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Jan 09, 2002
Further Encouraging Drill Results From Pan De Azucar
40.25m of 0.69% copper, 1.21 g/t gold, 4.34 g/t silver and 0.63 % zinc in PDA-08, 200m north of PDA-03 (37.1m of 0.8% copper and 1.87 g/t gold)

Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to report additional results from 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 and Delta is funding exploration.

The Phase 1 reconnaissance-level drill program has been completed with a total of 1,041m in 11 drill holes. Drilling focused on the Valderama Zone. Results from holes PDA-01 to 09 were previously reported on October 2 and December 3, 2001. These included encouraging results of 37.1 meters (m) (121.7 feet) at 0.8% copper and 1.87 grams per tonne (g/t) gold from 16.3 to 53.4m in PDA-03; and 41.5m (136 feet) at 0.12 % copper and 1.2 g/t gold from 6 to 47.5m in PDA-06.

This release reports the results from holes PDA-10, 11, and from the subsequent deepening of PDA-08, as well as newly acquired silver and zinc results from earlier drill holes. The December 3, 2001, release contained a map showing drill hole locations at that time. Accompanying this release is a longitudinal section (LS) through holes PDA-01, 02, 03 and 08, parallel to the trend of the mineralization.

PDA-10 (21,400N, 20,055E, grid east at minus 45 degrees) was drilled to intersect mineralization cut in PDA-09 (40m to the east), which was interpreted as fault-controlled. PDA-10 intersected strongly propylitic-altered andesite to 39.8m, and then intensely altered quartz-pyrite-illite hydrofractured breccias, with minor chalcopyrite disseminations, to the end of hole at 50m. No significant metal values were obtained. It is believed that the hole was not drilled deep enough to intersect the massive pyritic sulphide horizon, which was subsequently intersected at 56m vertical depth in the adjacent hole PDA-08.

PDA-08 (21,400N, 20,156E, vertical); PDA-08 was deepened from its initial 33m depth (December 3, 2001, release) because the associated induced polarization anomaly had not been explained. PDA-08 intersected strongly propylitic-altered andesite volcanics and dykes from 0 to 47.5m and intensely silica and pyrite-altered dacitic tuff, with minor chalcopyrite, to 55.75m. From 55.75 to 113.2m, it intersected massive pyrite-rich sulphides containing disseminated chalcopyrite and sphalerite. This interval also included hydrothermal breccias and minor semi-massive sulphide zones; and below this, quartz-pyrite-illite breccias were encountered to end of hole at 123m.

A 40.25m (132 feet) section from 55.75 to 96 m analysed 0.69% copper, 1.21 g/t gold, 4.34 g/t silver and 0.63% zinc; this included a 19.25m (63 feet) interval (from 55.75 to 75m) at 1.08% copper, 1.19 g/t gold, 6.49 g/t silver and 1.19% zinc. An 8.2m section from 105 to 113.2m analysed 0.76 g/t gold and 0.18% copper.

PDA-11 (21,600N, 20,050E, grid east at minus 60 degrees); intersected moderately to intensely altered dacitic and andesitic volcanics. Alteration included quartz-illite-chlorite-epidote-actinolite-pyrite- magnetite, with zones of hydrothermal brecciation, vuggy, pyritic comb quartz and quartz-pyrite- magnetite veinlets. Due to budget considerations, the hole was terminated at 70.7m prior to reaching the massive pyritic sulphide horizon (see LS).

ADDITIONAL SILVER AND ZINC ANALYSES
The more significant of recently received silver and zinc analyses, combined with previously reported gold and copper results, are now as follows;

PDA-07 4.7m of 0.99% copper, 0.5 g/t gold, 13.43 g/t silver and 1.24% zinc from 29.5 to 34.2m in a fault zone.

PDA-09 2.65m of 2.2% copper and 1.97g/t gold, 31.1 g/t silver and 1.3% zinc from 20.35 to 23m.This is not thought to be part of the main pyritic sulphide zone, and occurs at a shallower depth than the adjacent mineralization in PDA-08. The massive pyritic sulphide zone may therefore occur deeper below hole PDA-09, as well as nearby PDA-10.

INTERPRETATION
The Valderama Zone is interpreted as a high-sulphidation, pyritic sulphide deposit in a volcanic caldera, strongly overprinted by low-sulphidation events, and containing copper-gold-silver and zinc mineralization. Pyrite content is visually estimated at in excess of 90%. The zone is exposed at surface at Valderama Hill, in the south (see LS), where it is approximately 20m (65 feet) thick, and where it has been partially eroded. However, only one hole has been drilled on each of these sections to date, and therefore the thickness and nature of mineralization is largely unknown at Valderama Hill.

The Valderama Zone plunges at a shallow angle, and thickens to the north (see LS); where it is over 50m (164 feet) thick on section 21,400N (in PDA-08). Lateral dimensions of the Valderama Zone are as yet unknown due to limited drilling to date. The associated induced polarization anomaly is 800m long and open to the north, and 150 to 200m wide. This may indicate the approximate dimensions of the Valderama Zone. In addition, other geophysical, geological and geochemical targets are present on the PDA Project.

The geological setting is considered favourable for the occurrence of bonanza high-sulphidation copper-gold mineralization in feeder fault zones, adjacent low-sulphidation gold mineralization (inferred by geochemical, mineralogical and geological evidence), as well as a fertile porphyry copper-gold system at depth (which often occur beneath high-sulphidation deposits).

Data are currently being evaluated prior to decisions on future project direction. Mindoro management is most encouraged by the results to date.

OTHER PROJECTS - Mindoro has considerable project depth in the Philippines:
  • Expressions of interest in the Lobo and Archangel projects have been received from two large mining companies. Lobo has high-grade gold reserves with considerable potential for the expansion of these, as well as for the occurrence of a porphyry copper-gold deposit below. 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 world class 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.

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