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Oct 02, 2001
Mindoro Advises Initial Drill Results, Pan De Azucar Project, Philippines
Encouraging drill intersection of 37 meters at 0.8% copper and
1.87 grams per tonne gold

Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), is pleased to report results from the first three drill holes of a diamond drill program on the Pan de Azucar Project ("PDA"), Philippines. Delta Gold Limited of Australia, through its 100% owned subsidiary Olympic Mines Limited, may earn up to a 65% interest in PDA (see release of April 26, 2001). Mindoro is currently operator of the property.

Two separate and distinct sulphide-rich mineralization targets were interpreted from an induced polarization survey (see release of July 17, 2001) namely, the Valderama Hill and Asparin Hill Zones (see compilation map on website). Results have been received from three drill holes (PDA-01 to 03) completed on the Valderama Hill Zone. Results are awaited for a single hole (PDA-04) completed at Asparin Hill.

VALDERAMA HILL ZONE

Geophysical, geochemical and geological signatures suggest the Valderama Hill Zone may extend more than 1,600 meters (m) in a north-south direction; it is flat-dipping, up to 50 m thick and averages about 200 m wide. All holes intersected strongly to intensely pyrite-silica-clay altered caldera-fill dacitic and andesitic volcanics containing thick zones of massive, pyritic sulphides. Mineralization is of high-sulphidation, replacement-style generated by the interaction of magmatic and meteoric fluids in the cooling volcanic pile.

PDA-01 (20900N, 20310E, vertical) was drilled near the western flank of the Valderama Zone and intersected oxidized and eroded massive sulphides from surface to 11 m, massive pyritic sulphides from 11 to 19 m, and then intensely silica-pyrite-clay-altered volcanics to the end of the hole at 90 m, with extensive zones of hydrofacturing and hydrothermal brecciation. Minor disseminated chalcopyrite and chalcocite are associated with the pyrite. Low values were encountered; with a maximum of 18 m (2-20 m) of 0.08% copper and 0.65 grams per tonne (g/t) gold (including 3.2 m of 1.3 g/t).

PDA-02 (21040N, 20225E, vertical) was drilled 140 m to the north of PDA-01, also near the western flank of the Valderama Zone. It intersected oxidized and eroded massive sulphides from surface to 12 m, fresh massive, pyritic sulphides from 12 to 18 m, and then intensely silicapyrite- clay altered volcanics to end of hole at 173 m, with extensive hydrofactured and hydrothermally brecciated zones. Minor disseminated chalcopyrite and chalcocite are associated with the pyrite. Low values were encountered; with a maximum of 35 m (0-35 m) of 0.1% copper and 6 m (0-6 m) of 0.76 g/t gold.

PDA-03 (21200N, 20270E, vertical) was drilled 160 m to the north of PDA-02, near the center of the broad (200-250 m wide) geophysical anomaly. Beneath the near-surface oxidized zone, PDA-03 intersected massive, pyritic sulphides over 37.1 m from 16.3 m to 53.4 m with disseminations and veinlets of chalcopyrite. From 53.4 m to end of hole at 94.5 m, intensely silica-pyrite-clay altered breccias and volcanics were encountered.

Significant copper and gold values were encountered in the massive sulphide zone; a 37.1 m section from 16.3 to 53.4 m analyzed 0.8% copper and 1.87 g/t gold.

McPhar Geoservices of Manila, using standard procedures, analyzed all samples. Check samples from all drill holes were analyzed by Intertek Testing Services (ITS-Bondar Clegg) of Jakarta, Indonesia, and varied within acceptable limits.

Mindoro management is most encouraged by the results from PDA-03 and four additional holes are planned on the Valderama Hill Zone during this (800 m) phase of the drill program.

Mindoro has considerable project depth in the Philippines. Expressions of interest have been received from two large mining companies in the Lobo and Archangel Projects. Lobo has highgrade gold reserves with considerable upside potential, while Archangel has gold resources and a porphyry copper-gold prospect at the drill stage. Mindoro also has 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 trades on the Canadian Venture Exchange under the symbol MIO. For further information, contact Penny Gould, Executive Vice President:

Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
Email: mindoro@mindoro.com
Website: http://www.mindoro.com

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: Mon Dec 3, 2001, Further Copper-Gold Intersections From Pan De Azucar Drilling

You can view the Previous Press Releases item: Fri Sep 21, 2001, Mindoro Advises Summary Results From Tiris Project

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