Mindoro reports further drill results from Nickel Laterite Projectadmin
Thursday, August 7th 2008
Mindoro Resources Ltd. is pleased to report results for a further 21 drill holes from the Phase 2 drill program on the Agata North Nickel Laterite Project, Philippines. The limonite horizon averages 1.09 percent nickel, 0.11 percent cobalt and 43.30 percent iron over an average thickness of 2.16 meters. The underlying saprolite horizon averages 1.29 percent nickel over an average thickness of 5.49 meters. Grades and thicknesses are consistent with those previously reported and continue to be of potential economic interest. The drill program is continuing to expand the resource. An updated NI 43-101 resource estimate will be released during August.
On April 30, 2008, Mindoro reported an initial NI 43-101 mineral resource estimate from Agata North (see About the Agata Nickel Laterite Project). Objectives of the Phase 2 drill program were to confirm the internal continuity of mineralization with closer-spaced drill holes and to extend the initial resource. Results from a total of 55 drill holes of the Phase 2 drill program, which confirmed internal continuity of the mineralization and continued to expand the resource, were reported by Mindoro on July 16 and 29, 2008. Results of a further 43 drill holes are awaited and drilling is ongoing with six drill rigs. Current drill spacing is on 100 meter centers, adequate for at least inferred resource category and likely indicated resource category for much of the mineralization.
A full listing of the latest drill results and a drill hole location map is available with this release on Mindoro’s website.