Mindoro keen on Tapian San Francisco project

Mindoro Resources (MIO-V) is gearing up to explore ground situated 10 km southwest of the Boyugnan copper-gold porphyry discovery on Mindanao Island in the Philippines.

Partners Philex Gold (PGI-V) and Anglo American (AAUK-Q) recently intersected 365 metres grading 0.81% copper and 1.9 grams gold per tonne at Boyugnan (T.N.M., Sept. 25/00). The discovery was a boon for juniors working in the surrounding region, including Mindoro.

Based on structural studies, Mindoro believes the major controlling fault at Boyugnan extends directly through its Tapian San Francisco project, while the southwestern extension trends directly on to its Riverside prospect.

Mindoro notes that “strong and extensive” copper-gold anomalies are associated with this fault on its property. The geological setting is believed to be similar to the porphyry system at Boyugnan.

So far, only about 20% of the Tapian San Francisco property has been systematically explored. Previous work was focused on areas of old gold workings and mines.

The property consists of volcanics lying unconformably over limestone and ultramafic rocks. This package is intruded by intermediate Pliocene-aged intrusives that are believed to be the source of mineralization in the region. To the north, the intrusives have been un-roofed by erosion, while to the south, extensive hydrothermal alteration, related dykes and widespread mineralization can be seen in the capping volcanics.

Hydrothermal alteration is described as “extensive and pervasive and characteristic of porphyry copper-gold systems.”

At the company’s Gold Hill prospect, a total of 1,063 soil samples were collected in late 1997. A large copper anomaly was defined, along with two large gold-in-soil anomalies. Coincident arsenic and zinc anomalies are also present.

Mindoro has not systematically sampled the old gold mines and workings on its property but has collected 54 grab samples of both float and outcrop. Results averaged 0.4 gram gold per tonne (they were not tested for copper).

About 800 metres north of the Gold hill prospect, the Riverside prospect is host to a broad anomalous zone of coincident gold, copper and arsenic anomalies that comprise a total area of 1.75 by 1.3 km. No soil geochemistry or systematic geological work has been performed over this prospect.

Mindoro has 19.3 million shares fully diluted. The Edmonton-based company can earn 75% of the aforementioned properties from a private Philippine company through phased exploration expenditures.