Vancouver With a drill rig turning on the Lobo property and metallurgical test work planned for the nearby Archangel project in the Philippines, Mindoro Resources (MIO-V) has dealt a portion of its Surigao land holdings to fellow junior Panoro Minerals (PML-V).
Panoro can earn a 40% interest in six properties by spending $2 million over four years. At the end of the day, Mindoro would hold a 35% interest with a Philippine partner having a 25% stake.
Located in northern Mindanao, the land package covers the Agata and Taipan targets. Mindoro drilled the former in the late 1990s.
Eleven holes tested two target areas with ten of them returning gold mineralization grading more than 0.5 grams gold per tonne. The Assmicor prospect is considered prospective for a shallow, bulk-mineable resource, as well as a major porphyry-type gold system beneath alluvial cover to the east. The East Limestone prospect returned up to 2.21 grams gold over 8 metres in hole 10.
A US$250,000 work program comprising alteration mapping and geophysics has been recommended to be followed by a US$760,000 drill program.
Moving to the north on the island of Luzon, Edmonton-based Mindoro has reported encouraging drill results from the Lobo gold property.
The best results have come from the SW Breccia zone (SWB), where hole 7 cut 22.34 grams gold per tonne over 13 metres. Holes 8 and 9 were drilled 172 metres south of hole 7 and intersected, respectively, 3.5 metres averaging 2.4 gram gold, 2.5 gram silver and 0.43% copper, and 4.1 metres grading 2.4 grams gold, 4.84 grams silver and 0.5% copper.
Based on the initial findings, Mindoro has moved the rig back to the central part of SWB. Crews will attempt to delineate the zone at 40-metre spacings and to depths of 150 metres below surface.
The SW Breccia zone appears to be low-sulphidation epithermal mineralization overprinted on to an earlier, copper-gold high-sulphidation style. The zones occur as pods or lenses, so a considerable amount of drilling will be required to define the mineralization. A second drill will soon be added.
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