Vancouver – Mindoro Resources (MIO-V) has intersected what may be a new gold ore-shoot in the West Drift area of its Lobo project in the Philippines while drilling along the Sampson trend. The Lobo project includes a past-producing underground mine situated about 150 km south of Manila on Luzon Island.
Drilling along the Sampson epithermal vein breccia structure towards the old Lobo copper mine intersected low-grade gold mineralization in most of the holes which is interpreted to be on the margins of an ore-shoot.
Meanwhile, closer to the old mine site, Hole 38 hit high-grade gold at a vertical depth of 120 metres with 12 metres of 7.42 grams gold per tonne including 2.5 metres of 29.46 grams gold. Higher grades of copper and silver were also found in holes 34 and 36 in association with a strong quartz-barite-sulphide breccia structure.
Reconnaissance work on the project in 2002 defined two major epithermal veins, Sampson and Camo, each of which is thought to be over 2 km long and up to 19 metres wide. The veins, exposed by old mine workings, contain widely distributed, high grade gold-silver-copper mineralization.
The Sampson Trend is 800 metres from the parallel Camo Trend, where delineation drilling was recently completed on the SW Breccia gold ore-shoot as part of a resource estimate.
The company says it intends to explore its 14,400 hectare land package which covers the Lobo and Archangel projects now that it has financing in place. Drill testing will focus on porphyry copper-gold targets, as well as firming up and adding the epithermal gold resources.
A larger capacity drill rig will be moved to the project within the next few months and another portable drill rig has started testing other targets along the breccia trends at Lobo. An IP survey is also under way to outline porphyry copper-gold targets.
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