Positive results have been received from drilling carried out at Mindoro Resources’ El Paso Copper-Gold Project within the Batangas area of southern Luzon.
El Paso is one of three Mindoro projects in the Batangas area under joint venture with Gold Fields, which is carrying out the exploration.
Six wide-spaced reconnaissance drill holes have been completed by Gold Fields with the best intersection being 42.2 metres @ 0.5% copper.
The mineralization is related to a 10.5 metre highly altered diorite porphyry dike with disseminated bornite and chalocopyrite, quartz veinlets, magnetite and anomalous molybdenum. The dike may be derived from a proximal porphyry copper-gold system. An adjacent hole intersected 19.85 metres of 0.29% copper.
Gold Fields is planning a detailed follow-up drill program at El Paso and is expected to start drilling on the Lobo Project this month upon arrival of a large drill rig capable of drilling to a depth of 1000 metres. Targets at Lobo include additional drill testing of the Pica porphyry copper-gold system discovered by Mindoro.
Gold Fields may earn up to 75% interest in each of Mindoro's El Paso, Lobo and Talahib projects by sole funding exploration and a feasibility study on each project, subject to certain expenditures limits.
Mindoro controls major nickel laterite resources in the Surigao District of Mindanao where potential for a direct shipping ore operation to generate early cash flow is being investigated as well as long term potential for an onsite processing plant.
It has NI 43-101 resource estimates on its Agata North nickel-cobalt project and on both its Lobo and Archangel (Kay Tanda) gold-silver projects. Drilling on its American Tunnels project has confirmed potential for a near-surface, bulk-tonnage gold target and porphyry copper-gold targets.
www.mindoro.com