Mindoro Resources Ltd.: Promising Porphyry Copper-Gold Target Confirmed at El Paso
Tuesday October 4, 1:33 pm ET EDMONTON, ALBERTA--(CCNMatthews - Oct. 4, 2005) - Mindoro Resources Ltd. (TSX VENTURE:MIO - News; FWB:OLM) is pleased to report that high-grade copper trench results, along with coincident soil copper and induced polarization anomalies, have confirmed the presence of a porphyry copper-gold target on the Company's El Paso Prospect in the Philippines. El Paso is located within the Batangas Projects, a 24,000 ha land package in southern Luzon which also includes the Lobo and Archangel Projects.  |
At El Paso, high copper values were obtained from channel / trench samples over long intervals. In the North Sector, an induced polarization (IP) survey over two lines defined chargeability and resistivity anomalies which are open and have coincident copper-in-soil anomalies. Phyllic and biotite alteration in the area confirm that El Paso is a porphyry copper-gold system. Additional soil and geophysical surveys are in progress to bring El Paso rapidly to the drill stage. El Paso is located within a major structural boundary between the older San Juan Diorite basement to the northeast and younger intrusive and volcanic rocks to the southwest. The Taysan porphyry copper-gold deposit of Phelps Dodge also occurs in this very favorable structural setting, 11 kilometers to the northwest. Taysan has an estimated resource of 600 million tons grading 0.31 percent copper and 0.3 g/t gold and contains a higher grade section of 120 million tons grading 0.9 percent copper and 0.9 g/t gold (Chase Resources Engineering Report, 1995). Work at El Paso indicates significant and widespread copper-gold mineralization occurs associated with the younger andesite porphyry intrusions, as well as the older, more eroded San Juan Diorite. The mineralization associated with the former is the principal target. Reconnaissance IP surveys defined chargeability and resistivity anomalies in the North Sector of El Paso. The IP expression resembles that of Philippine porphyry copper-gold systems. The anomalies are open to the north, west and east and the IP crew is being mobilized now to extend the survey. An orientation soil geochemistry line defined strong copper-in soil anomalies coincident with the IP anomalies. Phyllic and biotite-altered float have been found in the area, as well as copper mineralization in volcanics and intrusive rocks. In the South Sector of the El Paso prospect, copper mineralization had been known historically and was tested with shallow drill holes by a previous operator in the mid-nineties. Results are unknown. However, the South Sector tested by drilling is not associated with significant IP anomalies and is considered to represent copper mineralization on the periphery of the porphyry copper-gold system. Current work is focusing 500 meters to the north, on the North Sector, and extending north, east and west from there. Maps are being prepared which will be posted on the Mindoro website in due course. The results of a trenching and channel sampling program, carried out in parts of both the North and South Sectors, appear in the accompanying table. High copper values in the 1% plus range were outlined in most trenches over lengths from three meters to 30 meters. TRENCH / CHANNEL RESULTS - EL PASO PORPHYRY PROSPECT-------------------------------------------------- LENGTH COPPER GOLD SILVERSECTOR TRENCH NO. EASTING NORTHING (m) (%) (g/t) (g/t)--------------------------------------------------NORTH TR N1/ Channel 9420E 8660N 20 1.654 less than 0.005 1.50--------------------------------------------------NORTH TR N2/ Channel 9385E 8640N 10 0.072 less less than than 0.005 0.5--------------------------------------------------SOUTH TR S1/ Channel 9700E 8840N 10 5.689 1.016 24.05--------------------------------------------------SOUTH TR S2/ Channel 9745E 8885N 10 0.212 0.100 1.05--------------------------------------------------SOUTH TR S3/ Channel 9730E 8940N 20 1.301 0.097 8.40--------------------------------------------------SOUTH TR S4/ Channel 9755E 8945N 5 0.701 0.122 6.10--------------------------------------------------SOUTH TR S5/ Channel 9770E 9060N 5 0.825 0.342 1.80--------------------------------------------------SOUTH TR S6/ Channel 9830E 9000N 25 1.196 0.123 17.24--------------------------------------------------SOUTH TR S7/ Channel 9800E 9180N 3 0.118 0.036 less than 0.5--------------------------------------------------SOUTH TR S8/ Channel 9600E 8960N 4 1.082 0.707 4.20--------------------------------------------------SOUTH TR S9/ Channel 9600E 8950N 20 0.873 0.313 3.43--------------------------------------------------SOUTH TR S10/ Channel 9615E 8940N 30 0.996 0.174 3.70--------------------------------------------------SOUTH TR S11/ Channel 9640E 9045N 20 0.417 less than 0.005 1.00-------------------------------------------------- El Paso brings the number of porphyry copper-gold targets defined on the Batangas Projects to approximately ten. Drilling is in progress on the Pica Prospect, the first of these to be drill-tested. As reported on June 22, 2005, independent petrographic work on alteration and mineralization intersected in the first drill hole confirmed that Pica is a porphyry copper-gold system. A larger capacity drill rig, better able to handle the drilling conditions, was mobilized to the site in late August to commence drilling a second hole 150 meters away. Results from hole two will be reported in the near future. Work is carried out under the supervision of Tony Climie P. Geol., President of Mindoro, and a "qualified person" as defined by National Instrument 43-101. ABOUT MINDORO Mindoro is a Tier One Company trading on the TSX Venture Exchange (TSX VENTURE:MIO - News) and the Frankfurt Stock Exchange (OLM). The Company is exploring for gold and gold-copper in the prolifically mineralized magmatic arcs of the Asia-Pacific Region. Mindoro has been active in the Philippines since 1996 and is presently focused on six promising projects in politically stable jurisdictions of the Philippines.
Contact:
Mindoro Resources Ltd.
Penny Gould
Executive Vice President
(780) 413-8187
Fax: (780) 426-2716
penny@mindoro.com
www.mindoro.com
OR
Ascenta Capital Partners Inc.
Marshall Farris
Investor Relations
(604) 628-5800 or Toll Free: 1-866-684-4209
info@ascentacapital.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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