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Mindoro Resources Ltd. (TSX VENTURE:MIO) (ASX:MDO) (FRANKFURT:WKN 906167) today announced further positive and encouraging copper-gold results from its Pan de Azucar Project in the Philippines, including PDA-28: 3.9 meters of 5.3 percent copper, 0.78 g/t gold, 55.7 g/t silver, 5.11 percent zinc from 9.2 meters and 54.8 meters of 1.17 percent copper and 0.77 g/t gold from 20.75 meters.
The Company is also pleased to report that it has regained access and operator status over the Batangas areas, including the South West Breccia (SWB) resources (reported 2004) and other Lobo high-grade gold targets, having been informed that Gold Fields Ltd plans to withdraw from the Batangas projects, effective August 1st 2011. It now plans an initial drilling program to expand the SWB high-grade gold resource prior to evaluating other targets within the mapped five-kilometre epithermal vein system at Lobo.
Mindoro’s portfolio includes two projects with NI 43-101 gold resource estimates at Batangas, a copper-gold-sulphur resource drilling project at Pan de Azucar, and ten key porphyry copper-gold prospects at earlier stages of evaluation. Results from recent reconnaissance drilling into high-priority porphyry targets at Tapian-San Francisco in the Surigao district, northern Mindanao, and at Pan de Azucar, will now be evaluated prior to planning further work.
Company President and CEO Jon Dugdale said, “we continue to be highly encouraged by the copper and gold results from Pan de Azucar and we now have an exciting opportunity to also drill-test our high grade gold targets at Batangas and advance our high caliber portfolio of porphyry copper-gold projects.”
“Our main agenda continues to focus on advancing the Agata nickel laterite project towards development,” he said.
“Having commenced the pre-feasibility study into a major nickel development project, we are well positioned to additionally turn our attention to advancing the gold and copper-gold portfolio.”
The status of the Company’s key gold and copper-gold projects is summarized below.
Pan de Azucar Project (Iloilo Province, Panay Island), (75% economic interest)
The results from a further three drill holes have been received including:
Mindoro has now completed 14 drill holes over 1,683 metres in the current Phase 3 drill program at Pan de Azucar. The current program is delineating a massive pyritic sulphide zone, with associated copper, gold, silver and zinc mineralization. The program is expected to be completed by August and a NI 43-101 resource estimate on the sulphide sulphur-iron resource prepared. As shown in the table below, intersections reported to date include a wide range of gold and copper grades and it is likely that further drilling will be needed to define the higher-grade areas before upgrading the resource estimate to include a copper-gold resource estimate in addition to sulphur and iron.
One hole will also drilled as part of the current program for metallurgical testing to determine potential suitability for production of a copper-gold concentrate and potential acid generation for nickel laterite processing.
The massive pyritic sulphide body remains open and there is strong evidence, including the intersection of porphyry mineralisation in PDA-27, supporting a porphyry copper-gold system nearby.
