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Oct 06, 2006
Core Assay Results Substantially Higher than Adjacent RC Hole at Kay Tanda
EDMONTON, Alberta; October 6, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today reported assay results from the first diamond core hole from the Kay Tanda epithermal gold-silver zone, located in the Archangel Project, the Philippines. This was drilled eight meters from Reverse Circulation (RC) hole KTRC-22, and gave assay results that were significantly higher than for the RC hole. Rigorous checking is in progress to determine whether the RC holes are consistently under-reporting grade. If' this is the case, average gold grades may be significantly higher than those reported to date, with positive implications on overall grade and contained ounces of gold.
Core hole (KTDH01) assayed 0.91 g/t (compared to 0.55 g/t for the RC hole) gold over 79 meters, from 6 to 85 meters (including 1.14 g/t over 10 meters from 6 to 16 meters, where the RC hole gave only 0.04 g/t gold), followed by 0.41 g/t gold over 14.7 meters from 88 to 99.7 meters. The table below compares results from the RC hole KT-22, reported in a release dated August 8, 2006, and the current core assay results.
Diamond core hole KTDH-1 was drilled parallel to RC hole KTRC-22 and eight meters away in order to drill undisrupted ground to achieve maximum possible core recovery. The hole was drilled to collect a large diameter (PQ) core sample for metallurgical testing in Australia. Core recovery was virtually 100 percent. The core was split and assayed in one meter lengths on average. Since the core recovery was 100 percent, and a large diameter sample collected, the assay data from the drill core are considered to be precise (checks are being run). The RC holes collect chips, cuttings and dust blown back up the drill hole, and recovery of material is in the range of 51 to 85 percent.
Although RC drilling generally gives reliable assay data, in some circumstances sample losses can result in under-reporting of gold values. It is also possible that some variation in mineralization intensity over the eight meter hole separation may be the cause of the difference. Future twinned holes will be drilled with the core hole completed first, to be twinned within one meter by an RC hole
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 (WKN 906167). 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:
Executive Vice President
Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 228
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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