Vancouver – Partial results from Mindoro Resources‘ (MIO-V, MNODF-O) infill drilling at its Kay Tanda project in the Philippines sparked investor interest after cutting a near-surface, high-grade gold interval.
Hole KTDH-20 returned 25 metres (from just 3 metres downhole depth) averaging 11.5 grams gold per tonne and included a one-metre interval of 246.4 grams gold. The company considers the intercept to represent true width and is awaiting assays from the remainder of the hole drilled to 118-metres depth.
Mindoros infill program is aimed to tighten-up drill-spacings (to 12.5-by-12.5 metres) on a portion of the Kay Tanda zone and boost understanding of local mineralization continuity. Most of the prior drilling has been on 50-metre centres.
Weve got these higher-grade pods and feeder zones which may not have a great deal of lateral extent but there are probably many within the area of mineralization, stated Mindoro president and CEO Tony Climie. This is all in the proposed open pit so this stuff wont be looked at separately for an underground operation – but what itll do is add to the overall tenor of an open pit resource.
The company foresees a potential open-pit, heap leach operation at Kay Tanda targeting the near-surface stockwork zone. It reports good results from first-round metallurgical testing and anticipates an initial resource estimate by mid-summer.
Kay Tanda is in the companys Archangel project area situated within Batangas province in southern Luzon. Gold and silver plus base metal mineralization at Kay Tanda occurs in an epithermal system with zones of quartz stockworks, veins and hydrothermal breccias. Extensive drilling has indicated a near-surface, flat-lying zone of low-grade stockwork mineralization.
Mindoro also reports deeper holes have intersected at least five steeply-dipping, higher-grade zones hosting bonanza-grade gold and silver that it interprets as feeder zones.
It has a 51% interest in the Batangas land package, which includes Kay Tanda, and can increase that to 75% by taking any one project to feasibility stage.
The company holds a number of porphyry copper-gold and epithermal precious metal projects throughout the Philippines. It is also advancing its Agata nickel laterite project in Surigao province on northern Mindanao.
Shares of Mindoro rallied 10% on the Kay Tanda high-grade gold values, closing up 9 at 99 apiece on strong volume.
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