Subscribe for Updates:
Enter your email below to receive email updates
Jul 27, 2009
Avocet Reports Initial Due Diligence Drill Results From Kay Tanda Gold Resource
EDMONTON, Alberta; July 27, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) reports that Avocet Mining PLC. has provided initial results from a drill program on the Kay Tanda epithermal gold-silver resource, Archangel Project, Philippines. The drilling is a part of a due diligence program being carried out by Avocet pursuant to a Memorandum of Agreement signed with Mindoro on September 23, 2008, which will allow Avocet to earn up to a 75 percent interest in the project.
Results from the first seven drill holes have been reported and are summarized in the table below using a cut-off of 0.3 grams per tonne (g/t) gold. Six holes are in-fill holes, while one is an extension hole. Results are largely as expected based on previous drilling, confirming continuity of near-surface low-grade gold-silver mineralization. Noteworthy intercepts include 48 meters at 0.57 g/t gold, immediately followed by one meter of 46.46 g/t gold in KTD 176, and 3.85 meters of 5.90 g/t gold in KTD 177.
The drilling program aims to upgrade the existing NI 43-101 compliant resource estimate, which did not include many higher-grade gold intercepts encountered in the previous drill program due to lack of information on geological controls. The due diligence test of 14 drill holes has been completed and Avocet is currently modeling the data and working on a new resource estimate. Results for the final seven drill holes are awaited.
ABOUT KAY TANDA
Kay Tanda is being evaluated for its open-pit, heap-leach potential. Mindoro has completed 147 reverse circulation and 26 core drill holes at Kay Tanda. Almost all holes encountered near-surface, generally flat-lying to gently-dipping blanket-like low-grade stockwork mineralization. This is strongly to partially oxidized to depths of 40 to 160 meters and non-oxide below this. Drilling, especially at deeper levels, encountered at least five steeply-dipping much higher-grade zones with high grades to 246 g/t gold and over 1,000 g/t silver which are interpreted as structurally controlled upflow, or "feeder" zones. These feeder zones appear to trend NW to SE, at right angles to the dominantly NE to SW trending lower grade stockwork system.
On February 6, 2008, Mindoro released a NI 43-101 compliant mineral resource estimate reporting a total inferred resource of 11,599,000 tonnes at 0.70 g/t gold and 3.0 g/t silver (262,000 contained ounces gold) and a total indicated resource of 3,365,000 tonnes at 0.88 g/t gold and 8.0 g/t silver (95,000 contained ounces gold).
Many gold mineralized intercepts, including much of the higher-grade grade material, were not included in the resource estimate due to wide drill spacing, averaging 50 meter centers, and lack of information on geological controls. High grade intercepts were top-cut to 9 or 10 g/t gold. Additional drilling is required to understand these geological controls and potentially increase both the grade and tonnes of the gold-silver resource.
Tony Climie, P.Geol, is the Qualified Person responsible for monitoring the supervision and quality control of Mindoro's programs and who has reviewed and verified the technical information contained in this news release.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). Mindoro is focused on copper-gold and nickel exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has a Memorandum of Understanding with Avocet Mining and a Memorandum of Agreement with Gold Fields covering its Batangas projects.
Mindoro is well positioned to capitalize on the global demand for gold with additional plans underway to drill the Lobo and El Paso gold projects, funded by Gold Fields and drill the American Tunnels gold /copper-gold project. Additional near-term objectives include finalizing one to two joint venture arrangements on Mindoro's porphyry copper-gold prospects at Pan de Azucar and Surigao and identifying a suitable partner to fund development of the significant Agata North nickel resource.
For further information, contact:
INVESTOR RELATIONS - CANADA
Mindoro Resources Ltd.
Penny Gould, President: email@example.com
Tel: 780.413.8187 or Toll Free: 1.877.413.8187
Renmark Financial Communications Inc.
Barbara Komorowski: firstname.lastname@example.org
Jason Roy: email@example.com
INVESTOR RELATIONS - EUROPE
Robert Sarcher: firstname.lastname@example.org
Tel. 49 821 6089051
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
You can view the Next Press Releases item: Fri Jul 31, 2009, Mindoro Retains Senergy Communications For Investor Relations Services
You can view the Previous Press Releases item: Wed Jul 8, 2009, Gold Fields Provides Update on Progress on the Batangas Joint Ventures
You can return to the main Press Releases page, or press the Back button on your browser.