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MELBOURNE, AUSTRALIA -- (Marketwire) -- 03/05/13 -- Mindoro Resources Ltd. (TSX VENTURE: MIO) (ASX: MDO) (FRANKFURT:WKN 906167) is pleased to announce that ASX listed Red Mountain Mining Ltd (ASX: RMX, "Red Mountain"), majority owned by Mindoro, has disclosed results from a further nine drill holes on the West Drift Prospect, Batangas project, Luzon Island, Philippines.
Past mining (1960's) was of a high sulphidation copper-silver zone, whereas current drilling is targeting a metallurgically simpler, low-sulphidation mineralization phase (relatively higher gold and less copper, arsenic and silver). Gold results continue to be encouraging and appear to confirm the presence of a high-grade, low-sulphidation gold mineralization phase at deeper levels.
Significant drill results appear in the table below. Highlights are:
-- LB-68, 25m south of LB-70, intersected 4.9m @ 4.47 grams per tonne (g/t) Au from 177.5m depth downhole (est. true width 3.8m) including 1.55m @ 7.37 g/t Au.-- In addition, LB-68 intersected a shallower, silver-rich vein-breccia on the hanging wall of the main mineralized structure, which produced 1.5m @ 499.4 g/t silver (Ag) including 0.5m @ 1,488 g/t Ag from 43.4m down hole (insufficient data are at hand to estimate true width at this stage). This mineralization appears to correlate with a silver-rich vein-breccia previously intersected (LBDD-002), 60-80 m distant, which gave greater than 200 g/t Ag over 0.65m (currently being re-assayed to determine precise value).-- The shallow-dipping silver vein-breccia has now been located in outcrop at surface and is being mapped. Surface sampling and re-assaying of drill core has been carried out and results are awaited.-- LB-70 intersected 6.3m @ 8.03 g/t Au from 197.8m depth down hole (est. true width 5.6m) including 4m @ 11.18 g/t Au (this is the deepest high- grade gold intersection on West Drift to date).-- LB-71: intersected 4m @ 3.17 g/t Au from 196m depth downhole.-- LB-73: intersected 10m @ 2.80 g/t Au from 170.8m depth downhole including 3m @ 4.58 g/t Au and 3m @ 3.49 g/t Au, 200m northeast of the LB-76 intersection.-- LB-76: intersected 5.2m @ 6.05 g/t Au from 138.25m depth down hole including 1.05m @ 16.97 g/t Au, extending the high-grade gold mineralization to the most southern cross-section drilled to date.
These new intersections are part of an aggressive drilling program by Red Mountain at West Drift. Two drill rigs are targeting high-grade gold with the objective of converting the gold mineralisation to mineral resource inventory in accordance with the JORC Standards. A total of 11 holes for 2,158 metres have been completed to date and the program is on-going.
The gold zone at West Drift has now been delineated over a 200 metre strike length within a plus 400 metre strike length target zone Strong mineralization and alteration intersected to date are indicative of a well-developed mineralization system that has excellent potential. Deeper drilling on 50 metre spaced centres has commenced to test below LB-70 (see Figures 1 and 2 below).
Details of the new drilling results are contained in Table 1 below:
Northing Easting Azim.Drill hole (Grid) (Grid) (Mag) Dip Depth m From m To m---------------------------------------------------------------------------- 145LB 68 10647.3 9183.7 degrees -87 degrees 221.8 43.4 44.95----------------------------------------------------------------------------Including 43.4 43.9----------------------------------------------------------------------------LB 68 177.5 182.4----------------------------------------------------------------------------Including 180.3 181.85---------------------------------------------------------------------------- 145LB 69 10773.5 9188.2 degrees -82 degrees 220.0 198.35 200.4---------------------------------------------------------------------------- 145LB 70 10673.1 9165.0 degrees -81 degrees 229.8 197.8 204.1----------------------------------------------------------------------------Including 198.8 202.8---------------------------------------------------------------------------- 145LB-71 10773.5 9188.2 degrees -87 degrees 220.1 196.0 200.0---------------------------------------------------------------------------- 145LB-72 10673.1 9165 degrees -66 degrees 189.4 170.7 172.8---------------------------------------------------------------------------- 145LB-73 10798.5 9188.5 degrees -81 degrees 198.4 170.8 180.8----------------------------------------------------------------------------Including 170.8 173.8----------------------------------------------------------------------------Including 176.8 179.8---------------------------------------------------------------------------- 145LB-74 10625.4 9198.9 degrees -80 degrees 149.9 136.4 137.6---------------------------------------------------------------------------- 145LB-75 10896.0 9188.2 degrees -50 degrees 147.6 140.7 147.6---------------------------------------------------------------------------- 187LB-76 10625.1 9199.1 degrees -73 degrees 165.4 138.25 143.45----------------------------------------------------------------------------Including 139.40 140.45---------------------------------------------------------------------------- 11 drill holes. Total 2,158m---------------------------------------------------------------------------- DH m Ag g/tDrill hole Au g/t Cu % Pb % Zn %----------------------------------------------------------------------------LB 68 1.55 0.06 499.4 1.31 0.31 0.24----------------------------------------------------------------------------Including 0.5 0.11 1488 3.46 0.27 0.47---------------------------------------------------------------------------- less than less thanLB 68 4.9 4.47 10.3 0.27 0.1 0.1---------------------------------------------------------------------------- less than less thanIncluding 1.55 7.37 23.7 0.1 0.1 0.2---------------------------------------------------------------------------- less than less than less thanLB 69 2.05 3.51 1.1 0.1 0.1 0.1---------------------------------------------------------------------------- less than less than less thanLB 70 6.3 8.03 2.07 0.1 0.1 0.1---------------------------------------------------------------------------- less than less than less thanIncluding 4.0 11.2 2.7 0.1 0.1 0.1---------------------------------------------------------------------------- less than less than less thanLB-71 4.0 3.17 4.3 0.1 0.1 0.1---------------------------------------------------------------------------- less than less thanLB-72 2.1 2.67 4.5 0.10 0.1 0.1---------------------------------------------------------------------------- less than less thanLB-73 10.0 2.80 5.94 0.11 0.1 0.1---------------------------------------------------------------------------- less than less thanIncluding 3.0 4.58 10.8 0.22 0.1 0.1---------------------------------------------------------------------------- less than less than less thanIncluding 3.0 3.49 6.30 0.1 0.1 0.1---------------------------------------------------------------------------- less than less thanLB-74 1.20 2.30 14.1 2.0 0.1 0.1----------------------------------------------------------------------------LB-75 6.9m stope intersected----------------------------------------------------------------------------LB-76 5.20 6.05----------------------------------------------------------------------------Including 1.05 16.97---------------------------------------------------------------------------- Total----------------------------------------------------------------------------
