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Feb 12, 1998
Encouraging Results from Multiple Gold-Copper Targets, Myanmar
Mindoro Resources Ltd. ("Mindoro") announces further encouraging results from the Concession No. 11 Project (Mindoro 50%) where multiple gold-copper targets are being evaluated. The most advanced prospects identified to date are Kyaukkyi and Thida. Work is continuing on these and 34 other targets that are at an earlier stage of evaluation.
High gold and copper values have previously been reported (January 12, 1998) from boulders in two streams (R-70 and R-72). Current work has defined a 1,000 metre by 750 metre area of variably silicified, carbonate, chlorite and hematite altered mafic to intermediate volcanics, intruded by a series of related intrusives. Within this, geological mapping and soil geochemistry have defined two priority target areas: R-70 and Kyaukkyi North.
Work has focussed on locating the source of gossan boulders in R-70 stream from which seven grab samples have returned assays ranging from less than 20 parts per billion gold (ppb Au) and 324 parts per million copper (ppm Cu), to 5.63 grams per tonne (g/t) Au and 4,343 ppm Cu (average: 1.78 g/t Au and 2,681 ppm Cu). A soil geochemical survey has defined an 800 metre by 100 metre anomaly with values of greater than 127 ppm Cu and up to 835 ppm Cu and gold values of up to 72 ppb. The gossan boulders have been traced back to the soil anomaly. Trenching, rock chip and channel sampling is in progress to evaluate the significance of the soil anomaly and mineralized boulder source.
Kyaukkyi North Area
Located 750 metres northwest of the R-70 area, Kyaukkyi North coincides with a 550 metre by 600 metre area of silicified, chloritized, hematised and variably carbonatized volcanics enclosed by sedimentary rocks. Kyaukkyi North is located along the northwest boundary of the volcanics where they form a prominent series of strongly silicified and hematite altered ridges. Six grab samples of altered boulders or outcrop returned values ranging from 0.47 g/t Au and 4,912 ppm Cu, to 16 g/t Au and 47,937 ppm Cu (average: 6.08 g/t Au and 15,891 ppm Cu). Due to poor outcrop exposure at Kyaukkyi North, it is not known at this time how representative these samples are. Detailed geological mapping, trenching and systematic rock sampling is underway to determine the extent and significance of these high values.
A limited ten-hole diamond-drilling program completed by the government in 1994 resulted in six drillholes intersecting massive stratabound sulphides averaging 1.8% Cu over 4 metres (drillhole range: 2.1% Cu over 0.9 metre, to 1.86% Cu over 8.7 metres). Sampling by Mindoro indicates insignificant gold values associated with the copper mineralization.
Economic modelling by Mindoro has indicated that for grades in the range of 2% copper, a minimum of 20 million tonnes of open pitable material is required. However high strip ratios preclude any possibility of open pit mining. Accordingly, no further work is planned on the Dokhta Prospect.
Previous government work had defined a 900 metre by 150 metre copper soil geochemical anomaly (greater than 143 ppm Cu with significant areas of over 1,000 ppm). Work focussed on an evaluation of the copper potential of the southern half of the anomaly, and included 10 short drill holes and limited underground exploration, but gold potential was ignored. Stockwork mineralization was intersected in four drill holes and averaged 0.82% Cu over 13.6 metres.
Mindoro is focussing on the combined gold-copper potential of the northern half of the soil anomaly which extends over 500 metres by 150 metres. The anomaly is centred over small stocks or dykes of diorite intruding mafic to intermediate volcanics and is associated with multiple phases of brecciation and quartz-carbonate-albite-chlorite alteration with variable sulphide content. Ten rock grab samples were collected from outcrops over 400 metres of strike to characterise gold and copper values from strongly altered material. Values ranged from less than 0.02 g/t Au and 1,911 ppm Cu, to 8.54 g/t Au and 45,909 ppm Cu (average: 1.17 g/t Au and 8,614 ppm Cu). Six boulder samples were also collected and returned values from 0.32 g/t Au and 1,327 ppm Cu, to 5.29 g/t Au and 6,170 ppm Cu (average: 1.48 g/t Au and 3,341 ppm Cu).
Detailed geological mapping and systematic rock sampling has commenced over the prospect to evaluate bulk-tonnage potential.
Reconnaissance evaluations are being carried out over an additional 34 targets consisting of aeromagnetic and geochemical anomalies and previously reported mineral showings.
The Dokhta Prospect is clearly an exhalative volcanogenic massive sulphide occurrence whereas Kyaukkyi, Thida and many of the other mineral occurrences in Concession No. 11 are interpreted as epigenetic veins, stockworks and replacements related to magmatic activity within an island arc assemblage. The latter thus conforms to a classical magmatic arc gold- copper setting. Mindoro is encouraged by the geological setting, magnitude of gold-copper values, extent of alteration and number of mineralization prospects, and is continuing with an aggressive evaluation program.
Mindoro is a well-financed, Canadian mineral exploration company focussing on gold and gold-copper exploration in Asia and operates, in addition to Myanmar, projects in the Philippines and Indonesia. Mindoro has 13,365,000 shares issued and outstanding and working capital of approximately $3,100,000.00.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
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