Subscribe for Updates:
Enter your email below to receive email updates
Nov 08, 2005
Drilling Commences At Agata; New Porphyry Copper-Gold Prospect Discovered On Surigao Projects
EDMONTON, Alberta-- Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that drilling has commenced on the Agata North copper-gold porphyry prospect on Mindoro's Agata Project in the Philippines. Mindoro also announced the discovery of a new porphyry copper-gold prospect on its Tapian Main Project. Both Agata and Tapian Main are part of Mindoro's large Surigao District land package, located in northern Mindanao, the Philippines.
AGATA DRILLING UNDERWAY
Mindoro is pleased to report that drilling is underway on the Agata North prospect, the first of several porphyry copper-gold prospects to be drill-tested on the Agata Project, Surigao District. As reported on September 29, 2005, strong and extensive chargeability anomalies were defined earlier this year by an induced polarization survey, with correlating copper-zinc-gold-in-soil anomalies, extensive rock alteration and fracturing, and several copper showings. The stacked anomalies are consistent with a porphyry copper-gold system at depth. A summary compilation map of the Agata Project is available in the Surigao Maps section of Mindoro's website.
Mindoro is also pleased to report that strong and extensive propylitic, argillic, phyllic and calc-silicate alteration, characteristic of the alteration halos of a porphyry copper-gold system, have been located over an extensive area at Bolobolo, as well as three widely-separated float boulders assaying in the range of one percent copper.
"These finds are strongly suggestive of a porphyry copper-gold system in the Bolobolo area", said Tony Climie, P. Geol., president of Mindoro. "While we have defined at least eight porphyry copper-gold prospects on our original Surigao Projects, we have only just commenced due diligence reconnaissance of our new application tenements, where we expect to find even more porphyry prospects."
Mindoro has been active in the Surigao District since 1997 on its Agata, Tapian Main, Tapian San Francisco and Mat-I projects. Immediately after announcement of the major Boyongan porphyry discovery by the Anglo-American / Philex Gold Joint venture in 2000, Mindoro applied for exploration permits for an additional 16,000 hectares of exploration tenements. These applications were accepted by the Mines and Geoscience Bureau of the Philippines and are progressing normally towards approval. The Bolobolo prospect is located in one of these application areas, which now forms part of the Tapian Main Project and is shown on the Surigao Compilation map accompanying this release on Mindoro's website.
Porphyry deposits in the Surigao District are controlled by the intersection of northeast-trending faults with north-northwest trending splays of the major Philippine Fault system. Due diligence work by Mindoro defined, amongst many other structural targets, one such structural intersection set in the Bolobolo area. A small ground reconnaissance program was carried out in the area to determine its potential significance. Altered and mineralized float boulders and outcrop were located over a wide area at Bolobolo. Samples were submitted to an independent consulting petrologist for study.
Within the structural target, widespread propylitic alteration, characteristically the outer halo of a porphyry system, was defined in volcanics. Within this propylitic halo, outcrops and boulders of intense argillic, phyllic and calc-silicate alteration were located. Phyllic alteration (quartz-sericite-pyrite), which is characteristically proximal to the main mineralized core of porphyry systems, is intense, structurally controlled, and can be traced over three kilometers and observed up to 200 meters wide.
A mineralized float boulder of calc-silicate located in a stream, contains abundant disseminations of the copper minerals chalcopyrite and bornite, as well as high-density quartz-bornite-magnetite veinlets. A representative grab sample assayed 1.344 percent copper, 17.1 grams per tonne (g/t) silver and 0.01 g/t gold. A float boulder of similar alteration and mineralization found in a stream, approximately 1.6 kilometers to the south, assayed 0.96 per cent copper, 4.9 g/t silver and 0.06 g/t gold. Calc-silicate mineralization characteristically occurs in limestone near Philippine porphyry copper-gold deposits. In a third stream, approximately 3 kilometers to the northeast, a boulder of silicified limestone assaying 1.92 percent copper was also found.
As operator, Mindoro has recommended to its joint venture partners that detailed evaluations be carried out at Bolobolo once the Exploration Permit has been granted.
Mindoro holds a 75 percent interest in all the Surigao Joint Venture Projects except Mat-I, where it holds a ten percent interest but can earn up to a 75 percent interest. A private Philippine company holds the remaining interest. A Canadian company, Panoro Minerals Ltd., may earn a 40 percent interest in the Projects through phased exploration expenditures.
The Surigao Joint Venture has one of the largest land holdings in the Surigao Gold District where several significant porphyry copper-gold discoveries have been made in recent years.
Work is carried out under the supervision of Tony Climie, P. Geol., who is a qualified person as defined by National Instrument 43-101.
Mindoro is a well-financed Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). Mindoro has been exploring the high potential magmatic arcs of the Philippines since 1997 and now holds a significant land position of more than 50,000 hectares in three well-mineralized copper-gold belts. In addition to multiple epithermal gold prospects, Mindoro has identified 19 porphyry copper-gold prospects to date. Recent drilling on the first of these has confirmed the discovery of the Pica porphyry copper-gold system on one of its Batangas Projects. With an abundance of well-defined porphyry targets, Mindoro believes the opportunity for additional discoveries is high and is pursuing an aggressive strategy of drilling multiple targets in 2005-2006.
For further information, contact:
Penny Gould, Executive Vice President
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209
click to view this map in pdf
You can view the Next Press Releases item: Thu Nov 10, 2005, Option to Acquire Additional Interest in Surigao Projects
You can view the Previous Press Releases item: Thu Nov 3, 2005, MINDORO ISSUES INCENTIVE STOCK OPTIONS
You can return to the main Press Releases page, or press the Back button on your browser.