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Dec 16, 2005
Porphyry Copper-Gold Mineralization Extended to Depth in Pica Drill Hole Two, Drill Hole Three Has Commenced
EDMONTON, Alberta - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) reports the Company has received final results from the second drill hole on its Pica porphyry copper-gold prospect, Lobo Project, Batangas Province, the Philippines. As reported on October 21, 2005, Pica 2 intersected 213 meters at a grade of 0.18 percent copper, 0.30 grams per tonne (g/t) gold and 1.91 g/t silver from 22 to 235 meters within the phyllic alteration zone of the porphyry system. Below this, a post-mineralization dyke created a gap in mineralization. Potassic alteration with low-grade porphyry copper-gold mineralization was then intersected from 438 meters to the end of the hole at 711.7 meters. The interval from 645 meters to the end of hole graded 0.11 percent copper and 0.11 g/t gold over 66.7 meters. The hole ended in mineralization as the drill rig had reached its maximum capacity.
Pica 2 is a vertical hole located approximately 100 meters grid west of Pica 1 and appears to be on the eastern margin of the porphyry copper-gold system, as shown in the Lobo Compilation map and the Lobo Interpreted Cross Section (both illustrations accompany this release on Mindoro's website). Although strong potassic alteration is encountered over a thick section of 438 meters, vein stock-working is not well-developed in this part of the system. A strong geophysical chargeability anomaly, coincident with intense alteration at surface, extends at least 750 meters west of Pica 2. Further drilling has the objective of locating the mineralization center within the very large geological / geophysical target of greater than 2 kilometers by 1.5 kilometers (see the compilation map on website).
The thick intercept of near-surface gold-copper mineralization within the phyllic alteration zone was a substantial 213 meters at 0.82 g/t gold equivalent (see table). This includes 19.3 meters of 1.12 g/t gold equivalent from 22 meters to 41.3 meters, and 40.85 meters at 1.74 g/t gold equivalent from 82.8 meters to 123.65 meters. This is of potential significance, either as a gold-enriched cap to the porphyry system below, or as a stand-alone resource if metallurgical characteristics are favorable. Drill hole Pica 3 has commenced drilling and will test this shallow gold-enriched mineralization in the phyllic zone, 200 meters further to the west, as well as test for higher-grade copper-gold mineralization in the potassic zone below.
Geologic data from 20 drill core samples, submitted to an independent consulting petrologist, were used to define the porphyry copper-gold alteration zoning. Standard quality control procedures were applied in the assaying of all drill core samples. The accompanying table summarizes the drill results. Work is carried out under the supervision of Tony Climie, P.Geol., President of Mindoro, who is a qualified person as defined by National Instrument 43-101.
Gold equivalents are calculated based on prices of US $2.03/lb for copper, US $505/oz for gold, and US $7/oz for silver. Gold equivalents do not infer that metal processing economics for copper, gold and silver are the same, but are intended to convey only the approximate relative values of the various metal intercepts assuming a 100 percent recovery for all metals.
Mindoro is a well-financed Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). Mindoro has identified 19 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and is pursuing an aggressive strategy of drilling multiple targets in 2005-2006. Recent drilling confirmed the Pica porphyry copper-gold discovery on the Lobo Project, where drilling continues, and drilling is underway on a second porphyry prospect on the Agata Project. BHP Billiton is about to begin a drill program to test Mindoro's Agata nickel laterite prospect. Mindoro plans to mobilize another drill rig to the Kay Tanda prospect on the Archangel Project in January.
For further information, contact:
Penny Gould, Executive Vice President
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209
View Table and Maps in PDF Format:
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