity, chargeability and magnetic anomalies. High gold values were located in float boulders at the Signal Prospect, which is a target for near-surface, limestone replacement gold mineralization (see release dated Feb. 23, 2005).
The Signal Target is open to the southwest in ground covered by a tenement application submitted by Mindoro. Several other geophysical anomalies have been recognized at Lobo but have not yet been completely closed off by the survey. The geophysical survey crew will return to Lobo once the major ongoing program at Mindoro's adjacent Archangel Project is finished.
The geophysical survey, comprising 43 line kilometers, was carried out by McPhar Geoservices (Philippines), Inc. of Manila, an ISO 9001:2000 company headed by Canadian geophysicist, Peter Smith. The inverse modeling and interpretation were performed by Trent Pezzot, geophysicist, of S.J.V. Consultants Ltd. The complete report will be posted SEDAR and Mindoro's website at http://www.mindoro.com. Work is carried out under the supervision of Tony Climie, P. Geol., who is a qualified person as defined by National Instrument 43-101.
Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSXV: MIO) and the Frankfurt Stock Exchange (OLM). The Company is exploring for gold and gold-copper in the prolifically mineralized magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines since 1996 and is presently focused on six promising projects in politically stable jurisdictions of the Philippines.
For further information, contact:
Penny Gould, Executive Vice President
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1-866-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next Press Releases item: Tue Mar 15, 2005, Geophysical Surveys Define Porphyry Copper-Gold Targets at Archangel
You can view the Previous Press Releases item: Tue Mar 1, 2005, Revised Lobo Technical Report Filed on SEDAR
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