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Oct 10, 2006
3.45 g/t Gold Over 64 Meters Intersected at Kay Tanda
EDMONTON, Alberta; October 10, 2006 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today reported additional results from a further four reverse circulation drill (RC) holes from the Kay Tanda epithermal gold-silver zone, located in the Archangel Project, the Philippines. Hole KT-55 returned 3.45 grams per tonne (g/t) gold over 64 meters from 96 to 160 meters, including 9.76 g/t gold over 20 meters from 124 to 144 meters. Mineralization is open to depth, and in several directions.
"We are extremely pleased with these latest results" said Mindoro's President, Tony Climie, P.Geol. "They appear to confirm a thickening and strengthening of mineralization to the north and west, where the mineralization is wide open. Based on recent drill results, Kay Tanda is evolving into a significant gold discovery and we still have several other untested gold zones to drill elsewhere on the Archangel Project. We currently have two drill rigs operating at Kay Tanda and are looking to add a third."
Other results reported include hole KT-54 which intersected 26 meters of 0.56 g/t gold, followed by 20 meters at 0.69 g/t gold. KT-54 was terminated in mineralization at 82 meter dues to heavy ground, and is currently being twinned with a core rig to establish whether RC holes are consistently underreporting grade (see release dated October 6, 2006). Core hole KTDH-03, drilled 50 meters grid south of KT-55, is in progress and currently at a depth of 142 meters. Results are awaited from KT-60, which is 50 meters to grid north of KT-55.
SUMMARY OF LATEST RESULTS
The latest drill holes are confirming internal continuity and extend mineralization significantly beyond the previously known limits. The table below summarizes results of the latest drilling.
DRILL RESULTS: Kay Tanda Holes KT-52 to KT-55
(Based on a cut-off grade of 0.3 g/t gold)
N/R: not yet received
The accompanying map ("Kay Tanda & Pulang Lupa Gold g/t X meters"), shows the location of all drill holes to date and distribution of gold values in grams per tonne (g/t) times intercept length in meters for each hole. Using a cut-off of 0.3 g/t gold, mineralization intercepts for each drill hole are summed and plotted in contour form. Mindoro considers the contoured areas defined by numbers greater than 15 (g/t gold x length of intercept) to be of particular interest. This map format illustrates the distribution of mineralization and provides information on mineralization centers, structural controls, as well as mineralization trends.
Mindoro will continue both in-fill drilling, to provide further confidence in internal continuity, and extension drilling outside the presently known mineralized area, where mineralization is open in most directions. Preparatory work on a National Instrument 43-101-compliant resource report has commenced. Additional drill sampling for metallurgical testing is in progress. This will be followed by a scoping study to commence later this year to further evaluate Kay Tanda's open-pit, heap-leach potential. Drilling will also continue with the objective of defining and evaluating the higher-grade mineralization, as intersected in holes KT-04, KT-28, KT-44 and KT-55, being encountered in western and northern Kay Tanda.
ABOUT KAY TANDA
Kay Tanda and the adjacent Pulang Lupa zone are part of a large area of low-sulphidation, epithermal gold-silver mineralization associated with quartz and sulphide stockworks and hydrothermal breccias in andesitic and dacitic volcanics and intrusives. As drill-defined to date, mineralization at Kay Tanda is about 700 meters by 400 meters in extent, and is open in several directions; in particular, to grid-west. It is also continuous with the adjacent Lumbangan Zone, where mineralization on surface has been traced for at least one kilometer to the northeast. Pulang Lupa, which was once connected to Kay Tanda but now partially-separated by erosion along the intervening watershed, is about 300 meters by 300 meters in extent, and is also open in several directions.
Near-surface mineralization is in the form of multiple quartz and quartz-sulphide stockwork blankets, commonly extending right from surface, and averaging in thickness from 20 meters to 30 meters, and can be more than 100 meters thick (mineralization extends to at least 178 meters depth in KT-44). The mineralization is commonly oxide down to 20 to 40 meters, to a maximum depth of 80 meters, then passes through a transition oxide / non-oxide zone of several tens of meters also. Below this, the non-oxide mineralization is also in the form of stockworks or higher-grade veins, which attain bonanza grades in places (eg. 70 g/t gold over one meter in hole KT-04).
As described in Mindoro's December 2, 2005, press release, two phases of metallurgical testing on Kay Tanda indicate excellent leaching characteristics
Intense porphyry copper-gold related phyllic (quartz-sericite-pyrite) and SCC (sericite-clay-chlorite) alteration plus abundant quartz veins/veinlets with low-grade copper-lead-zinc and molybdenum mineralization, continues to be encountered in all holes immediately below the overprinting epithermal gold-silver zone. Thick, up to 20 centimeters, quartz-sulphide veins with chalcocite, chalcopyrite and bornite, plus molybdenum, near the bottom of some holes, are believed to be indicative of proximity to a porphyry copper-gold system. The Kay Tanda epithermal breccia based on the recent core hole, is now interpreted as part of a very large hydrothermal breccia above, and overprinting a porphyry system. This porphyry prospect constitutes a target for later diamond drill testing.
Previous results from Kay Tanda are reported in releases dated May 3, May 23, June 16, July 4, July 25, August 1, August 8, August 16, September 12, September 19, and October 6, 2006. Programs are carried out under the supervision of Tony Climie, P.Geol., who is a qualified person as defined by National Instrument 43-101. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of duplicate, standard and blank samples.
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). The company has identified 22 porphyry copper-gold prospects and a nickel laterite prospect in the Philippines and has an aggressive strategy of drilling multiple targets in 2006.
FOR FURTHER INFORMATION, CONTACT:
Executive Vice President
Ascenta Capital Partners Inc.
Toll Free: 1.866.684.4209 ext. 28
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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