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Sep 21, 2001
Mindoro Advises Summary Results From Tiris Project
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") advises that Newcrest International Pty Limited ("Newcrest") has released a summary of results from the drilling program on the Tiris Project (the "Project") in Sumatra, Indonesia. Newcrest is the operator and has the right to earn a 75% interest in the Project (see news release of June 7, 2001).
Newcrest completed six diamond drill holes for a total of 1,152 meters (m) on the Harimau Prospect, the largest and strongest of four prospects/anomalies on the Project. The drilling targeted a gold in soil anomaly extending approximately four kilometers (km) of strike, and up to two km wide. The soil anomaly occurs within a very large and strong (greater than one gram per tonne (g/t) gold) stream sediment gold anomaly, extending over more than five by two km, and associated with low-sulphidation hydrothermal alteration. Associated mineralized epithermal vein and hydrothermal breccia float grades up to 10.6 g/t gold and 520 g/t silver (see news releases of Mar. 2, May 6, July 27, and Nov. 19, 1998 and Jan. 28, 1999).
Holes 1 to 2 targeted a large area of widely-spaced limonitic stockwork at the southern end of the soil anomaly, intersecting variably altered volcanic tuffs and sediments. Weak stockworking/ limonitic fracturing was intersected. No significant gold values were obtained. Holes 3 to 6 targeted a 2.8 km long linear soil anomaly, intersecting similar lithologies and alteration. Hole 6 intersected 12.5 meters of strong silica-clay-pyrite alteration. Best assay was 1 m of 0.15 g/t gold and 7 g/t silver.
Upon receiving complete assay results from Newcrest, an analysis on whether the Harimau Prospect has been adequately tested and explained will be carried out. Additional targets on the Tiris Project may also be considered for drilling. The drill rig is currently being stored on site.
OTHER PROJECTS - Mindoro has considerable project depth in the Philippines:
- Drilling is in progress on the Pan de Azucar Project, a joint venture between Mindoro and Delta Gold Limited of Australia.
- Expressions of interest have been received from two large mining companies in the Lobo and Archangel Projects. Lobo has high-grade gold reserves with considerable upside potential, while Archangel has gold resources and a porphyry copper-gold prospect at the drill stage.
- Mindoro holds a large ground position, including a number of gold and gold-copper prospects, in proximity to the exciting new Boyongan copper-gold discovery of Anglo American / Philex Gold in the Surigao Gold District.
- On its Agata Project in the Surigao District, Mindoro previously drill-intersected significant gold mineralization on its Carlin-style, Limestone Prospect; intrusive-hosted, oxide gold mineralization on the Assmicor Prospect; as well as gold-copper mineralization of possible porphyry-style nearby.
Mindoro is a Canadian mineral exploration company exploring for gold-copper in the Asia-Pacific region. Mindoro trades on the Canadian Venture Exchange under the symbol MIO. For further information, contact Penny Gould, Executive Vice President:
Phone: (780) 413-8187
Fax: (780) 426-2716
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next Press Releases item: Tue Oct 2, 2001, Mindoro Advises Initial Drill Results, Pan De Azucar Project, Philippines
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