The latest two holes from a second round of drilling on the Lobo gold property in the Philippines have returned more encouraging results for Mindoro Resources (MIO-V).
Hole 17, drilled at 80 to the east, cut a weighted average of 12.5 grams gold per tonne over an estimated true width of 4 metres, beginning at 36.2 metres below surface. A second hole, no. 18, was sunk from the same set up (but at 45 to the east) and returned 5.7 grams gold over 6.1 from 21 m below surface. In both cases gold mineralization is associated with quartz-barite-pyrite breccia.
The holes were collared 15 metres north of previously drilled holes 14 to 16. Results from those holes, drilled vertically and at various angles, were highlighted by a 12.1-metre section running 15.7 grams gold in hole 14 (T.N.M., Dec. 2-8/03).
Assay results from hole 19 collared 20 metres up-dip and east of holes 17 and 18 are pending.
Meanwhile, ground magnetic surveying over the SW Breccia and West Drift zones is wrapping up, and Mindoro has begun planning for an expanded survey aimed at covering anomalies that remain open to extension.
Mindoro can earn a 75% interest in the project by paying US$1.5 million in cash and issuing 1.5 million shares to a private Philippine company. Mindoro is also responsible for completing a feasibility study.
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