Auszug aus Q2/2010, dabei ist die Resourcentabelle nicht wichtig, wichtig sind die angekündigten Termine und Produktionsmethoden, besonders für die Scoping Studie:
Gruß
4. OVERVIEW OF EXPLORATION ACTIVITIES
The Company’s mineral exploration projects are located in the Agusan del Norte, Surigao del Norte (jointly the
Surigao District), Iloilo and Batangas Provinces of the Philippines. Mindoro’s field programs are carried out under
the supervision of Tony Climie, P.Geol, who approved the technical content of this document and who is a qualified
person as defined by National Instrument 43-101.
The mining industry in the Philippines is regulated at both the national and regional levels through the central and
regional offices of the Department of Environment and Natural Resources (“DENR”) and Mines and Geosciences
Bureau (“MGB”). Republic Act No. 7942 (the “Mining Act”) and its Revised Implementing Rules and Regulations
are the principal laws that regulate the mining industry. The Mining Act grants qualified private parties the right to
explore through:
• The rights to explore through exploration permit (“EP”);
• The rights to explore, develop and utilize mineral resources, through mineral agreements like mineral
production sharing agreement (“MPSA”), co-production sharing agreement and joint venture agreement;
• Financial or technical assistance agreement; and
• Mineral processing rights by way of mineral processing permit.
SURIGAO DISTRICT, NORTHERN MINDANAO
The Company has earned a direct and indirect 75% interest in the Agata, Tapian San Francisco and Tapian Main
projects, and a 10% direct interest in the Mat-I project, (collectively referred to as the “Surigao Projects”), which are
located in Surigao del Norte and Agusan del Norte Provinces of northern Mindanao, Philippines. The granted
tenements consist of an MPSA on Agata and EPs on Tapian San Francisco and Tapian Main. The remaining
tenements are held under MPSA and EP applications that are advancing normally through the approval process.
As of June 30, 2010, the Company had $9,974,097 in exploration expenditures recorded to the Surigao Projects,
including expenditures of $760,544 in the second quarter of 2010.
Nickel Laterite Options Study
As disclosed in the Company’s press release on March 15, 2010, an Options Study carried out by Boyd Willis
Hydromet Consulting of Brisbane, Australia, examined six options for first stage development and processing as
well as several hybrid options for the Agata nickel laterite resource. These included a Direct Shipping Option
(“DSO”), constructing an on-site processing plant which has an array of potentially applicable technologies;
including Nickel Pig Iron production, Ferronickel Smelting, Heap Leaching, Atmospheric (Tank) Leaching and
High Pressure Acid Leaching (“HPAL”).
The conclusions of the study were that a DSO operation focused on a higher grade component of the limonite
resource, while not optimizing value from the resource, offers a potential opportunity for early cash flow and could
be integrated into a staged atmospheric leach with saprolite neutralization followed by HPAL project treating the
much larger low grade (>0.9% Nickel) limonite target.
In relation to the DSO operation, detailed mineral resource drilling and DSO development planning was commenced
at Agata in March 2010.
As recommended by the Options Study a scoping study and metallurgical testing program for a large scale
integrated nickel laterite processing operation, was also commenced in March 2010.
2 of 32
Management’s Discussion and Analysis
For the Six Months Ended June 30, 2010
Agata Nickel Laterite Mineral Resource drilling and DSO Development Planning
A detailed infill drilling program continued during the quarter on the Agata Nickel Project. The diamond drilling
program was designed to define DSO nickel-iron limonite (>1% Nickel, >48% Iron) for the Chinese nickel-pig iron
market and high grade transition to saprolite ore (>1.4% Nickel) for Chinese Electric Arc Furnace and/or other acid
leach or ferronickel processing facilities in Australasia. Results of the drilling, combined with mine planning
information, will allow preparation of an NI 43-101 Mineral Reserve statement.
The program ended on July 13, 2010 with 185 holes completed with an aggregate of 3,560 meters. Final results
announced on August 10th 2010 were received for a total of 3,042 core assays. The average grades and thicknesses
from the entire program are summarized below (these include results from 91 drill holes reported in the first quarter
report):
Laterite Horizon Average Thickness (m) % Ni % Co % Fe
Ferruginous Laterite 1.63 0.64 0.07 48
Limonite 3.91 1.13 0.13 48
Saprolite 7.56 1.30 0.03 12
The results to date include grades and thicknesses consistent with those previously reported. These continue to be of
potential economic interest as DSO nickel-iron limonite (>1% Nickel, >48% Iron) for the Chinese nickel-pig iron
market and high grade transition to saprolite ore (>1.4% Nickel) for Chinese Electric Arc Furnace (“EAF”) and/or
other acid leach or ferronickel processing facilities in Australasia.
The new Agata resource and mine planning information, to be finalized in August 2010, will form part of a
submission to the MGB to achieve Declaration of Mining Project Feasibility and, if the feasibility study is positive,
potentially allowing financing and commencement of construction of a DSO nickel laterite project, conceptually
planned to produce up to three million wet metric tones (“WMT”), equivalent to two million dry metric tonnes
(“DMT”), of laterite DSO per annum.
The Company’s production objectives are intended to provide an indication of management’s current expectations
and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted
into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that
these objectives will be met.
Scoping Study on Large Scale Processing Operation
The scoping study and metallurgical testing program for a large scale integrated nickel laterite processing operation,
which commenced in early 2010, continued during the quarter and is progressing satisfactorily. Boyd Willis
Hydromet Consulting is carrying out the scoping study with the involvement of two other key groups: Vector
Engineering, evaluating engineering and infrastructure requirements and costs, and SGS in Perth, who will carry out
the acid leach metallurgical testing program.
The scoping study will look at a full scale integrated HPAL and Atmospheric Leach (AL) project, the results of
which will allow breakdown into different scale operations prior to a decision to move to the feasibility stage.
Progress during the quarter has involved continued advancement of modeling mass and energy flow, process design
and power estimations (including power generated from an acid plant). Metallurgical samples were collected during
the quarter and have been provided to SGS of Perth, Australia for acid leach testing.
The scoping study is expected to be completed in September or October, 2010.
3 of 32
Management’s Discussion and Analysis
For the Six Months Ended June 30, 2010
At the same time, the Company is fast-tracking evaluation of low-capital cost, upgrading technologies, such as
sintering, to produce much higher-value iron and iron-nickel products. This has the potential to quickly phase out the
shipping of raw, low-value DSO product, and to form an intermediate development stage prior to a major acid-leach
processing operation.
Nickel Laterite Exploration Target
On January 11, 2010, the Company released an Exploration Target on its northern Surigao tenements of from 50 to
70 million DMT in a grade range of 0.9% to 1.2% nickel and 28 to 32% iron (combined limonite and saprolite).
A drilling program to convert the Exploration Target to mineral resources commenced in the first week of August
2010, with four drilling rigs. During the quarter planning for the drilling program was carried out, and geological
mapping to refine drill targets commenced.
Most of the laterite areas are within two to three kilometers of the ocean, and limestone, an important component of
acid-leach processing technologies, has been identified over significant areas on the projects. The Exploration
Target covers approximately 900 hectares and the Agata North resource about 300 hectares.
The reader is cautioned that the potential quantity and grade of the Exploration Target is conceptual in nature; it is
uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource and
there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial
mining operation.
BATANGAS PROJECTS, LUZON
Mindoro holds a 100% direct and indirect interest in the Batangas land package, comprised of approximately 29,000
hectares and encompassing the El Paso, Lobo, Talahib and Archangel Projects. Both the Lobo and Archangel
Projects are held under a MPSA; and the Calo and El Paso prospect are held under an EP. The remaining Batangas
Regional ground is held under either MPSA or EP applications, which are in various stages of approval. Mindoro
has granted Gold Fields Netherlands Services BV (“Gold Fields”) options to earn up to 75% interest in the El Paso,
Lobo and Talahib Projects. As of June 30, 2010, the Company incurred $14,015,128 in exploration expenditures on
the Batangas Projects, including expenditures of $149,227 in the second quarter of 2010, mainly on community
relations activities.
The Batangas tenements are in the well-mineralized southern Luzon porphyry copper-gold belt. Initial NI 43-101-
compliant gold resources have been defined at both Lobo and Archangel (SWB and Kay Tanda, respectively), which
are both open to upgrading and extension, and at least 15 promising porphyry copper-gold prospects remain to be
tested, including the Calo, Talahib, Pica and El Paso prospects.
4 of 32
Management’s Discussion and Analysis
For the Six Months Ended June 30, 2010
Archangel Project:
Apart from ongoing community relations programs, no further work was conducted on the Archangel Project during
the quarter. As reported on March 5, 2010, the Kay Tanda mineral resource estimate was increased by additional
drilling and modeling. The following table sets out the current resource:
Summary of Resource
Metric Tonnes Gold Grade(g/t Au) Silver Grade(g/t Ag) Gold (ounces) Silver(ounces)
OXIDE (> 0.3 G/T AU)
Measured 2,673,000 0.80 7.72 68,900 663,200
Indicated 1,581,000 0.65 4.24 33,000 215,300
Measured + Indicated 4,254,000 0.75 6.42 101,900 878,500
Inferred 680,000 0.57 3.04 12,400 66,400
TRANSITION (> 0.5 G/T AU)
Measured 1,401,000 1.30 4.92 58,700 221,400
Indicated 1,058,000 1.11 2.61 37,900 88,900
Measured + Indicated 2,459,000 1.22 3.92 96,600 310,300
Inferred 537,000 0.97 2.57 16,800 44,400
FRESH (> 0.5 G/T AU)
Measured 1,663,000 1.46 2.58 78,000 138,000
Indicated 1,503,000 1.26 2.09 61,000 101,000
Measured + Indicated 3,166,000 1.37 2.35 139,000 239,000
Inferred 2,524,000 0.84 1.23 68,000 100,000
TOTAL
Measured 5,737,000 1.11 5.54 205,600 1,022,600
Indicated 4,142,000 0.99 3.04 131,900 405,200
Measured + Indicated 9,879,000 1.06 4.50 337,500 1,427,800
Inferred 3,741,000 0.81 1.75 97,200 210,800
• Total metal contents in the reported resources represent metal in the ground and have not been adjusted for
metallurgical recoveries and other factors which will be considered in later study.
• Mineral resources which are not mineral reserves do not have demonstrated economic viability.
• The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
• This work has produced Measured, Indicated and Inferred Mineral Resources in accordance with the definitions
outlined in the JORC Code of 2004 (Australasian Joint Ore Reserves Committee) and is reported in accordance
with NI 43-101.
• The NI 43-101 compliant Technical Report dated April 15, 2010 was filed on SEDAR on April 19, 2010.
The resource has been defined over a 1km strike length and remains open to the northeast and southwest within a six
km corridor of anomalous stream sediment, soil and rockchip geochemistry and IP chargeability. While current
focus of the Company is on advancing its nickel laterite resources, additional studies and interpretation are planned
for Kay Tanda, leading to a resumption of field work to advance the resource in 2011.
Mindoro has granted a right of first refusal to Gold Fields over the Archangel Project, which includes Kay Tanda.
However, the Company is evaluating various options for advancing the project and has no immediate plans for
concluding new joint venture arrangements for Archangel.
5 of 32
Management’s Discussion and Analysis
For the Six Months Ended June 30, 2010
El Paso, Lobo and Talahib Projects:
Pursuant to a Memorandum of Agreement dated April 29, 2009, Gold Fields has the right to earn up to a 75%
interest in each of the El Paso, Lobo and Talahib porphyry copper-gold projects by sole funding exploration and a
feasibility study on each project, up to certain expenditure limits.
For the twelve months commencing July 2009, Gold Fields had advised a forecast budget of approximately
AU$2,000,000 for drill testing both the El Paso and Lobo Projects and defining targets on the Talahib Project, which
are being evaluated for their porphyry copper-gold potential. Gold Fields completed a 6 hole reconnaissance
diamond drilling program on El Paso in 2009, the results of which were reported in a news release dated February 1,
2010.
Soil and stream geochemical studies and geological mapping have been completed by Gold Fields over the Lobo
Project during the quarter, and drilling is underway at the time of writing.
PAN DE AZUCAR PROJECT, PANAY ISLAND
Mindoro has earned a 40% interest in the Pan de Azucar Project, and is currently renewing its right to earn a 75%
interest from a private Philippine company. Reconnaissance drilling in two programs in 1999-2000 intersected
encouraging copper, gold, silver and zinc values within a massive pyrite body situated in a volcanic caldera.
Mindoro is evaluating the potential of the precious and base metals mineralization, as well as the potential of the
massive pyrite body to provide sulfuric acid for a major processing operation on its nickel laterite resources in the
Surigao District of Mindanao. Work has resumed at Pan de Azucar and, during the quarter, all drill core has been relogged
and re-interpreted in preparation for more detailed evaluations to commence in August. |
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