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Sep 19, 2006
76 meters of 1.19 g/t Gold Expands Mineralization at Kay Tanda
EDMONTON, Alberta; September 19, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: OLM) today reported additional positive results from a further four reverse circulation drill holes from the Kay Tanda epithermal gold-silver zone, located in the Archangel Project, the Philippines. Drilling is continuing to confirm internal continuity and extend mineralization.
Hole KT-44, a further step out hole on section 9,800N, as shown in the accompanying cross section, also available with this release on Mindoro's website at www.mindoro.com, showed a significant thickening and strengthening of mineralization 50 meters grid-west of KT-29. It intersected 76 meters of 1.19 grams per tonne (g/t) gold from 20 to 96 meters, including six meters of 5.79 g/t gold as well as six meters of 4.46 g/t gold. This was followed by 48 meters of 0.49 g/t gold, and a further 12 meters of 0.71 immediately above hole bottom at 178 meters. A map showing location of drill holes is available with Mindoro's September 12, 2006 release.
click to enlarge
KT-44 is dominantly in an intense polymictic hydrothermal breccia cut by several generations of quartz-pyrite stockworks with subordinate chalcopyrite, galena, sphalerite and molybdenite. An Induced Polarization chargeability anomaly is centered a further 200 meters to grid-west of KT-44, and is interpreted as a porphyry-copper-gold target, which has been overprinted by the epithermal gold-silver mineralization currently being drilled. A core rig has commenced drilling 50 meters further grid-west of KT-44 to collect a metallurgical sample from the gold-silver zone, and continue to a depth of 500 meters to test the chargeability anomaly.
Hole KT-46 extended mineralization a further 50 meters grid-east on section 9,850N, intersecting, near-surface, 36 meters of 0.5 g/t gold and 9.66 g/t silver, including 4 meters of 1.08 g/t gold and 53.5 g/t silver.
A diamond drill rig completed the second metallurgical core hole to a depth of 83 meters. This twinned RC hole KT-16, and collected a large diameter (PQ) sample for metallurgical testing in Australia.
SUMMARY OF LATEST RESULTS
Mindoro is continuing to receive encouraging gold-silver results from an ongoing reverse circulation (RC) drilling program, with thick intersections of low-grade, near-surface oxide, transitional oxide to non-oxide, and non-oxide gold-silver mineralization. Previous results are reported in releases dated May 3, May 23, June 16, July 4, July 25, August 1, August 8, August 16, and September 12, 2006. The latest drill holes are confirming internal continuity and extend mineralization significantly beyond the previously known limits, as well as increasing grade and thickness to grid-west. The table below summarizes results of the latest drilling.
DRILL RESULTS: Kay Tanda Holes KT-43 To KT-46
* and highly anomalous molybdenum (103 ppm), probably indicating proximity to an intrusive source
Mindoro will continue both in-fill drilling, to provide further confidence in internal continuity, and extension drilling outside the presently known mineralized area, where mineralization is open in most directions. Preparatory work on a National Instrument 43-101-compliant resource report has commenced. Additional drill sampling for metallurgical testing is in progress. This will be followed by a scoping study to commence later this year to further evaluate Kay Tanda's open-pit, heap-leach potential. Exploration will also continue for high-grade "feeder zones", as intersected in holes KT-04 and KT-28, which are anticipated along favorable structures below the stockwork mineralization, and for interpreted porphyry mineralization below. The porphyry copper-gold target has received particular encouragement from the results of hole KT-44 and its proximity to a chargeabilty anomaly further to grid-west.
ABOUT KAY TANDA
Kay Tanda and the adjacent Pulang Lupa zone are part of a large area of low-sulphidation, epithermal gold-silver mineralization associated with quartz and sulphide stockworks and hydrothermal breccias in andesitic and dacitic volcanics and intrusives. As drill-defined to date, mineralization at Kay Tanda is about 550 meters by 400 meters in extent, and is open in several directions. In particular, to grid-west, and it is also continuous with the adjacent Lumbangan Zone, where mineralization on surface has been traced for at least one kilometer to the northeast. Pulang Lupa, which was once connected to Kay Tanda but now partially-separated by erosion along the intervening watershed, is about 300 meters by 300 meters in extent, and is also open in several directions (see map in September 12, 2006 news release).
Near-surface mineralization is in the form of multiple quartz and quartz-sulphide stockwork blankets, commonly extending right from surface, and averaging in thickness from 20 meters to 30 meters, and can be more than 100 meters thick (mineralization extends to at least 178 meters depth in KT-44). Grades typically fall within a range of 0.5 to 0.8 g/t gold and 1 to 3 g/t silver. The mineralization is commonly oxide down to a depth of 40 to 80 meters, then passes through a transition oxide / non-oxide zone of several tens of meters also. Below this, the non-oxide mineralization is also in the form of stockworks or higher-grade veins, which attain bonanza grades in places (eg. 70 g/t gold over one meter in hole KT-04). At this time, focus of the evaluation is on the near-surface mineralization.
As described in Mindoro's December 2, 2005, press release, two phases of metallurgical testing on Kay Tanda indicate excellent leaching characteristics
Intense porphyry copper-gold related phyllic (quartz-sericite-pyrite) and SCC (sericite-clay-chlorite) alteration plus abundant quartz veins/veinlets with low-grade copper-lead-zinc and molybdenum mineralization, continues to be encountered in all holes immediately below the overprinting epithermal gold-silver zone. Thick, up to 20 centimeters, quartz-sulphide veins with chalcocite, chalcopyrite and bornite, plus molybdenum, near the bottom of some holes, are indicative of proximity to a porphyry copper-gold system. The Kay Tanda epithermal breccia based on the recent core hole, is now interpreted as part of a very large hydrothermal breccia above and overprinting a porphyry system. This porphyry prospect constitutes a target for diamond drill testing, which has now commenced.
Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (OLM). The company has identified 22 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
Trent Dahl, Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 28
Richard Mayr, Argentuminvest GmbH
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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