Mindoro Resources has intersected gold in the first new hole at its Archangel project near Batangas on Luzon Island. The three-hole diamond drill program will test interpreted higher-grade feeder zones within the Kay Tanda resource area at Archangel.
The Batangas gold project has an NI 43-101 mineral resource of 393,000 ounces, of which Archangel hosts an indicated 9.9 million tonnes @ 1.1 grams/tonne gold.
The first hole intersected 26.2 metres @ 4.07 grams/tonne gold from 19.4 metres down hole including 6 metres @ 6.12 grams/tonne gold from 19.4 metres and 8.8 metres @ 5.36 grams/tonne gold from 36.8 metres. These intersections are part of a broader interval of 39.25 metres @ 3.08 grams/tonne gold from 16.4 metres.
Mindoro president Jon Dugdale says, “We are very pleased with the results from the first new drill hole at Archangel. The thick higher-grade intersection in KT-191-12 conforms with the up-flow or ‘feeder’ zone interpretation and opens the way to potentially extending the resource with further drilling.”
The drill program is being funded by Red Mountain Mining and is scheduled to be completed by late September. “Encouraging results from this first phase of drilling suggests that a systematic program of resource definition and extension drilling should follow,” says Jon Dugdale.
Drill progress has been good despite the inclement weather conditions, with the second drill hole completed to a depth of 267 metres. This hole was angle drilled to test the vicinity of a previous drill hole that intersected 52 metres @ 11.5 grams/tonne gold from 84 metres in 2006. The drill hole intersected the mineralized stock work associated with the majority of the current Kay Tanda resource from surface to 73 metres depth, then intersected a quartz - base metal sulphide lode at 180 metres before intersecting the targeted hydrothermal breccia from 215 metres. The third hole has commenced and is testing the west Kay Tanda zone.
Meantime, the first tranche of the proposed private placement with TVI Pacific has been extended and the company will hold a special shareholders meeting in October. And in a change to Mindoro’s executive team, director and vice-chairman Howard Walker has announced his retirement.