Vancouver — Mindoro Resources (MIO-V) has launched an 1,100-metre drill program over the Valderama zone on its Pan de Azucar copper-gold project in the Philippines.
Last year, in partnership with Australian-based AurionGold, Mindoro punched 11 drill holes into the property. The holes yielded some promising copper-gold grades from the Valderama target. The best results included; 37.1 metres grading 0.8% copper and 1.87 gram gold per tonne in hole 3, and 41.5 metres averaging 0.12 % copper and 1.2 grams gold in hole 6. Hole 7 returned 4.7 metres grading 0.99% copper, 0.5 gram gold, 13.43 grams silver and 1.24% zinc. Hole 9 tallied 2.7 metres grading 2.2% copper, 1.97 grams gold, 31.1 grams silver and 1.3% zinc. Hole 8 was deepened from its initial 33 metres depth hitting 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 approximately 20 metres thick. The extent of the mineralized zone has not been determined but based on geophysics the mineralization covers an 800-by-200 metre area.
The first 3-to-4 holes will be step out holes and the results will dictate the future direction of the remaining 6-to-8 holes. 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 to earn 45%.
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