Subscribe for Updates:
Enter your email below to receive email updates
Aug 25, 2005
Larger Capacity Drill Rig Moved to Pica; Additional Ground Acquired to Cover El Paso
Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced an update on activities on its Batangas Projects in the Philippines, which include the Lobo and Archangel Projects. The first hole on the Pica porphyry copper-gold prospect at Lobo was abandoned at a depth of 436 meters due to technical difficulties. The drill hole is within a porphyry copper-gold system and is interpreted as being near to the main mineralized core of that system. A larger capacity drill rig has been moved onto Pica and will commence drilling a second hole within a week. Additional land has been applied for to cover the El Paso porphyry copper-gold prospect. Total land holdings in the Batangas copper-gold belt are now 24,589 hectares.
Pica Porphyry Prospect
As reported on June 22, 2005, independent petrographic (microscope) work on alteration and mineralization features intersected to date in the first drill hole at Pica, especially the presence of potassium feldspar alteration and the copper mineral chalcopyrite, confirms that Pica is a porphyry copper-gold system. The drill hole is interpreted as being in the upper or outer parts of the mineralization system. Very heavily clay-altered and fractured rock encountered in the bottom 80 meters created drilling difficulties that led to the abandonment of the drill hole at a depth of 436 meters. The core contains sections of cross-cutting quartz veins, containing abundant pyrite, magnetite and minor chalcopyrite. From 385 meters to 425 meters, a distance of 40 meters, the core assayed 0.13 grams per tonne (g/t) gold. Short sections, three meters in length, of the drill core assayed up to 0.12 percent copper, with an overall average of 201 parts per million copper over the 376 meters of core sampled. Silicification is increasing with depth. The anomalous gold and copper values are consistent with being proximal to the core mineralization of the porphyry system.
A larger capacity drill rig that is better able to handle the drilling conditions, and which is under contract with Diamond Drilling Corporation of the Philippines, has been mobilized to the site to commence drilling a second hole 150 meters away. Drilling will continue, in this and subsequent drill holes, with the objective of intersecting the central core of potassic alteration, which is associated with the highest grades of porphyry copper-gold deposits. The Pica prospect is reflected by a large and strong geophysical (induced polarization) anomaly covering approximately 1.5 kilometers by two kilometers.
El Paso Porphyry Prospect
An additional 3,003 hectares of land have been applied for under an Exploration Permit Application to cover extensions of the El Paso porphyry copper-gold prospect in the northern part of the Batangas tenements where Mindoro recently commenced work. A map showing the latest tenement situation, and main prospects located to date, is posted on the Mindoro website at www.mindoro.com. Numerous copper-gold showings associated with quartz veining have been located and mapped within an area of approximately two kilometers by five kilometers. A total of 15 widely separated samples were collected over short intervals, averaging 1.5 meters in width. The 15 samples averaged 3.0 percent copper and 0.27 g/t gold.
The mineralization is associated with potassic alteration (secondary biotite and potassium feldspar) confirming that mineralization is related to a porphyry copper-gold system. The setting is similar to the Taysan porphyry copper-gold prospect of Phelps Dodge, located 11 kilometers to the west of El Paso. Taysan has an estimated resource of 600 million tons grading 0.31 percent copper and 0.3 g/t gold and contains a higher grade section of 120 million tons grading 0.9 percent copper and 0.9 g/t gold.
Geological and geochemical work is in progress at El Paso. Geophysical surveying is planned to commence soon and, if justified by results, this will be followed by drilling.
Additional Work in Progress on the Batangas Projects
Elsewhere on the Batangas Projects the induced polarization surveys continue over porphyry copper-gold prospects on the Archangel Project. Work is also ongoing to establish the gold resource on the Archangel epithermal gold-silver prospect and to evaluate its open-pit, heap-leach development potential. Within a month an induced polarization survey is scheduled to commence over the Mt. Calo high-sulphidation epithermal copper-gold showings to explore for related, underlying porphyry copper-gold mineralization. Additional results from the Batangas projects will be reported in the near future.
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: Thu Sep 29, 2005, Phase Three Interest Earned in Agata Project 2005 Drilling Program Commences
You can view the Previous Press Releases item: Fri Aug 5, 2005, Update on Surigao Projects: Drilling Planned on Multiple Porphyry Copper-Gold Prospects
You can return to the main Press Releases page, or press the Back button on your browser.