Mindoro Resources says results from the second and third drill holes at its Archangel gold-silver deposit have confirmed several high-grade ‘feeder’ structures lie underneath the near-surface mineralization. The company began a three-hole program to test the hydrothermal breccia mineralization at the Batangas Province deposit in November.
One hole intersected a 12.3 metre vein @ 2.58 grams/tonne gold and 18.7 grams/tonne silver from 16.7 metres down-hole depth, including an intersection of 1.75 metres @ 13.5 grams/tonne gold and 60.6 grams/tonne silver from 26.25 metres. The other hole intersected a 48 metre down-hole band of hydrothermal breccia mineralization from 1.9 metres. Best intersections include 34.3 metres @ 1.01 grams/tonne gold and 14.1 grams/tonne silver, and 0.6 metres @ 46 grams/tonne gold and 22.5 grams/tonne silver from 69.4 metres.
Mindoro’s president Jon Dugdale says, “Having gained critical information as to the orientation and geometry of steeply-dipping hydrothermal breccia ‘feeder’ structures at Archangel, we can now plan our next drilling phase that will aim to infill drill these structures and build the resource base.”
The company has outlined a cluster of epithermal gold-silver and porphyry copper-gold prospects along a 6km trend at Archangel. In March 2010, Mindoro released an NI 43-101-compliant resource estimate for the Kay Tanda deposit, based on more than 200 drill holes, to include a measured and indicated 9.879 million tonnes @ 1.06 grams/tonne gold and 4.50 grams/tonne silver containing 337,500 ounces of gold and 1,427,800 ounces silver.
Archangel also hosts multiple porphyry copper-gold prospects, associated with a strong 6km x 2km zone of chargeability induced-polarization anomalies, and extensive porphyry related alteration, which will also be evaluated.
Mindoro has 10 key porphyry copper-gold prospects at varying stages of advancement in the Philippines.