Subscribe for Updates:
Enter your email below to receive email updates
Jun 16, 2004
Gold Intersected in New Target Area, Lobo Project, Philippines
Mindoro Resources Ltd. (MIO:TSX-V) is pleased to advise that drill holes LB-29 and 30 intersected gold mineralization in a new target area of Mindoro's Lobo Project, Philippines. The new target is located in the West Drift area on the Sampson epithermal vein breccia trend. This is approximately, 800 meters (m) from the parallel Camo Trend, where resource delineation drilling was recently completed on the Southwest Breccia (SWB) gold ore-shoot (see accompanying map).
Holes LB-29 and 30 were drilled on the southwest margin of the West Drift Prospect, 300 m southwest of the Old Lobo Mine, a copper-silver mineralized ore-shoot mined in the 1960's. Both holes intersected gold mineralization associated with a strong quartz-barite-pyrite breccia structure. Hole LB-29 intersected 0.48 g/t gold over 2.6 m, whereas LB- 30, 90 m further down-slope, intersected 0.62 g/t gold over 8.3 m (true width), including 2.91 g/t gold over 0.4 m. The quartz-barite pyrite breccia has a true width of approximately 10 m in this area. The drill holes are consistent with being within the lower-grade margins of a gold ore-shoot. Drilling will move along strike to the northeast, into the main part of the West Drift Prospect.
Hydrothermal alteration in drill holes LB-29 and 30 is much stronger than that encountered at SWB. Ground magnetic data outline an alteration zone 200-400 m wide associated with the Sampson Trend, indicating stronger alteration / mineralizing processes on this trend (see map and section below). This Sampson Trend is considered to have potential for the discovery of multiple epithermal high-sulphidation copper-silver (eg. Old Lobo Mine), and low-sulphidation gold ore-shoots (eg. SWB).
An independent gold resource calculation for SWB is currently in progress. Although Mindoro has received three unsolicited expressions of interest for joint ventures at Lobo, our preference is to fund drilling ourselves and retain for Mindoro shareholders maximum exposure to Lobo's potential resources. To this end, plans are being made, subject to financing, to undertake a major drill program on both the epithermal and porphyry copper-gold targets.
An interpreted cross section plus a colour version of the accompanying map, showing significant features from part of the Lobo Project, are available with this release on Mindoro's website at www.mindoro.com. Work is carried out under the supervision Tony Climie P. Geol., President of Mindoro, and a "qualified person" as defined by National Instrument 43-101
Mindoro is a Tier One Company listed on the TSX Venture Exchange (MIO:TSX-V). The Company is exploring for gold and gold-copper in the magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines for seven years and is presently focused 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.
You can view the Next Press Releases item: Fri Jun 18, 2004, Board of Directors and AGM Update
You can view the Previous Press Releases item: Tue Jun 8, 2004, Board of Director Changes
You can return to the main Press Releases page, or press the Back button on your browser.