Mindoro begins drilling

Vancouver — Mindoro Resources (MIO-V) has launched a 1,100-metre drill program at the Valderam a zone, part of its Pan de Azucar copper-gold project in the Philippines.

Last year, in partnership with Australian-based AurionGold, Mindoro sunk 11 drill holes. Highlights are as follows:

q 37.1 metres grading 0.8% copper and 1.87 grams gold per tonne in hole 3;

q 41.5 metres of 0.12% copper and 1.2 grams gold in hole 6;

q 4.7 metres grading 0.99% copper, 0.5 gram gold, 13.43 grams silver and 1.24% zinc in hole 7; and

q 2.7 metres of 2.2% copper, 1.97 grams gold, 31.1 grams silver and 1.3% zinc in hole 9.

Also encouraging was hole 8, which was deepened from its initial 33-metre depth and intersected disseminated chalcopyrite and sphalerite from 55.75 to 113.2 metres. A 40.3-metre section from 55.75 to 96 metres returned 0.69% copper, 1.21 grams gold, 4.34 grams silver and 0.63% zinc. Included in this interval was a higher-grade portion running 1.1% copper, 1.19 grams gold, 6.49 grams silver and 1.19% zinc over 19.3 metres.

Mineralization at the Valderama zone is described as a “high-sulphidation style” pyritic sulphide overprinted by low-sulphidation events. The zone is exposed at surface at Valderama Hill, where it is about 20 metres thick. The extent of the mineralized zone has not been determined, though, based on geophysics, it appears to cover an 800-by-200-metre area.

Earlier this year, AurionGold elected to drop its option to earn a 65% interest in the project. The Pan de Azucar deal called for the Aussie producer to spend A$4.5 million on exploration over four years in order to earn 45%.