Subscribe for Updates:
Enter your email below to receive email updates
Jan 09, 2006
New Porphyry Copper-Gold Prospect Discovered at El Paso
EDMONTON, Alberta - Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) today announced the discovery of a significant new porphyry copper-gold prospect, the Calantas Target, on the company's El Paso Prospect, in the Philippines. El Paso is located within the Batangas Projects, a 24,000 hectare land package in southern Luzon which also includes the Lobo and Archangel Projects. Calantas is defined by porphyry copper-gold-related alteration and mineralization in outcrop, copper-in soil anomalies, and a very strong induced polarization (IP) geophysical anomaly.
"Calantas is the latest in a cluster of porphyry copper-gold prospects being identified by Mindoro at El Paso" said Tony Climie, P. Geol., president of Mindoro. "El Paso is located in a very favorable structural setting, and not far from Phelps Dodge's Taysan porphyry copper-gold deposit. The new find, Calantas is shaping up as a high-priority drill target."
The IP chargeability anomaly at Calantas has been defined over 400 meters of strike and is open to the east. It is a bell shaped anomaly, expanding at depth to a width of almost one kilometer with very high values to 35.5 msec, against a background of 2-3 msec, and with coincident resistivity highs. A thin cover of volcanic ash obscures much of the area, but scattered outcrops indicate geology consists of stocks of younger fine-grained, quartz diorite and andesite porphyry intruding metavolcanics.
Independent petrology work confirms that alteration consists of quartz-sericite-chlorite and sericite-clay-chlorite These alteration assemblages are common to Philippine porphyry systems and are usually transitional to the core potassic zone at depth. The petrology also confirms the presence of quartz veining with magnetite and the copper minerals chalcopyrite and bornite. Several grab and channel samples were taken from the metavolcanics, yielding 0.24 percent copper over 15 meters. This suggests the strong chargeability anomaly below is of considerable potential.
ABOUT EL PASO
El Paso is located within a major structural boundary between the older San Juan Diorite basement to the northeast and younger intrusive and volcanic rocks to the southwest. The Taysan porphyry copper-gold deposit also occurs in this very favorable structural setting, eleven kilometers to the northwest. Taysan has an estimated resource of 600 million tons grading 0.31 percent copper and 0.3 grams per ton (g/t) gold and contains a higher grade section of 120 million tons grading 0.9 percent copper and 0.9 g/t gold (Chase Resources Engineering Report, 1995).
Significant and widespread copper-gold mineralization occurs at El Paso, associated with the younger diorite and andesite porphyry intrusions, as well as the older, more eroded metavolcanics and San Juan Diorite. The mineralization associated with the younger intrusions is the principal target.
As reported on October 4, 2005, Mindoro has also identified the North and South Sector porphyry copper-gold targets at El Paso, where outcrops of phyllic-altered, andesite porphyry intrusives, containing disseminated and vein copper mineralization, were located 600 meters apart. High copper values of greater than one percent were outlined in seven trenches over lengths ranging from three meters to 30 meters. The North Sector is coincident with an IP chargeability high with values to 10.4 msec, a correlating high resistivity anomaly, and copper-in-soil anomalies.
Exploration permits over the area are in their final stage of processing. Drilling at Calantas, will begin soon after the permits are granted. Drilling has resumed on the Pica porphyry copper-gold system at Lobo and drilling on the Kay Tanda gold zone at Archangel is planned for late January-February.
Programs are 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 Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). The company has identified 21 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006.
FOR FURTHER INFORMATION, CONTACT:
Penny Gould, Executive Vice President
Marshall Farris, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209
You can view the Next Press Releases item: Tue Jan 31, 2006, Drilling Underway on Agata Nickel Laterite
You can view the Previous Press Releases item: Wed Jan 4, 2006, Mindoro Reviews Prospects and Plans Aggressive 2006 Drill Programs
You can return to the main Press Releases page, or press the Back button on your browser.