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Nov 28, 1997
Pan de Azucar Prospect Now at the Drill Ready Stage
Mindoro Resources Ltd. ("Mindoro") announces, further to its news release dated October 22, 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.
An additional 249 soil geochemical results have been received. Values range from less than 10 parts per billion (ppb) to 1,870 ppb gold and average 35 ppb. These extend the main gold soil anomaly by an additional 150 metres to the northeast. This anomaly, as defined by the greater than 100 ppb gold contour, now extends for approximately 450 metres and averages 100 metres in width. As previously reported, the main gold anomaly, as well as additional copper, arsenic and gold soil anomalies, occurs within volcanics, agglomerates and volcanoclastics surrounded by intrusive andesitic and dacitic porphyries. It is associated with an area of intense quartz-sericite- pyrite (phyllic) alteration in excess of 1.5 by 1.5 kilometres in extent.
The main gold anomaly occurs within an extremely ferruginous, siliceous core, approximately 1 kilometre by 500 metres which is strongly oxidized. Petrographic studies have confirmed abundant hydrothermal brecciation within this ferruginous core. A rock grab sample from the sparse exposures within this anomaly assayed 2.2 grams per tonne gold.
Based on the intrusive-volcanic setting, extensive and intense hydrothermal alteration and brecciation, strong gold soil anomaly and encouraging rock gold values, the Pan de Azucar prospect is considered a high potential gold prospect. It is now at the drill-ready stage and drilling is planned once all government approvals are in place, which are expected in the first quarter of 1998.
MRL is also actively exploring its Agata, Tapian Main, Tapian San Francisco and Mat-I gold projects in the Philippines. In Indonesia, Mindoro is active on three of its eight projects. Exploration has resumed on Concession 11 in Myanmar where monsoon rains have ceased.
Mindoro Resources Ltd. is a Canadian mineral exploration company focusing on gold and gold-copper exploration in Asia. Mindoro currently has working capital of approximately $3,600,000.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
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