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Jun 19, 2003
Additional Drill Results From Lobo Project
Continuing Excellent Gold Intersections
Tony Climie, P. Geol., President of Mindoro Resources Ltd. (Mindoro), is pleased to advise results for holes LB-05 (remainder of results), LB-06 and LB-07 from a diamond drill program on the SW Breccia Zone (SWB), Lobo Project (Lobo), Philippines. Mindoro may earn a 75% interest in Lobo. Results for drill holes LB-01 to LB-05 (partial) were reported on May 26, 2003.
Drill hole assay results include:
LB-05: 12.22 grams per tonne (g/t) gold over 30.8 meters (m)
LB-06: 6.28 g/t gold over 8.30 m
LB-07: 22.24 g/t gold over 13.05 m
Drill hole locations appear on the accompanying figure. An interpreted 3D model and a full listing of all drill results are available with this release on Mindoro's website (www.mindoro.com).
LB-05 (10172N, 10041E, minus 70 degrees grid west). The drill hole encountered mineralized quartz-barite- pyrite breccia from 0.00 to 5.90 m, infaulted, altered andesite, gouge and hydrofractured andesite to 24.50 m, and quartz-barite-pyrite breccia from 24.50 to 55.30 m (see accompanying cross section). Partial results were reported on May 26, 2003.
Complete assay results are now; 3.43 g/t gold from 0 to 5.95 m and 12.22 g/t gold over 30.8 m (from 24.50 to 55.30 m), including 22.10 g/t gold over 7.25 m (from 30.30 to 38.25), and 29.87 g/t gold over 4.25 m (from 41.60 to 45.85 m).
LB-05 was drilled sub-parallel to dip of the mineralized breccia zone, therefore the mineralized intersection is unrelated to a true width intercept, but it establishes continuity down-dip (see the cross section).
LB-06 (10172N, 10007E, minus 45 degrees grid east) was drilled to test the continuity of mineralization down dip. The hole was collared in altered, faulted andesite and encountered quartz-pyrite altered andesite from 17.90 to 22.00 m, and silicified andesite, with minor quartz-barite veinlets, until 29.60 m. The quartz-barite-pyrite breccia was intersected from 29.60 to 32.00 m. Sulphidic hydrothermal breccia and sulphidic andesite were encountered from 32.00 to 35.30 m, and then patchy silicified andesite to the end of hole at 57.3 m.
Assay results include 6.28 g/t gold over 8.30 m (from 24.00 to 32.30 m); including 15.63 g/t gold over 2.70 m (true width) in the quartz-barite-pyrite zone (from 29.60 to 32.30 m). Silicified andesite and fault gouge above the quartz-barite-pyrite breccia also contain gold values (up to 2.80 g/t gold over 2.60 m).
LB-07 (drilled at the same collar as LB-06, vertical) was drilled to explore the depth extension of mineralized breccia encountered in LB-06. It intersected faulted, clay-quartz altered andesite to 35.00 m, and silicified andesite from 35.00 to 60.20 m. The mineralized quartz-barite-pyrite breccia was encountered from 60.20 to 77.60 m (17.40 meters). A zone of mixed quartz-barite altered and silicified sulphidic andesite was encountered in the footwall from 77.60 to 85.00 meters (end of hole).
Assay results include 22.24 g/t gold over 13.05 m (from 65.25 m to 78.30 m). Core recovery was poor in this section, with a weighted average core recovery of 39 % (range from 20% to 100%). Weighted average sludge assay result (residue washed up the hole from zones of poor recovery) was 21.8 g/t gold over the 13.05 m interval (corresponding to the reported core interval above). Assay results for three samples of silicified andesite containing quartz-barite-pyrite breccia veinlets taken below 78.30 m are awaited. A broad halo of low gold values is associated with silicified andesite and fault gouge above the mineralized breccia zone; which assayed 0.77 g/t gold over 19.15 m (from 46.1 to 65.25 m).
High gold values have thus been encountered on section 10172N over a down-dip distance of over 130 m (from Trench 2 to drill hole LB-07; see cross section on website). The mineralized breccia continues strongly through LB-07, where it appears to have widened. The down-dip extension beyond LB-07 will be pursued at a later time; probably using a reverse circulation drill rig. In the meantime, hole LB-08 has commenced near the Japanese Tunnel mineralized exposure, 200 m grid south of section 10172N.
Mindoro management is highly encouraged by the further extension of high-grade gold mineralization down-dip in SWB. The zone has been traced on surface via mineralized breccia boulders for at least 600 m along strike. A considerable amount of drilling will therefore be required to define and evaluate the SWB gold resource. SWB is interpreted to be a tabular zone of mineralized hydrothermal breccia. It forms part of the overall Camo Vein / Breccia Trend that extends for about 2 km. Drill targets are also being developed on the adjacent Sampson Trend, as well as elsewhere at Lobo. A second drill rig will be added to the project in July, and will be used to commence testing of these other prospects.
The drill program is being carried out under the direct supervision of Tony Climie, P. Geol., who is a qualified person as defined by National Instrument 43-101. Drill core is transferred from drill rig to core boxes under supervision of Mindoro employees; the core boxes are security-strapped and transported to a secure core processing area, where core is logged and split by diamond saw under direct supervision of Mindoro geologists. Samples are transported in sealed bags to McPhar Geoservices of Manila (an ISO 9002 accredited laboratory) where samples are assayed using standard techniques. McPhar has a rigorous quality control system of internal checks and blanks. One out of twenty samples are being check assayed at Intertek Testing Services, Jakarta, Indonesia. Any significant discrepancies will be reported at a later 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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