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Sep 01, 2009
Gold Fields Provides Further Update On Progress On The Batangas Joint Ventures
EDMONTON, Alberta; September 1, 2009 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) is pleased to advise that Gold Fields has provided progress updates for work carried out on the El Paso Project, one of three projects comprising the Batangas joint ventures, Philippines. Detailed geological, ground magnetic and geochemical surveying continued over areas of copper-gold occurrences which are being evaluated for their porphyry copper-gold potential. A helicopter-borne magnetic survey is planned to commence by late September. Gold Fields also advises that a drill rig is being mobilized to site and drilling is expected to commence in September.
The main groupings of copper-gold occurrences on the El Paso Project are referred to as the Calantas, Mulawin, El Paso and Bangin Creek Prospects. Rock geochemical results have been reported for the El Paso Hill and Bangin Creek Prospects.
El Paso Hill Prospect
In an area of historical copper workings nine rock channel samples each of five meters length, were taken at the Tunnel 4 area and returned a range of 0.25 to 2.19 per cent copper and 0.02 to 0.53 grams per tonne (g/t) gold, with an average of 0.96 per cent copper and anomalous gold. Five rock channel samples, each over five meter sample lengths, taken from Tunnels 1 and 3 gave an average grade of 0.86 per cent copper, 134 parts per million (ppm) molybdenum, which is anomalous, 5.1 g/t silver and anomalous gold. Host rocks are altered diorite consistent with a porphyry related system.
A total of twelve rock chip and grab samples consisting of six outcrop chip samples, four stream float boulders and two channel samples (0.5m and 2m width) were also collected elsewhere on the El Paso Prospect. Values ranged from 0.58 ppm to 9.24 per cent copper and from 0.02 to 1.67 g/t gold.
Bangin Creek Prospect
The Bangin Creek Prospect is a newly-defined circular topographic feature within which mineralized outcrops and boulders of medium-grained diorite were located. Three rock outcrop samples returned values from 0.53 to 0.90 per cent copper and from 0.01 to 0.11 g/t gold. Mineralization occurs in highly silicified and chloritized diorite as malachite and azurite staining and as disseminated chalcopyrite, bornite, covellite and chalcocite with associated magnetite. Work is in progress to determine the extent of the mineralized diorite.
Infill and extensional soil geochemical survey results have also been reported by Gold Fields. A very broad copper soil geochemical anomaly (greater than 150 ppm) has been defined on the El Paso Project which extends over an area of four kilometers by 1.5 kilometers. Within this, the strongest values of over 400 ppm copper and over 15 ppb gold have been defined in the El Paso Hill area.
ABOUT EL PASO (based on previous work by Mindoro)
The El Paso Project, Batangas Province, is located 11 kilometers southeast of Freeport McMoRan's Taysan porphyry copper-gold deposit and seven kilometers northeast of Mindoro's Pica porphyry copper-gold prospect. El Paso is immediately north of the major west-northwest-trending structural boundary that separates older northeastern batholithic terrain (San Juan Diorite), and the younger southern volcanic terrain. This major boundary is an especially favorable structural setting which served to localize mineralizing intrusions, including Taysan. The area is underlain largely by San Juan Diorite with islands of metavolcanics, intruded by younger quartz diorite, andesite porphyry and dacite intrusions, and overlain in places by younger Quaternary volcanic tuff. Propylitic, intermediate argillic, argillic, phyllic and potassic alteration have been mapped, and are interpreted as being related to porphyry copper-gold related processes.
Widespread copper-gold occurrences are associated with the younger andesite porphyry, quartz diorite and dacite intrusions, as well as the older San Juan Diorite. In the southwest part of the El Paso prospect, copper ± gold mineralization had been known historically and was tested with shallow drill holes by a previous operator in the mid-nineties. Results are unknown. Mindoro carried out trenching and channel sampling program in these copper showings (disclosed in an October 4, 2005, press release). High copper values in the one percent plus range were outlined in most trenches over lengths ranging from three meters to 30 meters. However, this area is not associated with significant induced polarization (IP) anomalies and may represent copper ± gold mineralization on the periphery of the porphyry copper-gold system.
Subsequent IP surveys by Mindoro defined two large and strong chargeability anomalies, known as Calantas and Mulawin, approximately two kilometers east of the copper showings. Each is about two kilometers by one kilometer in extent with chargeability values ranging from 20 to over 50 msec, against a background of 4 to 8 msec. The Mulawin anomaly is open to the east and north.
A thin cover of volcanic ash obscures much of the area, but scattered outcrops indicate geology consists of stocks of younger fine-medium grained, quartz diorite, andesite porphyry and dacite intruding metavolcanics. Independent petrology confirms that alteration consists of quartz-sericite-chlorite and sericite-clay-chlorite. These alteration assemblages are common to Philippine porphyry systems and are usually transitional to the core potassic zone at depth. The petrology also confirms the presence of quartz veining with magnetite and the copper minerals chalcopyrite and bornite. A channel sample from the metavolcanics yielded 0.24 per cent copper over 15 meters. This suggests the strong chargeability anomaly below is of considerable interest. High molybdenum values of 806 parts per million in a 10 meter trench are associated with a younger quartz diorite stock at Calantas, also suggesting a porphyry source.
Tony Climie, P.Geol, is the Qualified Person responsible for monitoring the joint venture and summarizing reported results 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 plans to drill the Lobo and El Paso copper-gold projects, funded by Gold Fields, and drill the American Tunnels gold /copper-gold project. Final results are also awaited from due diligence drilling on the Kay Tanda gold project, funded by Avocet. 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:
Mindoro Head Office
Penny Gould, President
Tel: 780.413.8187 or
Toll Free: 1.877.413.8187
Investor Relations -- Canada
Senergy Communications Inc.
Investor Relations - Europe
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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