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Oct 30, 2006
Data Reinterpretation Greatly Increases Target Size at Kay Tanda
EDMONTON, Alberta; October 30, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today reported that a reinterpretation of all data sets from the Kay Tanda Prospect, Batangas Province in the Philippines, indicates a much larger target area than previously recognized. Epithermal gold-silver mineralization at Kay Tanda is associated with metal sulphides, which are reflected by an induced polarization ("IP") chargeability anomaly that is about 1.5 kilometers by 1.4 kilometers in extent.
As indicated on the accompanying figure, only a relatively small part of the chargeability anomaly has been drill-tested to date; these are Kay Tanda and Pulang Lupa Zones, which are interpreted as part of a much larger mineral system consisting of epithermal gold-silver and base-metal mineralization telescoped into an underlying porphyry copper-gold system.
Mindoro has completed over 75 reverse circulation (RC) drill holes in the Kay Tanda and Pulang Lupa Zones to date. Early drill holes were dominantly within near-surface, partially to strongly oxidized material. More recent deeper drilling using a core rig has indicated that the gold-silver mineralization is associated with sulphides and intense silica and illite alteration. There appears to be a correlation between gold content and base metal sulphides, as well as intensity of the chargeability anomaly. Very high-grade gold mineralization was reported on October 23, 2006, in hole KTDH-04, which is on the southwest margin of an area of enhanced IP chargeability. This appears to be a structurally-controlled upflow zone ("feeder zone") associated with north-east trending faults. The high-grade mineralization occurs below an elevation of 150 meters. It is emphasized that very few holes have been completed to this depth.
Drilling will continue to extend and evaluate the epithermal gold-silver and base-metals mineralization; especially targeting and extending the high-grade mineralization encountered in recent holes, and testing areas of enhanced chargeability. A number of the RC holes will be deepened with the core rig to test elevations below 150 meters. Some core holes will also be continued to greater depths where alteration and mineralization suggest proximity to porphyry mineralization. An RC drill rig and a core rig are on site, and it is planned to add a second core rig in the near future.
The accompanying figure shows the extent of the chargeability anomaly and of drilling to date, which is restricted to the Kay Tanda and Pulang Lupa Zones on the southern margin of the anomaly. The location of the two best drill holes to date are also shown. As previously reported, these are KTRC-55, with 64 meters of 3.45 grams per tonne (g/t) gold, and KTDH-04, with 37.3 meters of 13.9 g/t gold, including 21.3 meters of 23.5 g/t gold. Mineralization in KTDH-04 is open to depth and drilling is continuing.
Intense phyllic (quartz-sericite-pyrite) and SCC (sericite-clay-chlorite) alteration have been encountered in most drill holes. In hole KTDH-04, at about 130 meters depth, porphyry related alteration was encountered (tremolite-actinolite-chlorite-rich assemblage, overprinted by sericite). This zone may be relicts of an inner high-temperature propylitic zone or an outer potassic zone which has undergone intense retrograde alteration. In either case it suggests relatively close proximity to a porphyry system. As frequently observed in Philippine copper-gold systems, the epithermal gold system may be telescoped onto the top of a porphyry copper-gold system.
Previous results from Kay Tanda are reported in releases dated May 3, May 23, June 16, July 4, July 25, August 1, August 8, August 16, September 12, September 19, October 6, October 10 and October 23, 2006. 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.
Bids are being received for a planned 3,500 meters drill program on the Calo porphyry copper-gold target (see location map), which is anticipated to start within four to six weeks
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). In addition to the ongoing drill-delineation of a gold-silver resource at Kay Tanda, Mindoro 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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