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Mindoro Resources intersects 9.7m of 1.19% nickel from surface at Bolobolo

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Mindoro Resources (ASX: MDO; TSXV: MIO; Frankfurt: WKN 906167) has received further strong drill results from the Bolobolo and Karihatag nickel targets, including 9.7 metres of 1.19% nickel (Ni) and 10.3m of 1.01% Ni.

The targets are located in the Surigao nickel district of north east Mindanao in the Philippines and drilling is aiming to convert a significant proportion  to resources. Bolobolo is part of the Agata nickel-cobalt project.

Results at Bolobolo include:

- 9.70m at 1.19% Ni from surface including saprolite 8.85m at 1.24% Ni from 0.85m;
- 10.30m at 1.01% Ni from surface including saprolite 7.50m at 1.13% Ni from 2.80m; and
- 7.50m at 1.22% Ni from surface including saprolite 5.55m at 1.30% Ni from 1.95m.

A total of 466 holes for 4,990 meters have now been completed from the 7,000m to 10,000m program.

Mindoro is focused on nickel, copper and gold exploration in the Philippines with a strategy of advancing early-stage opportunities to production or joint venture.

The company expects an integrated preliminary economic assessment on its Agata nickel laterite project to be completed in the first quarter of 2011, leading to commencement of a Prefeasibility Study into an integrated on site nickel processing project.

Mindoro is assessing the potential to develop a value-added shipping ore nickel operation to generate early cash flow as well as large scale potential for an onsite processing plant in the Surigao District.

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Mindoro Resources Timeline

Newswire
December 07 2010

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