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Jan 21, 2010
Final Drill Results From Kay Tanda
Results from the last seven drill holes are summarized in the table below using a cut-off of 0.3 grams per tonne (g/t) gold. Results are largely as expected based on previous drilling by Mindoro, and confirm continuity of near-surface low-grade gold-silver mineralization. Several holes were drilled outside or on the margins of presently known mineralization. Noteworthy intercepts include 48 meters of 1.30 g/t gold in KTD 187, 28 meters at 0.58 g/t gold, in KTD 184, and 1 meter of 52.57 g/t gold in KTD 185.
Avocet targeted the projected up-dip extensions of high-grade gold vein sets, previously intersected at deeper levels by Mindoro, into a conceptual open-pit. The conceptual pit was centered on the near-surface low-grade stockwork mineralization. The high-grade vein sets, which are probably feeder zones to the gold system, do not extend into such shallow levels. The resource remains open to the north, west and to depth. In addition, interpreted porphyry copper-gold related mineralization has previously been intersected by Mindoro at depth in Kay Tanda.
Summary of Significant Intercepts @ 0.3 g/t Au cutoff:
ABOUT KAY TANDA
Kay Tanda is being evaluated for its open-pit, heap-leach potential. Prior to Avocet's due diligence program, Mindoro had 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 grades to 246 g/t gold and over 1,000 g/t silver. These 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). As noted, an upgraded resource estimate will be released in the near future.
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 exploration in the Philippines with a strategy of advancing early stage opportunities to production or joint venture. Mindoro controls major nickel laterite resources in the Surigao District, Mindanao, where potential for a direct shipping ore (DSO) operation to generate early cash flow is being investigated as well as long term potential for an onsite processing plant. Mindoro also has NI 43-101 resource estimates on both its Lobo (SWB) and Archangel (Kay Tanda) gold-silver projects. Mindoro has identified 22 porphyry copper-gold prospects and has three joint venture projects with Gold Fields in the Batangas area, Philippines.
In addition to advancing the nickel laterite projects, drilling funded by Gold Fields is in progress on the El Paso copper-gold project and soon to start on the Lobo project. Drilling has recently been competed on the American Tunnels gold and copper-gold targets. Mindoro is assessing various alternatives to commercialize the Kay Tanda gold resource in the best interests of the shareholders. Other objectives include finalizing joint venture arrangements on Mindoro's porphyry copper-gold prospects at Surigao.
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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