Vancouver – An independent resource estimate on Mindoro Resources‘ (MIO-V)Southwest Breccia zone, pegs the deposit as containing 56,300 oz. gold indicated, plus another 10,500 oz. inferred. The Lobo project is part of the company’s 14,400 hectare Batangas copper-gold property on Luzon Island in the Philippines.
Mindoro is exploring for epithermal gold mineralization with associated porphyry copper-gold systems in the island nation. It was buoyed by a recent high court decision that allows foreign ownership of large mining projects in the country.
The Southwest Breccia mineralization shoot occurs on the Camo Trend, one of several mineralized vein breccia trends on the Batangas property.
The indicated resources are estimated as 270,000 tonnes at 6.40 grams gold per tonne containing 56,300 oz. gold with inferred resources of 61,000 tonnes grading 5.35 grams containing 10,500 oz. gold.
The mineralization is geologically well-constrained within a quartz-barite-pyrite breccia that is in abrupt contact with the adjacent wallrock. The independent resource estimate on the Southwest Breccia mineralization shoot extends to about 130 metres depth and uses a cutoff grade of 0.5 grams gold.
All resources were placed into the indicated and inferred categories owing to low core recovery (64%) in places.
The resource estimate is based on 25 shallow holes drilled with a man-portable diamond drill rig. Mindoro plans to use a larger drill to extend the resource beyond the 130-metre depth of the current estimate.
Resource delineation drilling is also planned on a new shoot, situated on the adjacent Sampson trend where one hole in the West Drift area returned 12 metres of 7.42 grams gold in late 2004.
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