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Feb 23, 1998
New Gold Anomoly Pan de Azucur Project, Philippines
Mindoro Resources Ltd. ("Mindoro") announces, further to its news releases dated October 22, 1997 and November 28, 1997, that MRL Gold Phils., Inc. ("MRL"), a wholly-owned subsidiary of Mindoro, has achieved further encouraging exploration results from its Pan de Azucar gold project, Iloilo Province, Philippines.
The additional results define a new gold soil anomaly ("West" anomaly), approximately 400 metres west of the original ("Main") anomaly. The West anomaly is approximately 150 by 300 metres as defined by greater than 25 parts per billion (ppb) gold, with a maximum of 1,570 ppb gold. The West anomaly has coincident, and much larger, associated copper and arsenic soil anomalies (defined by greater than 100 parts per million (ppm) copper and 25 ppm arsenic).
This work completes the first phase exploration program. A total of 1,537 soil samples have been collected and the -80 mesh fractions analysed by McPhar Geoservices (Phil.), Inc. in Manila. Gold values range from less than 5 ppb to 1,870 ppb, with an average of 23 ppb. Copper values range from less than 5 ppm to 730 ppm, with an average of 59 ppm. Arsenic values range from less than 1 ppm to 1,170 ppm with an average of 15 ppm.
The accompanying map shows the relationship between the extensive copper and gold soil anomalies and generalized geology. A ring of andesite and dacite porphyries, forming high hills, surround a central depression of approximately 1.2 x 1.2 kilometres which is underlain by volcanic agglomerates and volcaniclastics. Alluvium mantles and masks approximately 50% of the depression. The gold, copper and arsenic soil geochemical anomalies are associated with extensive and intense quartz-sericite-pyrite alteration within the agglomerate/volcaniclastic assemblage. Petrographic studies have confirmed the presence of abundant hydrothermal brecciation. Due to the intense alteration and tropical weathering, there are essentially no fresh rock exposures. As previously reported, a grab sample of strongly weathered ferruginous material associated with the Main anomaly assayed 2.2 grams per tonne gold.
The Pan de Azucar Project is considered a high potential target. MRL is particularly interested in the potential for shallow depth stratabound, replacement gold mineralization within the agglomerate/volcaniclastic units, as well as for deeper porphyry-style gold-copper mineralization.
This project is one of six where MRL is earning a 75% interest from Minimax Mineral Exploration Corporation ("Minimax") of the Philippines. As part of implementation of the new 1995 Mining Act, the Philippines Department of Mines is in the process of converting all old mining claims into new tenement forms. MRL and Minimax have jointly applied for the Pan de Azucar claims to be converted to a Mineral Production Sharing Agreement (MPSA). The MPSA application is being processed by various government authorities. Once the MPSA has been granted, and all relevant approvals received, a drilling program is planned to test Pan de Azucar target. It is anticipated that drilling will commence during the first half of 1998.
CONTRACTS OF WORK SIGNED, INDONESIA
On February 19, 1998, the Indonesian Ministry of Mines ratified the 7th Generation Contracts of Work (CoW) for Mindoro's Tiris and Darit Projects. Mindoro has an additional six CoW applications currently lodged with the Ministry of Mines and Energy.
Mindoro is a well-financed, Canadian mineral exploration company focussing on gold and gold-copper exploration in Asia and operates, in addition to the Philippines, projects in Myanmar and Indonesia. Mindoro has 13,365,000 shares issued and outstanding and working capital of approximately $3,100,000.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
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