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Mar 13, 2003
Lobo & Archangel Updates
- Drill rig in transit to Lobo, prioritization of targets continues
- Additional ground applied for
- Major company conducting due diligence on Archangel
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to provide an update on activities on the Lobo and Archangel Projects, Philippines.
Subsequent to the release of February 4, 2003, gridding, prospecting, trenching, rockgeochemical sampling and semi-detailed to detailed mapping continued on the Lobo Project, with the objective of refining drill targets for the upcoming drill program. Previous reconnaissance work (September 16, 2002 release), outlined two major epithermal vein/breccia systems: the Camo and Sampson Trends, 0.8 km apart, each extending over at least 2 km of strike, with widths to at least 20 meters (m). Reconnaissance rock sampling indicates that high gold-copper-silver values occur widely distributed along these trends.
Work is focusing on the S.W. Breccia Zone, in the southwestern part of the Camo Trend, where a float sample assaying 22.43 grams per tonne (g/t) gold was previously reported (September 16, 2002 release). Intense hydrothermal breccia has been located in localized outcrop, subcrop, trenches and float in this area, extending over at least 300 m of strike, and open to extension in both directions. Width and continuity of the S.W. Breccia Zone is unknown at this time. The breccia consists of quartz-barite-mixed sulphide material, with secondary copper oxides present in places. Results of work to date will be reported during the week of March 17.
DRILL RIG IN TRANSIT
East West Drilling Limited has advised that a drill rig purchased in China for the drill program is expected to arrive in Manila this week, and will then be moved to site. The transport of the drill rig to site has taken longer than anticipated, however, this has provided the opportunity to carry out further prioritization of the extensive mineralized trends in advance of drilling.
ADDITIONAL GROUND APPLIED FOR
Given the promising results to date, application has been made for additional ground adjacent to the Lobo Project, to cover the area between the Lobo and Archangel Projects (5 km to the southeast). In addition, negotiations have been completed with another land holder in the area and agreement in principle reached on acquisition terms. Details will be released soon. A major company has also been actively acquiring ground in the region. Although expressions of interest from other companies have been received in joint venturing the Lobo Project, Mindoro has elected to proceed on its own; and has the right to earn a total 75% interest in the project.
ARCHANGEL - DUE DILIGENCE BY MAJOR
A major company has carried out extensive due diligence on the Archangel Project, including approximately one week of field work, and a visit by the country and regional managers. A further follow-up visit is planned by their international porphyry copper-gold expert. This work has defined a very large alteration system characteristic of a porphyry copper-gold deposit. Silica-chlorite-sericite alteration has been defined over an area of 3 km by 1 to 1.5 km wide (and covered by younger rocks in two directions). Copper oxide showings are present in at least six widely distributed locations. Extensive and strong copper soil anomalies were previously defined by international companies (WMC, BHP and Chase Resources), but were not drilled. Instead, their work focused on the Kay Tanda epithermal gold zone, where a recent independent resource evaluation commissioned by Mindoro inferred a resource of 17,000,000 tonnes at 0.68 g/t gold and 2.48 g/t silver, or 370,000 oz. gold and 1,300,000 oz. silver (January 24, 2003 release).
Mindoro is a Tier One Company listed on the TSX Venture Exchange (symbol MIO). The Company is exploring for gold and gold-copper in the high-potential magmatic arcs of the Asia- Pacific Region and is presently focussed on six promising projects in the Philippines.
For further information, contact Penny Gould, Executive Vice President:
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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