Edmonton-based
From 11 diamond drill holes totalling 798 metres, 10 intersected gold mineralization exceeding 0.5 gram per tonne in two targets near the Assmicor mine, where artisanal miners are mining mixed oxide-sulphide ore to a depth of 30 metres.
At the first target, named Assmicor, the best results were: 18.8 metres (from 2.4 metres) grading 1.13 grams gold in hole 5; and 24.2 metres (from surface) of 1.38 grams in hole 6. The drilling intersected a monzonite intrusive, ultramafic rock, calc-silicates, limestone and a chlorite schist — all of which are cut by diorite dykes.
The company says the results suggest the existence of a porphyry gold system.
At the second target, named East Limestone, the best result came from hole 10, which intersected 8 metres (from 3 metres) of 2.21 grams gold and 8.3 metres (from 39 metres) of 1.29 grams gold. The hole intersected strongly altered limestone, calc-silicate and chlorite schist, intruded by diorite dykes.
Mindoro can earn a 75% interest at Agata from its Philippine partner, Minimax Mineral Exploration, under a mineral production-sharing agreement awarded by the Philippine government in May.
Mindoro is trying to close a $350,000 private placement, the proceeds of which will be directed towards more drilling at Agata as well as at the company’s Pan de Azucar copper-gold prospect on the island of Panay.
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