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May 10, 2005
Drilling Underway on Pica Porphyry Prospect and West Drift Epithermal Prospect
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that drilling is in progress on the Pica porphyry copper-gold prospect and the West Drift epithermal gold prospect located on the Lobo Project in the Philippines.
As reported on March 8, 2005, Pica is one of two areas at Lobo where geophysical surveys gave strong indications of buried porphyry copper-gold systems. 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 hole at Pica will be drilled to a depth of approximately 500 meters and will take several weeks to complete. After Pica, the Company will drill the second porphyry copper-gold target at Lobo, the Calumpang Prospect, which is located immediately to the northeast of Pica.
A second drill rig is testing high-grade gold mineralization intersected at the West Drift shoot on the Sampson epithermal vein-breccia trend. As reported on November 8, 2004, Drill Hole 38 intersected 12 meters of 7.42 grams per tonne (g/t) gold including 2.5 meters of 29.46 g/t gold (true widths). The Sampson Trend is 800 meters from the parallel Camo Trend, where a gold resource has been defined at SW Breccia (see Company news release dated Jan. 04, 2005). Objectives are to test the West Drift mineralization to depth and extend the gold resources at Lobo. The first drill hole of the follow-up drilling at West Drift has just been completed and the second hole has commenced.
Two drill holes completed on the Signal Prospect, also at Lobo, indicate that high-grade, gold-mineralized boulders were moved in a volcanic debris flow from their source area and that the geophysical anomalies tested by drilling did not reflect that source. As reported on Feb. 23, 2005, high gold and silver values (up to 72.64 g/t gold and 432.3 g/t silver) were obtained from float boulders at Signal. Geological and geophysical work is in progress to define the source area, believed to be within a few hundreds of meters of the Signal area to the northeast.
Work is carried out under the supervision Tony Climie P. Geol., President of Mindoro, and 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
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 628-5800
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: Wed May 11, 2005, Geophysical Program Defining Multiple Porphyry Copper-Gold Targets Over Six Kilometer Trend at Archangel Project
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