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Feb 04, 2004
Large Gold-Silver System Emerging on Archangel Project
  • Potentially bulk-mineable gold-silver grades from reconnaissance work over an extensive area
  • High silver values associated with gold
  • Additional land applied for

    Tony Climie P. Geol., President of Mindoro Resources Ltd. (Mindoro) is pleased to advise progress on Mindoro's Archangel Project, Philippines, where reconnaissance mapping and sampling is defining gold-silver mineralization over a very large area.

    As reported (Jan. 14, 2004), preliminary metallurgical results from the Kay Tanda Prospect were positive (inferred resource of 370,000 ounces gold and 1,300,000 ounces silver). The current program is aimed at extending Kay Tanda and locating new resources. Previous work defined gold-in-soil anomalies semi-continuously over at least 4 km by 1 km (see release of Sept. 2, 2003). Ongoing work indicates the soil anomalies reflect bedrock gold-silver mineralization. Less than 50% of the favorable geology has been covered by soil geochemistry to date.

    Potentially bulk-mineable gold-silver grades have been obtained from reconnaissance rock sampling over an extensive area. Gold-silver mineralization is associated with widespread quartz stockworking / veining of varying intensity, within a major low-sulphidation, gold-silver epithermal system. Mineralization is not restricted to massive quartz zones as previously thought (see accompanying map), but is related to younger quartz stockworks, veins and hydrothermal breccias. Gold and silver grades are probably related to intensity of quartz stockworking / veining. The epithermal system is underlain at lower elevations by propylitic, SCC and phyllic alteration associated with an underlying porphyry copper-gold system, which is exposed at its uppermost levels, and is yet to be drill-tested.

    The accompanying map (also available on Mindoro's website at www.mindoro.com) shows the more significant results from recent mapping and sampling. These include:

    Kay Tanda Resource:
    A broad zone of massive quartz and quartz stockworking has been extended beyond Kay Tanda for 500 meters (m) along trend to the northeast, where it merges with the Lumbangan Prospect. Quartz stockworking / veining of varying intensity have been mapped across strike to a width of over 1.5 km. Reconnaissance rock sampling outside, and beyond, Kay Tanda gave comparable values to those within the inferred resource.

    Lumbangan Prospect:
    Massive quartz and quartz stockworking have been reconnaissance-mapped over an area of at least 500 m by 1km, from which reconnaissance rock sampling gave the following values:
  • trench channel samples of 0.65 grams per tonne (g/t) gold and 153.2 g/t silver over 14m; and 0.62 g/t gold and 99.7 g/t silver over 4m
  • grab samples to 9.75 g/t gold

    Pulang Lupa Prospect:
    Pulang Lupa is an extension of the Kay Tanda mineralization to the southwest. A trench was excavated in oxidized, massive quartz and intense quartz stockworking, from which a cyanide-leached bulk sample, taken over a width of 15m, gave 3.18 g/t gold and 63.54 g/t silver.

    Bootin:
    Bootin is a recently-located prospect. Areas of quartz veining and stockworks occur within altered volcanics. Grab samples gave up to 27.61 g/t gold and 15 g/t silver.

    Application has been made for additional ground covering 1,000 ha of favorable geology extending 1.5 km northeast of the map area shown. Mapping and sampling of the gold system continues, to be followed by geophysical surveys and drilling. Bulk sampling for further metallurgical test work is planned to commence in the near future. Tony 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
    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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