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Apr 08, 2003
High Grade Gold From Additional Lobo Trenching; Drilling Has Commenced
Continuing high-grade gold from trenching of SW Breccia Zone
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro") is pleased to provide an update of exploration results on the Lobo Project, Philippines. As previously reported (release of September 16, 2002), there are two major epithermal vein / breccia systems at Lobo: the Sampson and Camo Trends, about 0.8 km apart and each extending for at least 2 km. Work is currently focusing on the SW Breccia Zone in the southwest of the Camo Trend (see accompanying figure). Results, including significant assay results, are summarised below. A full listing of all samples taken to date will be available later this week on Mindoro's website (www.mindoro.com) and on SEDAR (www.sedar.com).
SOUTHWEST BRECCIA ZONE ("SWB")
SWB consists dominantly of gold-silver mineralization (eg. Dita Area), with copper as well in the Jap Tunnel Area. Historical investigation consisted of limited selective mining of high-grade copper ore by the Japanese during World War II (Jap Tunnel Area), and of barite (Dita Area) by Pan Philippines in the 1950's.
Rock exposure is only 10-15% in the general area, and much less in SWB itself. Ongoing detailed boulder mapping has traced mineralized boulders over at least 500 m along-strike to the northeast and southwest (open in both directions along the Camo Trend). SWB appears to consist of a series of closely-spaced mineralized breccia bodies that may be circular, lensoidal, and partly tabular in places. They have been only partially defined due to lack of outcrop and overburden cover. The accompanying figure shows the inferred outline of the breccia bodies based on information to date. Shape and internal continuity are uncertain at this time. Significant assay results of rockchip/channel outcrops and trench exposures include (see accompanying figure):
SWB is structurally-controlled, epithermal mineralization, as it is through the entire Camo and Sampson Trends. SWB is interpreted as a linear series of multiple, probably coalescing, hypabyssal breccia pipes occurring at the top of a mineralized porphyry intrusive.
DRILLING COMMENCED APRIL 5, 2003
The initial drilling program will focus on the high-grade gold mineralization encountered by trenching in SWB, and will extend to other epithermal targets on the Camo and Sampson Trends, and then to the deeper porphyry targets in later drill programs.
McPhar Geoservices of Manila (ISO 9002 accredited), using standard procedures, analysed all samples. McPhar carries out routine check assays on all high-grade samples. Check samples are being sent to another laboratory.
Mindoro management is highly encouraged by exploration results to date.
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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