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Jun 05, 2003
Extensive New Land Acquisitions Surrounding Lobo and Archangel Gold-Copper Projects
12,300 hectares acquired covering eleven copper-gold prospects
Tony Climie, P. Geol., President of Mindoro Resources Ltd. (Mindoro) advises that extensive new mineral tenements have been acquired, and applied for, surrounding the Lobo and Archangel Projects in the Philippines. Mindoro can earn a 75% interest in the Lobo and Archangel Projects, including the new land acquisitions, from its joint venture partner, Egerton Gold Philippines Inc (collectively, "the Joint Venture"). Mindoro recently reported excellent gold intersections from an ongoing drill program at Lobo (see release of May 26, 2003).
Thus Mindoro is establishing a major land position in an area endowed both with several epithermal gold and porphyry copper-gold prospects and a project (Lobo) which is responding well to early-stage drilling. Additional drill results will be reported from Lobo in the near future.
The accompanying map shows location of the new acquisitions, which are in two categories: (1) Open ground applied for under an Exploration Permit. This application has been accepted by the Philippines Mines and Geoscience Bureau and is being processed.
(2) Ground held under application by Philex Mining Corporation, on which agreement was reached (June 3, 2003), whereby the Joint Venture may earn a 100% interest (Mindoro may earn a total of 75 %), by taking the project to production within a ten year period (extendable for five years). Philex will retain a 2% net smelter royalty.
The area of the new acquisitions is 12,300 hectares, which, with Lobo and Archangel, give the Joint Venture a total of 14,500 hectares in the region. The American copper major Phelps Dodge recently made application for mineral tenements immediately to the north of the new acquisitions.
These new acquisitions cover at least eleven known copper-gold prospects, on which only limited reconnaissance investigations have been carried out to date by Mindoro. They are:
Taywanak Creek Prospect: disseminated and veinlet copper mineralization (enargite and chalcopyrite) occurring in intensely silicified/altered volcanics; interpreted as high-sulphidation, epithermal mineralization related to a porphyry copper-gold system nearby.
Biga Creek: similar to Taywanak Creek, and possibly part of the same mineralization system.
San Nicolas: copper mineralization (disseminated- and veinlet-chalcopyrite, -bornite and secondary copper oxides) occurs in potassic-altered diorite, with hydrothermal magnetite and pyrite); this exhibits features characteristic of porphyry mineral systems.
Palacpac: potassic-altered andesitic volcanics, with associated disseminated- and veinlet-copper mineralization and hydrothermal magnetite, have been located in outcrop. The mineralization and alteration appear to be of the classic porphyry copper-gold style. Follow-up work has been initiated.
Ahit Lumbangan and Lumbangan: altered dacitic volcanics with copper mineralization; on the periphery of the extensive Balibago porphyry copper-gold system, Archangel Project. Hebanga: reported by the Philippines Mines and Geoscience Bureau to consist of copper mineralization in quartz diorite.
Calo, Ligwayen, Balatbat and Catapong Prospects: not yet visited; recorded on government maps as being either gold or copper prospects.
These newly acquired prospects are interpreted as being a combination of epithermal gold-( copper) and porphyry copper-gold prospects exposed at varying erosion levels. The region, and prospects noted above, has had very little, if any, systematic exploration using modern scientific concepts and techniques.
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
You can view the Next Press Releases item: Thu Jun 19, 2003, Additional Drill Results From Lobo Project
You can view the Previous Press Releases item: Mon May 26, 2003, Initial Drill Results From Lobo Project
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