GOLD ANOMALIES IDENTIFIED IN MYANMAR AND INDONESIA
CALGARY, May 2 /CNW/ - Mindoro Resources Ltd. (``Mindoro'') today
announced the following update of its exploration activities in Myanmar, the
Philippines, and Indonesia.
Myanmar
Concession No. 11
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A total of 386 stream sediment and 384 pan concentrate heavy mineral
samples were collected in the project area. Analyses for 75% of the samples
defined twelve heavy mineral pan concentrate geochemistry anomalies. Ten
anomalies have values ranging between 52 parts per billion (ppb) gold and
3,640 ppb gold. Initial follow-up using heavy mineral, stream sediment and
soil sampling is now complete at nine of the twelve sites.
Strongly anomalous pan concentrate values to 27.4 grams per tonne (g/t)
gold were obtained over a stream length of some two kilometres in the Kyaukkyi
area. In addition, grab samples from two boulders collected 230 metres apart
near the head of the anomalous drainage contain 4.6 g/t gold and 2.3% copper,
and 18.3 g/t gold, 0.72% copper and 26 g/t silver, respectively. Initial
reports are that geology consists of sandstone and mafic volcanics with areas
of alteration and quartz veining. Jasperoid boulders wore noted in the area
during previous government investigations. Additional work is underway to
further define the extent and potential significance of this gold target.
An airborne electromagnetic and magnetometer survey is now complete. The
objective was to better define massive sulphide occurrences already identified
by previous ground work, to find new targets, and to prioritize areas for
detailed ground work. Preliminary interpretation defined twelve
electromagnetic conductors that are unrelated to known massive sulphide
occurrences. Further processing of data is underway and ground follow-up has
commenced.
Prioritizing geochemistry and airborne geophysical anomalies and defining
drill targets awaits completion of current follow-up work. Management expects
that a drill program will commence in October or November following the
monsoon season. Mindoro has the right to earn a 3O% interest in the project.
Philippines
As previously reported, Mindoro has the option to earn a 75% interest in
six gold projects in the Philippines which include areas with historical gold
production and on-going artisanal high-grade gold mining. Senior field
personnel have been hired and a Philippine affiliate company is being formed.
Exploration is scheduled to begin in mid-May on three high priority projects:
Agata and Tapian, both in the Surigao Gold District of northeastern Mindanao,
and Pan de Azucar on Panay Island. Mindoro's initial exploration programs
will
consist of stream sediment and soil geochemistry sampling, with mapping of the
known prospect areas.
Indonesia
Darit Project, West Kalimantan
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Follow-up continues at the Kelayu and Penampi gold prospects on the Darit
Project. Work at Kelayu consists of detailed geochemical and geological
surveys to further define the extent of the previously reported gold soil
geochemical anomaly, currently some 800 x 2,000 metres in area, with anomalous
values between 31 and 1,740 ppb gold. New results show, in addition to the
gold target, a copper anomaly defined over 1,500 metres in length and up to
1,000 meters wide, containing values between 200 and 380 ppm copper. The
copper anomaly appears to flank the gold anomaly and coincides with the
central part of a Sintang Intrusive complex. It remains open to the
northeast. Initial interpretation of data suggests the gold anomaly reflects
a potential epithermal gold target, distal to the central Sintang Intrusive
complex, and the associated copper anomaly may reflect porphyry copper-style
mineralization proximal to the intrusive centre.
Tabar 2 Area - Tabar CoW, West Kalimantan
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Interpretation of aeromagnetic data suggests the Tabar 2 area is
traversed by northwesterly trending faults intruded by mafic dykes. A
prominent northeasterly trending structural zone in the western part of the
block is interpreted as a possible graben structure and an associated magnetic
low as felsic volcanics. An arcuate zone of high magnetic susceptibility in
the north-central part of Taber 2 was confirmed by initial ground work to be
due to mafic dykes, probably Sintang Intrusives.
Detailed geochemical and geological evaluations have commenced over two
previously reported stream sediment gold anomalies. The Eastern Anomaly has
values of 50 to 200 ppb gold and is, so far, defined over 2,000 x 4,000
metres. New anomalous base metal results were received from the Western
Anomaly with up to 0.46% copper, 238 ppm lead and 0.16% zinc in the sediments.
These appear associated with the western margin of the interpreted graben and
occur over a distance of 3.6 kilometres. Moderately anomalous gold (up to 61
ppb) and arsenic (up to 265 ppm) values are also present in sediments and
suggest a possible copper-gold mineralization source. This project is a joint
venture with Falcon Ventures International Corp., who may earn a 50% interest
in the project.
Kubang Project, South Sumatra
-----------------------------
A preliminary exploration permit (SIPP) has been received for the Kubang
CoW application area. Initial exploration activities have begun which will
include local public communication programs, examinations of known gold and
copper occurrences, and regional geochemical sampling.
Mindoro is a Canadian-based mineral exploration company focusing on gold
and gold-copper exploration in Southeast Asia.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
%SEDAR: 00002772E
-0- 05/02/97
For further information: Tony Climie, President and CEO, Rodney Orr, Vice President Exploration or Penny Gould, Manager Corporate Affairs, Mindoro Resources Ltd., (403) 413-8187, Facsimile: (403) 426-2716 E-mail: mindoro(at)mindoro.com, Website: info-mine.com
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