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Oct 21, 2005
Pica 2 Intersects Significant Porphyry Copper-Gold Mineralization
EDMONTON, Alberta; October 21, 2005 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced preliminary results from the second drill hole on its Pica porphyry copper-gold prospect, Lobo Project, Batangas Province, the Philippines. In its upper sections, Pica 2 intersected significant porphyry copper-gold mineralization and alteration consistent with that found in the upper or outer margins of a porphyry deposit. Lower sections of the hole, near its current depth of 530 meters, and from which assays are awaited, may be in the main part of the porphyry system.
Between 22 and 235 meters, Pica 2 intersected 213 meters at a grade of 0.18% copper, 0.30 grams per tonne (g/t) gold and 1.91 g/t silver. This includes 19.30 meters from 22 to 41.30 meters grading 0.12% copper, 0.74 g/t gold and 3.0 g/t silver, and from 82.80 to 123.65 meters, 40.90 meters at a grade of 0.24% copper, 0.99 g/t gold and 5.67 g/t silver. Assays below 358 meters are awaited.
"We are extremely pleased with these results," said Tony Climie P. Geol., president of Mindoro. "Pica represents a new porphyry copper-gold discovery, and we vectored into significant mineralization in just two drill holes. We will continue to drill-evaluate Pica with the objective of locating the highest grade parts of the system. Pica represents just the first drill test of at least 19 porphyry copper-gold targets defined by nine years of painstaking work on our Philippine projects".
Pica 2 is continuing at a current depth of approximately 530 meters. The geophysical and geological target area at Pica covers approximately 2 kilometers by 1.5 kilometers. A second large-capacity drill rig will be moved to the Batangas Projects in the near future to continue drill evaluation of Pica and other porphyry copper-gold targets that are currently being prioritized.
Thirteen samples from Pica 2 were submitted to an independent consulting petrologist for detailed geologic studies. Standard quality control procedures are applied in the assaying of all drill core samples. The accompanying table shows the drill results to date.
In summary, drill hole Pica 2 intersected typical argillic lithocap between 0 and 22 meters and then phyllic-altered volcanics to 197 meters, with multi-episodic porphyry-style quartz-magnetite-pyrite veinlets containing chalcopyrite and traces of bornite (both copper minerals). Between 197 and 250 meters, potassic-altered (secondary K-spar and biotite) volcanics with similar mineralized veinlets were intersected. Between 250 and 304 meters, phyllic-altered volcanics veined with quartz-magnetite and containing traces of chalcopyrite, were intersected.
Phyllic-altered quartz diorite stockworked with similar veinlets was intersected between 304 and 340 meters. A late mineralization, weakly altered (propylitic) diorite dyke, veined in places with quartz ± magnetite and with rare inclusions of chalcopyrite, was intersected between 340 and 438 meters. Between 438 and 530 meters, potassic-altered quartz diorite was intersected with silicification, quartz-anhydrite-chalcopyrite veins and chalcopyrite and bornite disseminations, increasing with depth. Four younger, narrow epithermal veins with moderate gold grades are telescoped into the porphyry system.
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Work is carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101, and President of Mindoro.
The location of Pica 2 is shown on the Lobo Project compilation map accompanying this news release on Mindoro's website. It is a vertical hole, approximately 150 meters west of Pica hole 1, which intersected the outer, or upper, weakly mineralized margins of a porphyry system. Pica 1 results were reported in a release dated June 22, 2005.
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Mindoro is a Tier 1 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 country.
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.
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