Having closed a $350,000 financing and with another $1-million effort in progress,
The junior intends to focus its efforts on outlining a gold resource at the Agata project and finding similar targets on the adjacent Tapian project; both are on the island of Mindanao in the Philippines. It also hopes to outline a large gold-silver system on the Tiris project in Indonesia, and advance the Pan de Azucar gold-copper system, on the Philippine island of Panay, to the drill stage.
An induced-polarization survey will be used to refine drill targets at Pan de Azucar, a gold-copper system measuring 2 by 2 km. Mindoro views the project as having excellent potential for a high-sulphidation gold-copper deposit at relatively shallow levels (similar to Lepanto in the Philippines), as well as a porphyry copper-gold system at greater depth (similar to the Far SE deposit below Lepanto).
Once results from the geophysical survey are in hand, a combined diamond and reverse-circulation (RC) reconnaissance drill program will begin.
Mindoro says it has received expressions of interest from major companies but that it will not be entering negotiations at least until it funds the initial drill program.
A 4,000-metre RC program is planned for the Agata project in order to delineate resources. In 1999, a reconnaissance program tested the Assmicor and Limestone targets and returned oxide mineralization of better than 0.5 gram gold per tonne in 10 of 11 holes. Both these targets are believed to offer “excellent potential for open-pit, heap-leach operations, as well as higher-grade potential.”
The best results came from drilling on the Assmicor target, which yielded 19 metres of 1.1 grams gold and 24 metres of 1.4 grams. The near-surface, intrusive-hosted mineralization is open to the north and east.
Two holes drilled on the eastern edge of the Limestone target returned 2.7 grams gold over 7 metres and 2.2 grams gold over 8 metres, respectively. The target area covers strong soil gold anomalies and numerous old workings. The mineralization occurs in silty limestones and is believed to resemble sediment-hosted deposits in Nevada.
Surface sampling and trenching are planned for the nearby Tapian project, which hosts targets similar to Agata, including sediment-hosted mineralization.
Situated in the Lebong gold district on the Indonesian island of Sumatra, the Tiris project hosts the Hirimau prospect, which contains a surface blanket of low-grade, gold-silver mineralization in three major zones that were the sites of Dutch gold-sluicing operations in the early 20th century.
Mindoro says this prospect shares many similarities with low-sulphidation, gold-silver deposits elsewhere in the world. Because of the sheer size of the system, the company believes it will have to take on a joint-venture partner to help finance drilling. A major company has expressed interest and negotiations are continuing.
Mindoro can earn a 75% interest in the Philippine projects from its local partner, Minimax Mineral Exploration, under a mineral production-sharing agreement awarded by the government last May. The company owns 100% of the Tiris project, which is covered by a Contract of Work.
At the management level, the junior recently announced the departure of Rodney Orr as a senior vice-president, who remains as an independent consultant.
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