MINDORO RESOURCES LTD. REPORTS ENCOURAGING GOLD EXPLORATION RESULTS FROM TAPIAN PROJECT, PHILIPPINES
EDMONTON, Nov. 10 /CNW/ - MRL Gold Phils., Inc. (''MRL''), a wholly-owned
subsidiary of Mindoro Resources Ltd. (''Mindoro''), announces encouraging
initial exploration results from its Tapian Project, Mindanao Island,
Philippines. Extensive gold showings, prospects and anomalies are being
outlined by semi-detailed geochemistry and geological and prospecting surveys,
underway since May, 1997. Located within the Surigao Gold District, the
Tapian Project consists of two, non-contiguous, claim blocks referred to as
Tapian Main and Tapian San Francisco.
Tapian Main Area (16 claims, 1,296 hectares)
Mt. Tapian Prospect: A strong and extensive stream sediment gold anomaly
is outlined, based on results received to date for 88 of 227 samples. The
anomaly, defined by values of greater than 40 parts per billion (ppb) gold
extends over a watershed area of over 1.5 by 1.5 kilometres (km). Six values
are greater than 500 ppb gold, with a maximum of 8,770 ppb (8.7 grams per
tonne (g/t)). Arsenic and copper anomalies, to a maximum of 216 parts per
million (ppm) and 167 ppm respectively, are associated.
The anomalies are centred on an area of high-level intermediate stocks
intruding ultramafics and sediments, including limestones. Three abandoned
pre-World War II underground gold mines occur in two of the anomalous drainage
systems. Five other anomalous drainage systems are defined where no known
previous mining operations occur and are believed to represent new targets. In
one of these, prospecting located an outcrop of altered intrusive from which a
grab sample assayed 5.0 g/t gold. Gridding, detailed soil geochemistry and
geological surveys, and rock sampling of showings and old mines is planned to
commence immediately at the Mt. Tapian Prospect.
Tagbuyuwan Prospect: Located two km northeast of the Mt. Tapian
Prospect, prospecting has located an area of altered intrusive. Gridding and
detailed evaluations have started.
San Francisco Area (14 claims, 1,134 hectares)
This area is 1.8 km north of Tapian Main. Semi-detailed soil
geochemistry and geological surveys are currently in progress on 3 claims.
Results for 553 of 645 soil samples have been received. Two broad anomalous
areas are being defined: Mina Tunnels and Limon.
Mina Tunnels Prospect: Two significantly anomalous and broad
northeast-southwest trending gold anomalies (greater than 50 ppb) are defined
by 91 of 441 soil samples collected. The strongest anomaly, with a maximum
value of 10,000 ppb gold (range: less than 10 ppb to 10,000 ppb; average: 55
ppb), is greater than 200 by 300 metres, and open to the southwest. At least
17 old workings and gold mines occur within this anomaly. Geology consists of
limestones, carbonaceous shales and mudstones intruded by intermediate
intrusions. The second anomaly is more diffuse, extends approximately 300 by
100 metres, and has a maximum value of 350 ppb gold, and is still open to the
southwest. This prospect is being evaluated for bulk-tonnage gold potential.
Rock sampling is planned to commence once government approvals are in place,
expected in December, 1997.
Limon Prospect: This is adjacent to, and southwest of Mina Tunnels. To
date, 112 soil samples have been collected from 2.4 km of grid. Twenty-two
soil samples have values greater than 50 ppb gold, to a maximum of 580 ppb
(range: less than 10 ppb to 580 ppb; average: 50 ppb). These define two
northeast-southwest trending anomalies, each some 200 by 100 metres and open
in both directions. Extensive quartz-sericite-pyrite alteration (over 500
metres in width) and abundant siliceous and quartz breccia boulders were noted
in the vicinity. This prospect bears epithermal characteristics. Work is
continuing to establish the extent and significance of these anomalies.
MRL is also actively exploring its Agata, Mat-I, and Pan de Azucar
projects in the Philippines and will shortly commence evaluation of its Lahuy
Island Project. In Indonesia, Mindoro is active on three of its eight
projects, and work has recommenced on Concession 11 In Myanmar now that
monsoon rains have eased.
Mindoro Resources Ltd. is a Canadian mineral exploration company focusing
on gold and gold-copper exploration in Asia. Mindoro currently has working
capital of approximately $3,600,000.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein. |
