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Mar 30, 2004
Gold-Silver Mineralization Extended
PORPHYRY COPPER-RELATED MINERALIZATION
RECOGNISED AT SOUTH LUMBANGAN
- Potentially bulk-mineable gold-silver grades extended into South Lumbangan Area
- Evidence of porphyry copper system recognized at South Lumbangan
Tony Climie P. Geol., President of Mindoro Resources Ltd. (Mindoro), and a "qualified person" as defined by National Instrument 43-101, is pleased to advise further promising results from Mindoro's Archangel Project, Philippines, where reconnaissance mapping and sampling within the South Lumbangan area continues to extend the large Archangel gold-copper system.
ARCHANGEL GOLD-COPPER SYSTEM
The Archangel gold-copper system has now been traced via geological / alteration mapping and geochemical surveys over approximately 5 km by 1 km plus, and is open in three directions. It consists of an epithermal gold-silver zone at higher elevations, and a related porphyry copper - gold zone exposed at lower elevations. The accompanying map shows the location of the South Lumbangan area in relation to the overall Archangel gold-copper system.
Epithermal Gold-Silver Zone
Reconnaissance channel sampling of outcrop at South Lumbangan gave results of:
- 2.33 grams per tonne (g/t) gold and 50.3 g/t silver over 3 meter (m)
- 0.62 g/t gold and 7.1 g/t silver over 3 m
- 1.71 g/t gold and 56.0 g/t silver over 5 m
- random rock float and outcrop grab samples gave values of similar magnitude
Epithermal gold-silver mineralization is seen associated with quartz stockworking which appears to be in the form of a broad, flat-lying sheet of as yet unknown thickness. This has been traced from Pulang Lupa (channel sample gave 15 m of 3.18 g/t gold and 63.54 g/t silver; Jan. 4, 2004 release), through the Kay Tanda resource area (inferred resource of 17,000,000 tonnes at a grade of 0.68 grams per tonne (g/t) and 2.48 g/t silver equating to 370,000 ounces gold and 1,300,000 ounces silver; Jan. 24, 2003 release), to South Lumbangan, a distance of greater than 2 km. Widths of the gold-quartz stockwork system vary from several hundred metres to more than 1 km. Mineralization is open to the north-east and north-west. The gold-silver system is being evaluated for its open-pit, bulk-tonnage potential.
Porphyry Copper Zone
Characteristics of a porphyry copper system (phyllic alteration, associated copper-in-soil anomalies and copper-mineralized quartz stockworks) have been discovered at lower elevations at South Lumbangan. Trenching returned:
- 6.24% copper and 10.6 g/t silver over 1 m (open beneath overburden)
- 1.67 % copper and 2.5 g/t silver from a rock chip sample
Porphyry copper-gold related mineralization also occurs at Balibago, 2 km southwest of South Lumbangan. The phyllic alteration and copper showings at Balibago and South Lumbangan areas are interpreted as the top of a porphyry copper-gold system which may be continuous below the overlying gold-silver zone.
On completion of the ongoing geological and geochemical program, geophysical surveys will be carried out followed by drilling. A financing strategy is being developed to fund this work. Previously reported results of metallurgical test work from the Kay Tanda gold-silver resource were very encouraging (Jan. 14, 2004 release), and sampling for further test work is in progress.
Management notes that the Archangel Project has become one of Mindoro's highest priority projects. The assembling of a land package encompassing the entire gold-copper system provides the unique opportunity to evaluate the potential for a large bulk-mineable gold-silver deposit, in addition to a porphyry copper-gold deposit immediately beneath.
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 seven years and is presently 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
Marshall Farris, Ascenta Capital Partners Inc.
Phone: (1-604) 628-5800
Toll Free: 1-866-684-4209
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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