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Jun 22, 2005
Porphyry Copper-Gold System Confirmed by Drilling on Pica
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that independent petrographic work has confirmed the presence of a porphyry copper-gold system on the Pica Prospect, part of the Lobo Project, Philippines. Alteration and mineralization features intersected to date by drilling at Pica, especially the presence of potassic alteration and the copper mineral chalcopyrite, indicate that the drill hole is currently in the upper, or outer, zone of the main mineralization system. An interpreted alteration model is available on Mindoro's website at http://www.mindoro.com/s/Batangas_Maps.asp?ReportID=110459
As reported on November 22, 2004, the Pica Prospect occurs in a high range of hills and is associated with an intense silica cap and silica-clay-pyrite alteration, which is characteristic of the upper lithocap (advanced argillic alteration) of porphyry-copper-gold systems. A geophysical survey in late 2004 defined extensive and strong resistivity and chargeability anomalies extending over an area of approximately 1.5 kilometers by two kilometers.
The first hole drilled to test Pica commenced in mid-May and is now at about 280 meters depth. Six core samples selected from the 280 meters of drill-core were submitted for petrographic analysis to determine if the alteration and mineralization were consistent with a porphyry copper-gold system, and to help vector subsequent drilling into the center of the system. Work was carried out by Ma. Elvi Comsti, M.Sc., of Terradata Services of Manila.
Porphyry copper-gold systems have zoned alteration and mineralization; petrographic (microscopic) studies are used to establish location within the zone of the system. All core samples are intensely altered. Below the advanced argillic alteration lithocap, an early phase intermediate argillic (quartz-illite-pyrite) alteration is overprinted by later clay-chlorite-tremolite/actinolite-pyrite alteration assemblages, mixed with potassic alteration (up to 30% K-feldspar), with associated magnetite and minor chalcopyrite (a copper-iron sulphide characteristic of porphyry systems]. Quartz- pyrite ± K-feldspar veins, interpreted as porphyry B-veins, are associated with this alteration, and also contain magnetite and minor amounts of chalcopyrite.
The drill hole is interpreted as passing from the near-surface advanced argillic lithocap, and into mixed intermediate argillic and potassic alteration zones. The presence of tremolite/actinolite and K-feldspars represent high temperature alteration immediately above, or beside, the mineralized core potassic zone of a porphyry copper-gold system.
Some technical difficulties, characteristic of drilling in a new geological setting, have slowed progress. The target depth of this first hole is 500 meters. The objective is to intersect the potassic alteration core where the highest grades of porphyry copper-gold deposits are located.
Mindoro is extremely encouraged by results to date at Pica. The size and intensity of the Pica alteration and mineralization system, and the abundant occurrences of high-sulphidation epithermal mineralization at Lobo, which is an indicator of proximal porphyry copper-gold systems, suggest that Pica could be a well-mineralized porphyry copper-gold system. A second strong geophysical target, Calumpang, is located immediately to the northeast of Pica.
As previously reported on May 11, 2005, geophysical surveys at the nearby Archangel Project have defined another four porphyry copper-gold targets over six kilometers along a highly altered and mineralized geological trend. This trend appears to extend for another four to five kilometers to the northeast and geophysical surveys over this area are planned to commence in July.
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.
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