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Aug 05, 2005
Update on Surigao Projects: Drilling Planned on Multiple Porphyry Copper-Gold Prospects
Mindoro Resources Ltd. (TSX-V: MIO; Frankfurt: OLM) today provided an update on the Surigao Joint Venture on Mindanao Island in the Philippines. Two phases of exploration during the past year have been carried out over porphyry copper-gold targets on the projects. Phase one results from the major geophysical programs were reported in news releases dated Jan. 8, 2005 and Jan. 18, 2005. The phase two program, aimed at fine-tuning drill targets, has recently been completed. Between seven and eight porphyry copper-gold prospects have been defined. Five of the prospects on the Tapian San Francisco and Agata Projects are now drill-ready.
"Mindoro has worked very hard at accumulating these projects since 1997, advancing them, and holding on to them during some tough years. We are very excited to have located so many porphyry copper-gold prospects. We look forward with keen anticipation to major drill programs on these targets over this, and future years," said Tony Climie, President of Mindoro.
At Tapian San Francisco, located about eight kilometers from the Boyongan and Bayogo porphyry copper-gold deposits of Anglo-Philex Gold, and in a similar structural setting, a cluster of seven geophysical anomalies were defined over the past year by Induced Polarization (IP) surveys. Of these, two porphyry copper-gold prospects, referred to as C5 and C6, have been brought to the drill stage. Both are reflected by extensive IP chargeability anomalies with capping resistivity anomalies and exhibiting a classic porphyry expression. These are coincident with porphyry-related rock alteration, and copper, gold and zinc-in-soil geochemical anomalies. Copper, gold, zinc and molybdenum mineralization is associated with C6. High-grade copper-gold-silver mineralized vein-breccia diorite boulders are associated with C5 and interpreted as "leakage" from porphyry copper-gold mineralization nearby. Several other prospects at Tapian San Francisco have the potential to be brought to the drill stage over the next year.
IP surveys on the Agata Project defined especially strong and extensive chargeability anomalies, also in a favorable structural setting near the intersection of cross-faults with the Philippine Fault. Porphyry-related vein mineralization was drill-intersected on the Assmicor prospect by Mindoro in 1999. Current work has focused on bringing the Agata North and South porphyry prospects to the drill stage.
Strong and extensive chargeability anomalies were defined at Agata North, with correlating copper-zinc-gold-in-soil anomalies, extensive rock alteration and fracturing, and several copper showings. The stacked anomalies are consistent with a porphyry copper-gold system at depth.
A large and very strong chargeability anomaly, with flanking resisitivity anomalies, was defined at Agata South. Porphyry-related alteration has been mapped near-by. Extensive copper-gold and zinc-in soil anomalies have been defined, as well as copper showings, and abundant epithermal gold prospects, some of which are being actively mined by artisanal miners. These multiple stacked anomalies point strongly to the presence of a porphyry copper-gold system at depth.
Details of the 2005-2006 field program are being finalized with Mindoro's joint venture partner, with the objective of drilling three to four of the Surigao porphyry copper-gold prospects. Drilling is anticipated to commence on Agata in the next few months.
The Surigao Joint Venture holds one of the largest land positions in the Surigao Gold District where there have been several significant porphyry copper-gold discoveries in recent years (maps can be seen on Mindoro's website). The Surigao Joint Venture partners are Mindoro, Minimax Mineral Exploration Corp., a private Philippine company, and Panoro Minerals Ltd., the current funding partner. At production, both Mindoro and Panoro can each have a 42.5 % interest, with Minimax retaining 15%.
Work is carried out under the supervision of Tony Climie, P. Geol., who is a qualified person as defined by National Instrument 43-101.
Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSXV: MIO) and the Frankfurt Stock Exchange (OLM). The Company is exploring for gold and gold-copper in the prolifically mineralized magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines since 1996 and is presently focused on six promising projects in politically stable jurisdictions of the Philippines.
For further information, contact
Penny Gould, Executive Vice President
Marshall Farris, Ascenta Capital Partners Inc.
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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