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Sep 21, 2000
Extensive Mindoro Holdings Near New Philippines Discovery
"The exciting results reported by the Philex Gold/Anglo American Joint Venture have important implications for Mindoro" says Tony Climie P. Geol., President of Mindoro Resources Ltd ("Mindoro"). On September 15, 2000, Philex Gold Inc. (PGI:CDNX) announced results from its Boyungan Prospect, Surigao Gold District, North Mindanao, operated by joint venture partner Anglo American Exploration (Philippines) Inc. The discovery drill hole intersected 329 meters averaging 0.9% copper and 2 grams per tonne (g/t) gold and ended still in mineralization. This intersection is quite exceptional and Boyungan has early indications of being a world-class gold-copper porphyry deposit.
Mindoro is exceptionally well placed strategically, with four large projects in close proximity to the Boyungan discovery: Tapian San Francisco, Tapian Main, Agata and Mat-I (see attached map). These projects cover a variety of gold-copper porphyry and gold prospects in similar geological and structural settings to Boyungan. (See releases of Nov. 17, Oct. 26, June 15 and May 13, 1999; May 13, 1998; and Nov. 10, 1997)
Tapian San Francisco (less than 10 km SW of Boyungan): Has two porphyry gold-copper prospects: Gold Hill Prospect extends NE over 1.9 km by 0.3 km and covers abundant gold showings and old workings with grab samples to 16.7 g/t gold. There are coincident strong gold, copper, arsenic and zinc soil anomalies, with up to 10,100 parts per billion (ppb) gold and 1,700 parts per million (ppm) copper. Extensive propylitic, phyllic and potassic alteration, characteristic of porphyry systems, is associated. Riverside Prospect, 700 metres [m] north, has gold values to 8.52 g/t associated with extensive phyllic alteration. No systematic work has yet been performed, but very strong stream sediment anomalies (gold to1,043 ppb and copper to 133 ppm) to the NE, suggest Riverside Prospect may extend more than one km in that direction.
The Riverside and Gold Hill Prospects are interpreted as the tops of a single porphyry system, which connect under shallow volcanic and sediment cover. They occur along strong NE trends, which is also believed by Mindoro to be one of the major controlling structural directions of Boyungan. If so, Gold Hill and Riverside would be on structural trend with Boyungan.
Tapian Main (approx. 15 km SW of Boyungan): Includes extensive old gold workings and strong gold (to 1,670 ppb), copper (to 1,192 ppm), arsenic and zinc soil anomalies defined over 800 by 700 m. High rock grab and channel sample gold results were obtained from limited sampling. Main target is for sediment-hosted and stockwork gold. Porphyry targets could occur at depth.
Agata Project (approx. 20 km S of Boyungan): Contains abundant gold prospects and anomalies and was the site of thousands of artisanal miners in the 1980's. To date, copper, arsenic and zinc anomalies have been defined over 2 by 1 km. Limited reconnaissance drilling by Mindoro on two targets in late 1999 interested economically significant gold mineralization.
Limestone Target - two holes returned 2.7 and 2.2 g/t gold over 7 and 8 m, respectively, from surface in oxide material. The best anomalies and structural targets were not tested due to lack of bulldozer support in that initial low-budget program.
Assmicor Target- 7 of 8 holes intersected better than 0.5 g/t gold, including 1.1 g/t over 19 m and 1.5 g/t over 24 m in holes 5 and 6, respectively, both near-surface in oxide material. Hole 11, a step out hole to the east, intersected sections of gold and copper mineralization of up to 3.85 m of 0.56 g/t gold and 2.5 m of 0.7 % copper associated with east-dipping intrusive dykes. Geological and geochemical evidence suggests presence of a porphyry gold-copper system beneath overburden to the east.
Magnetic and IP surveys are planned, followed by extensive drilling. Objectives are to establish a resource in the Limestone Target, as well as the shallow oxide material in the Assmicor Target, and to locate the porphyry gold-copper system that management strongly suspects lies just to the east.
Mat-I Project (approx. 12 km NW of Boyungan): Occurs in an area of extensive artisanal mining of gold and includes soil gold, copper and arsenic anomalies.
Mindoro is reviewing the many options presented by the new discovery at Boyungan and the inevitable ensuing interest in the Surigao District for the discovery of world-class gold-copper deposits. It must be emphasized that these projects occur in NE Mindanao and are completely unaffected by conflict in the far SW of Mindanao and Sulu Islands; nor does this area, or the vast majority of predominantly Christian Mindanao, have the potential for such conflict.
Mindoro's Philippines projects also include the very promising Pan De Azucar gold-copper system on Panay Island, now at the drill stage, and which is presently being evaluated by potential joint venture partners. Mindoro, through its wholly owned subsidiary, MRL Gold Phils Inc., has the right to earn up to 75% in its Philippines Projects from its Philippines partner, Minimax Mineral Exploration Corporation.
Mindoro also holds 100% of the Tiris Project, South Sumatra, a very large and strong epithermal gold-silver system, also at the drill stage. Several companies are now reviewing the project data and Mindoro management expects to acquire a suitable joint venture partner in the near future.
Mindoro is a Canadian mineral exploration company focusing on gold and gold-copper exploration in the Asia Pacific region. Mindoro trades on the Canadian Venture Exchange under the symbol MIO.
For further information, contact Penny Gould,
Executive Vice President.
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
You can view the Next Press Releases item: Thu Sep 28, 2000, Porphyry Gold-Copper Prospect Defined on Same Structure as Boyungan Discovery
You can view the Previous Press Releases item: Wed Aug 16, 2000, Tiris Project Update
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