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Dec 02, 2003
Additional Promising Drill Results From Lobo
Tony Climie, P. Geol., President of Mindoro Resources Ltd. ("Mindoro"), is pleased to advise results for holes LB-15 and 16, from the recently commenced Phase 2 diamond drill program on the SW Breccia Zone ("SWB"), Lobo Project ("Lobo"), Batangas Province, Philippines. Mindoro may earn a 75% interest in Lobo. Results for the Phase 1 drill program (holes LB-01 to LB-13) were summarized in a release dated September 23, 2003.
Holes LB-15 and 16 were drilled on section 101,185N from the same set-up as LB-14, which was a vertical hole that returned 15.71 grams per tonne (g/t) gold over 12.05 meters (m) (see release dated Nov. 6, 2003). Results of holes LB-14 to 16 are shown in the accompanying cross section, and their location appears in a map accompanying the Nov. 6, 2003 release. A complete list of results will be posted with this release on Mindoro's website (www.mindoro.com). A technical report describing all exploration results to date this year on the Lobo and Archangel Projects, and other Mindoro projects in the Batangas Province, is also available on Mindoro's website.
Hole LB-15, an angle hole drilled at 45 degrees to grid-east, intersected a weighted average of 6.52 g/t gold over 14.6 m (which is also the estimated true width), from 17.00 m to 31.60 m. This included 10.10 g/t gold over 8.20 m (23.40 m to 31.60 m). Mineralization occurs not only in the target quartz-barite-pyrite hydrothermal breccia, but also associated with quartz-pyrite-clay alteration in the hanging wall above.
Hole LB-16 was drilled to grid-west at an angle of 78 degrees. It intersected the target zone vertically below a major creek, which is also a major fault zone (see accompanying figure). The target quartz-barite-pyrite breccia in this hole has been strongly faulted, sheared and has abundant clay and andesite fragments introduced by the faulting. This resulted in a dilution of the grade in LB-16, which intersected 0.41 g/t gold over 8.3 m from 59.60 m to 67.90 m, including 1.16 g/t gold over 1.8 m, and lower down the hole from 84.8 m to 96.4 m, 0.4 g/t gold over 11.60 m, including 1.14, g/t gold over 1.0 m. A drill hole in the near future will test the mineralization further down-dip below the creek fault zone.
Holes LB-17 and LB-18 have been completed 15 m grid north of holes LB-14 to 16 on Section 10,200N. Both holes intersected the target breccia zone, and results will be reported when assays have been received.
Mindoro also advises that ground magnetic surveying has commenced in an area covering the SW Breccia Zone, on the Camo Trend, extending to the West Drift Zone on the adjacent Sampson Trend, 800m to the northwest. Main objective of the magnetic survey is to moreprecisely define two magnetic anomalies outlined by a previous airborne magnetic survey (1996) carried out by BHP Minerals, and which were interpreted as representing possible porphyry copper-gold targets.
A small copper-mining operation in the 1960's encountered high-grade gold mineralization, reported (1986) by the Philippines Mines and Geoscience Bureau ("MGB") to contain a "reserve" at mine closure of 90,700 tonnes at a grade of 20.5 g/t gold (or 60,000 contained ounces); although it is unlikely the reserve classification meets current reporting standards required by National Instrument 43-101. Copper mining had been carried out in the Sampson East area in the mid-1960's. Later underground exploration and development extended to the southwest, and production records indicate that the high-grade gold mineralization was encountered in the final years of mine life (late 1960's) in the West Drift area, about 100 m to the southwest. Current surface geological mapping of alteration and barite distribution is consistent with the occurrence of the high-grade gold in the West Drift area. The West Drift target is being readied for drilling in the near future.
Mindoro management is extremely encouraged by results at Lobo to date. Exploration results from other Mindoro projects in the Philippines will be reported in the near future. Mr. Climie is a "qualified person" as defined by National Instrument 43-101.
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. Mindoro has been active in the Philippines for six years and is currently focussed on six promising projects in politically stable jurisdictions of 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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