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Mar 06, 2006
Intense IP Chargeability Anomaly Confirms a Significant Porphyry Copper-Gold Prospect at Calo
EDMONTON, Alberta - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today announced that a large and intense Induced Polarization (IP) chargeability anomaly is being defined on the Calo porphyry copper-gold prospect. Calo is located within the Batangas Projects, a 24,000 hectare land package in southern Luzon, which also includes the Lobo and Archangel Projects.
"Calo joins a long list of porphyry copper-gold prospects we are defining in the Philippines and looks to be shaping up as our best target," said Tony Climie, P. Geol., president of Mindoro. "The chargeability anomaly is stronger and more extensive than anything we have seen before. Much of the target area is covered by younger volcanic ash and flows, but where we have erosional windows, we see high-sulphidation copper-gold showings and porphyry-related alteration. This is an exciting prospect and we are fast-tracking it to the drill stage."
IP surveying on wide, 400 meter-spaced lines has defined a large and intense chargeability anomaly, which is still open in three directions (see compilation plan on Mindoro's website at www.mindoro.com). Background chargeabilities are in the range of 3 to 6 msecs. Using a very high threshold of greater than 30 msecs, an anomalous area of over 2.5 km by 1.5 km, with individual readings up to 70 msecs, has been defined. This is still open in three directions and is located within a much larger anomalous area. An un-modeled IP pseudosection (line 9,800N) for the chargeability is available on Mindoro's website at www.mindoro.com and shows the intense and extensive nature of the anomaly.
These chargeability values are suggestive of large concentrations of metal sulphides below the younger cover volcanics and which geological evidence from the area suggests are related to a porphyry copper-gold system. Based on Mindoro's work in the Batangas region, the anomaly may reflect a cluster of porphyry centers along a strong northeast structural trend.
Mindoro plans to close off the chargeability anomaly on 400 meter spaced IP lines, then infill at 200 meter spacings to more-precisely define the anomaly for modeling and drill target selection. Drilling is planned for the second half of this year.
Geology of the Calo area consists dominantly of young cover volcanic ash and flows which mask the older, prospective rocks (see compilation map on Mindoro's website at www.mindoro.com). In the north-west, erosion has exposed altered volcanics and small intrusive stocks with phyllic and SCC (sericite-clay-chlorite) alteration, typical of Philippine porphyry systems. High-sulphidation epithermal copper-gold-silver mineralization associated with quartz veins and stockworks have been located in these altered rocks, and are interpreted to indicate proximity to a porphyry system. Six grab samples from outcrop or float boulders assayed from 0.01 to 3.8% copper, 0.06 to 3.0 grams per tonne (g/t) gold, and 1.42 to 56 g/t silver. A table of all grab sample assay results is available on the company's website with the maps.
Calo is located seven kilometers south of Phelps Dodge's Taysan porphyry copper-gold deposit, and five kilometers northwest of Mindoro's recent Pica porphyry copper-gold discovery.
Drilling is continuing on the Pica porphyry copper-gold system with hole depth currently at 460 meters. Road construction to the Kay Tanda gold zone at Archangel is nearing completion and drilling will start in mid-March.
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 ext. 22
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