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Jul 21, 1999
Mindoro Resources Ltd. Private Placement and Agata Project Update
- $350,000 Private Placement Announced
- Multiple Targets Readied for Drilling on Agata Project, New "Golden Rock" Target Located
- Platinum Exploration Program Initiated
Mindoro Resources Ltd. has received conditional approval from The Alberta Stock Exchange to sell, by way of a private placement to purchasers resident in Alberta and British Columbia, 1,750,000 units at a price of $0.20 per unit. Each unit consists of one common share and one purchase warrant. One purchase warrant entitles the holder to purchase one additional common share for one year at a price of $0.30 per share. Subscription proceeds of $350,000 will go to working capital with current plans allocating $250,000 to the upcoming drilling of the Agata Project, Philippines. A portion will also be allocated to complete preparatory drill work on the Pan de Azucar Project and advance the Tapian Main Project to the drill-ready stage (both projects also in the Philippines).
AGATA PROJECT UPDATE
Ron Avery, P.Geo., Mindoro Exploration Manager and a Filipino crew are on site preparing and refining drill targets on the Assmicor, East Limestone, West Limestone and the newly-defined Golden Rock targets (see below). All four targets are reflected by strong and extensive gold and copper soil anomalies, abundant gold prospects, plus active and inactive high-grader workings. Drill tenders are being solicited for approximately 2,000 metres in 20 holes. Drilling is scheduled for August, 1999.
Assmicor Target: On June 15, 1999, Mindoro reported high gold values from underground samples of an active high-grader mine (11.8 grams per tonne [g/t] over 2 metres and 16.3 g/t gold over 1 metre). Several drill sites have been selected within the 400 by 200 metre target zone. The Assmicor Target offers excellent potential for establishing an early resource and initial drilling will be directed at this.
East Limestone Target: Gold has been recovered from soils and rocks on the adjacent East Limestone Target by local miners within a strong gold soil anomaly of approximately 300 by 150 metres Rock values of up to 2.8 g/t gold over 5 metres were also obtained from extensive shallow workings (release dated June 15, 1999). Drilling will test the low-grade bulk tonnage potential of the limestone, suspected skarn or replacement mineralisation at depth, as well as intrusive-hosted mineralisation similar to the Assmicor Target. Correlating soil copper anomalies suggest a copper association.
West Limestone Target: Immediately west, previous work defined strong soil gold and copper anomalies over an area of approximately 300 by 200 metres. Current work indicates abundant gold can be panned from soils. Several targets similar to East Limestone targets have been selected for drilling.
Golden Rock Target: Recent work located a high-grader mine known as Golden Rock, occurring in extensively altered limestone, 100 metres south of West Limestone. Several gold workings were located over an area extending 300 metres further south. Drill testing Golden Rock is also planned.
PLATINUM EXPLORATION PROGRAM INITIATED
As a follow-up to reports by local miners of platinum recovered by panning, a systematic heavy mineral stream sampling program has been implemented along the 8.5 kilometre ultramafic belt extending through the Agata Project. Early geological work has located an outcropping dunite unit containing sulphides (considered favourable for platinum occurrences). Results are awaited.
Mindoro is a Canadian mineral exploration company focussing on gold and gold-copper exploration in the Asia Pacific region and operates projects in the Philippines and Indonesia.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
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