Subscribe for Updates:
Enter your email below to receive email updates
Jun 13, 2005
Land Acquisitions Increase Batangas Tenements to 22,100 Hectares
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that it has made an application for an additional 7,700 hectares of land tenements covering areas of highly prospective geology near its existing Batangas Projects in the Philippines. At the Lobo Project, drilling continues on the Pica porphyry copper-gold prospect where encouraging alteration features are being intersected. Also on the Lobo Project, a thick sequence of silica sand has been drill-intersected on the Signal Prospect and an expert consultant has been commissioned to evaluate its economic potential.
The Batangas Projects, which include the Lobo and Archangel Projects, are located within a well mineralized copper-gold belt. This belt includes the Taysan porphyry copper-gold deposit of Phelps Dodge, adjacent to the Mindoro projects (see the map on our website at www.mindoro.com), as well as the Dizon, Tapian, San Antonio and Mogpog porphyry copper-gold deposits, several of which have been mined. Three new tenement blocks have been applied for covering areas of favorable geology (see map). The applications have been accepted by the Mines and Geoscience Bureau and are being processed normally. This brings the total Batangas land holdings and applications of Mindoro and its partner, Egerton Gold Philippines Inc., to 22,100 hectares. Mindoro can earn a 75 percent interest in all the Batangas holdings.
The first drill hole continues on the Pica porphyry copper-gold prospect on the Lobo Project. The hole is currently at 260 meters. It is drilling within intense alteration types which are characteristic of porphyry copper-gold systems. An independent petrographic report has been received and results will be reported in a separate release later in the week.
A previously completed drill hole at the Signal Prospect, also on the Lobo Project, failed to locate the source of high-grade gold-silver mineralized boulders and work continues to locate the source up-drainage (see release dated April 4, 2005). This drill hole intersected an unusual section of loosely consolidated silica sand from zero to 235 meters, which is open to depth (235 meters thickness that continues to depth). Nine representative samples of the silica sand gave assay results from 51.65 to 64.46 percent silica (average 54.61 percent).
The silica sand appears to be a volcanic ash fall deposit and is reflected by a geophysical resistivity anomaly of approximately 500 by 800 meters. The aerial extent and thickness suggests a substantial tonnage of near-surface silica sand is present in an area of very good infrastructure. It may have the potential to be easily mined by sluicing methods and upgraded to glass quality. Even at the current grade, it has the potential to be used in local cement plants, a major industry in the region. Areas of silica sand have previously been mined at Lobo by an international cement company and there is a substantial upsurge in demand at this time. An industrial mineral consulting geologist has been commissioned to evaluate the economic potential of the silica sand.
With Mindoro's epithermal gold resources and prospects on the Batangas Projects, the subject of ongoing resource evaluation (see release dated Jan. 4, 2005), and at least six porphyry copper-gold drill targets defined to date by recent geophysical surveys (see releases dated April 4 and May 10, 2005), the Company continues to focus on defining and developing precious and base metals resources. However, any opportunity for an early cash flow will also be evaluated.
An update on work on the Archangel project will be reported within the next week.
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 Jun 22, 2005, Porphyry Copper-Gold System Confirmed by Drilling on Pica
You can view the Previous Press Releases item: Fri Jun 3, 2005, Change Of Auditor
You can return to the main Press Releases page, or press the Back button on your browser.