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Sep 24, 2003
Further Promising Gold Intersections From SW-Breccia
  • Weighted average 9.17 g/t gold
  • Phase 2 drilling to commence early October


Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), is pleased to announce results for holes LB-10 to LB-13, 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-09 were reported in releases dated May 26, June 19, and July 24, 2003.

The results for holes LB-10 to LB-13 are summarized in the table below. Best results are 5.11 grams per tonne (g/t) gold over 3.4 meters (m) from hole 10 and 1.67 g/t gold over 14 m, including 4.67 g/t gold over 2.6 m, from hole 13. The table also shows the significant results from all 13 drill holes of Phase 1 and hole locations are shown on the accompanying map. A full listing of all results will be available on Mindoro's website (www.mindoro.com). The weighted average grade of all drill intersections in the table below is 9.17 g/t gold.
----------------------------------------------
Drillhole     From     To    Interval   Gold
               m        m        m        g/t
----------------------------------------------
LB-01         8.20    9.10     0.90     2.84

LB-02           -       -        -        -

LB-03         0.00   13.30    13.30     8.32

  Including   0.00    9.40     9.40    10.23

LB-04         0.50   17.85    17.35     9.62

  Including  13.30   16.15     2.85    23.56

LB-05         0.00    6.00     6.00     3.40

             24.55    5.33     0.81     2.22 

  Including  30.30   38.25     7.25    22.10

LB-06        24.00   32.30     8.30     6.28

Including    29.60   32.30     2.70    15.63

LB-07        65.25   78.30    13.05    22.24

  Including  69.70   76.05     6.35    35.98

LB-08        30.40   33.90     3.50    *3.12

Including    30.40   32.10     1.70    *5.24

             42.05   52.80    10.75     1.00

  Including  50.00   51.20     1.20     2.17

LB-09        34.50   38.60     4.10    *3.27

  Including  36.70   38.60     1.90    *5.78

LB-10        23.00   26.40     3.40     5.11

LB-11        46.90   50.10     3.20     1.39

LB-12           -       -        -        -

LB-13        96.00  110.00    14.00     1.67

  Including 103.50  106.10     2.60     4.67
----------------------------------------------
*gold equivalent


Note: Gold equivalents are calculated based on US$ 350/oz for gold, US$ 5/oz for silver and US$ 0.80 /lb for copper. Gold equivalents do not infer that metal processing economics for gold, silver and copper are the same, but are intended to convey only the approximate relative values of the various metal intercepts assuming a 100% recovery for all metals.

This completes the Phase 1 drill program and, as advised in a release dated September 12, 2003, East-West Drilling has exercised its right to carry out a Phase 2 drill program in exchange for equity in Mindoro.

All 13 drill holes to date have been completed over a mere 172 m length of SWB, which is part of the Camo Trend of epithermal gold-(silver-copper) mineralization that can be traced via mineralized boulders for at least 2 km. The overall results are very promising and are typical of epithermal gold systems with pinches and swells of mineralization and grade variation, both along strike and down-dip. Based on the distribution of mineralized boulders on surface, SWB appears to be just one of a number of mineralized shoots along the Camo Trend. It is emphasized that there are at least 5 mineralized trends on Lobo, totaling over 7 km in strike length.

Mindoro recently commissioned a consultant, Dr. D. Bailey of Vancouver, to visit Lobo and comment on mineralization and structural controls. He concludes that Lobo hosts a classic high sulphidation precious metal - copper epithermal system which is overprinted by low sulphidation gold mineralization. He considers that mineralization fluids were channeled upwards along the intersections of northeasterly and northwesterly-striking dilatant structures from an underlying pluton, which clearly constitutes a separate target for porphyry copper-gold mineralization.

Dr. Bailey concludes "that greatest tonnage potentials lie at the intersection of northeasterly and northwesterly striking structures where wide zones of hydrothermal brecciation and sulphide mineralization should be expected (as seen in holes 3 to 7). These zones will decrease in width to the northeast and southwest away from the structural intersections. However, it is expected that these zones will widen again as they approach other structural intersections and, thus, should exhibit a "pinch and swell" pattern along strike. Further work should concentrate on defining more precisely the intersections of northwesterly and northeasterly structures so that drillholes can be sited with the maximum effect and minimum cost". Mindoro is currently completing a structural interpretation of Lobo to assist in further drill targeting.

The Phase 2 drill program is planned to commence in early October. Our second drill rig will be moved to Lobo once it has completed a metallurgical test hole at the Kay Tanda gold resource, on the adjacent Archangel Project (see release dated September 2, 2003).

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.

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For further information, contact Penny Gould, Executive Vice President:
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
Email: mindoro@mindoro.com
Website: http://www.mindoro.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
 
 

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