Mindoro Resources Ltd. (TSX VENTURE:MIO) (ASX:MDO) (FRANKFURT:WKN 906167) has announced further strong drill results of potential economic interest from the Bolobolo and Karihatag nickel targets located in the Surigao nickel district of NE Mindanao, the Philippines.
In addition the company has signed an agreement, with Philippine company, RF Mining and Agro-Industrial Corporation (RF Mining) to acquire a 100 per cent interest in an exploration permit application of 230 hectares covering an area of nickel laterite mineralization and adjacent to Mindoro's Tapian Project.
A total of 380 holes for 4,100m have now been completed to date from the 7,000 metre to 10,000 metre program systematically testing regional nickel targets with the objective of converting the Surigao regional exploration targets to resources.
"The regional drilling program continues to produce strong results in terms of thickness and grade, as we progressively test our regional targets to grow the nickel resource base" said Mindoro's President and Chief Executive Officer Jon Dugdale.
Infill drilling on 50m metre x 50 metre centres will continue at Bolobolo in conjunction with a program to test the San Jose target upon completion of a grade control drilling program at Agata.
New Tenement Acquisition
An agreement was signed on February 16, 2011, with Philippine company, RF Mining and Agro-Industrial Corporation (RF Mining) whereby Mindoro's Philippine subsidiary, MRL Gold Phils. Inc. may acquire a 100 per cent interest in an exploration permit application of 230 hectares covering an area of nickel laterite mineralization adjoining the ground acquired from Corplex Resources Inc. (announced January 12th 2011) and immediately west of the Tapian/Mamatfa area where Mindoro obtained promising nickel values in a road cut (announced October 14th 2010).
Upon receipt of certification from the Philippines Mines and Geosciences Bureau that the application is valid and in good standing, RF Mining will receive a cash payment of one million five hundred pesos (approximately US$34,000). Once the tenement is granted, RF Mining will receive an additional payment of two million pesos (approximately US$46,000). On granting of the tenement, Mindoro shall have three months to conduct due diligence, during which time the company plans to commence an aggressive drill program in order to establish the mineral resource present on the tenement. Upon completion of the due diligence period, Mindoro has the option to purchase a 100 per cent interest in the tenement (and contained resources) by paying RF Mining twenty eight million pesos (approximately US$640,000).
Source: Mindoro Resources Ltd.