Mindoro Resources has received further positive and encouraging copper-gold results from its Pan de Azucar Project, including 3.9 metres @ 5.3% copper, 0.78 grams/tonne gold, 55.7 grams/tonne silver and 5.11% zinc from 9.2 metres, and another 54.8 metres @ 1.17% copper and 0.77 grams/tonne gold from 20.75 metres.
The company has also regained access and operator status over the Batangas areas, including the South West Breccia (SWB) resources and other Lobo high-grade gold targets, having been informed that Gold Fields plans to withdraw from the Batangas projects.
Mindoro now plans an initial drilling program to expand the SWB high-grade gold resource prior to evaluating other targets within the mapped 5km 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 10 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.
The company’s president and CEO Jon Dugdale says, “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 calibre portfolio of porphyry copper-gold projects.
“Our main agenda continues to focus on advancing the Agata nickel laterite project towards development. 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.”
As well as the above Pan de Azucar result, a recent hole has also intersected intermittent sulphides on the western side of the massive sulphide body but then passed into porphyry-related mineralization from 146.3 to 193.4 metres, including elevated copper in a porphyry related hydro-breccia - 4.7 metres @ 0.26% copper from 146.3 metres.
Another hole further extended the mineralized zone 30 metres east of the above under younger volcanic cover, intersecting a large hydrothermal breccia that contained remnants of the original massive pyritic sulphide zone.
Mindoro has now completed 14 drill holes over 1683 metres in the phase 3 drill program at Pan de Azucar. The 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 an NI 43-101 resource estimate on the sulphide sulphur-iron resource prepared. 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 be 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.