Mundoro Announces NI 43-101 Report For Borsko Jezero Copper-Gold Property in Serbia
April 15, 2013, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company”) is pleased to announce the completion of the NI 43-101 technical report for the Company’s 100% owned Borsko Jezero copper-gold property, located in Bor, Serbia. The Borsko Jezero property is within the Timok Magmatic Complex (TMC) and is situated directly west of the Bor Mine and directly north of the Reservoir/Freeport McMoran JV Timok Project.
Teo Dechev, CEO and President of Mundoro commented, “The exploration program on Borsko Jezero has identified seven anomalies starting at approximately 200 m in depth and are well defined up to 800 m. We are following up these anomalies with Induced Polarization (IP) to test for a chargeability response related to a mineralized body at depth. We anticipate generating our first drill targets at Borsko Jezero by the end of May 2013. Our initial drill program will total 4,000 meters to test the seven targets. The results detailed in our technical report are another example of the importance of the TMC and how prospective the region is.”
BORSKO JEZERO PROPERTY (100% OWNED) AMT COMPLETED AND IP ONGOING
The Borsko Jezero license is located 2 km west of the Bor Cu-Au porphyry/epithermal deposit and approximately 3.4 km Northwest from the recently reported drilling activity on the Reservoir/Freeport McMoran JV Timok Project. Geology at Borsko Jezero consists mainly of pyroclastic volcanics of second and third phases of the Timok volcanic complex. Prospective first phase andesite volcanics (host to Bor deposit) crop out in the eastern parts of the license and dips to the west under the pyroclastic rocks. The second and third volcanic phases are considered cover rocks.
The Company has completed a denser Audio-Frequency Magneto-Telluric (AMT) geophysical survey over the previously defined anomalous areas at our Borsko Jezero license. A total of 192 stations were surveyed collecting readings over the full license area (45 sq.km).
Processing and analysis of the collected data delineated seven low resistivity (high conductivity) anomalies prospective for follow-up with the IP geophysical method (Figure 1).
The anomalies start at around 200 m and are well defined up to 800 m in plan and 2D cross-sections. The strongest responses are at 200 m below sea level (600 m depth). Relation to the controlling NW and EW structures and regional targets defined by the interpretation of the magnetic and gravity data is clearly expressed.
Seven reconnaissance IP lines totaling 8.8 line km have been planned. Depending on initial results, the IP survey grid will be extended and detailed as required to cover the prospective areas.
TOPLA AND DUBRAVA-OSTRELJ PROPERTIES (100% OWNED) AMT SURVEY ONGOING
At the Topla and Dubrava-Ostrelj licenses, located east and south-east of Bor mine (see Figure 1) respectively, an AMT survey is ongoing. First pass reconnaissance stations are designed along east-west profile lines spaced 1000 m apart. Measurements are being taken every 500 m along the profile lines. Selected areas which show promising anomalies will be filled in at 500 m profiles and 250 m measurements. Total of 121 stations have been planned for the first phase with 35 collected to date.
Southern Timok Properties Exploration Results
Simultaneous to the current geophysical surveys at Borsko Jezero, Topla and Dubrava-Ostrelj, the Company continued with its data compilation and field exploration at the recently granted southern Timok properties.
At Sumrakovac, initial prospecting and rock channel chip sampling of altered and mineralized andesite outcrops yielded:
- 23 m @ 0.72 g/t Au; 0.1% Cu including 3m @ 1.21 g/t Au,
- 20 m @ 0.2 g/t Au; 0.1% Cu.
At Savinac, single rock samples from silicified andesite breccia returned 8.19 g/t Au with anomalous Ag and Pb. Mapping and trenching is underway in an area approximately 1000 m strike by 600 m width to follow up the high grade Au sample. The area was defined by a previous owner but never drill tested.
At our Bacevica license, the Company completed a soil sampling program over an area of 2100 m by 1800 m, which centered on outcropping pyrite-chalcopyrite mineralization. A total of 349 soil samples have been collected and dispatched for analysis. Rock sampling of mineralized outcrop returned 55 m @ 0.28 g/t Au and 0.21% Cu. The mineralized zone is hosted in altered andesite.
The stream sediment sampling program is underway over all four southern Timok properties. A total of 115 samples have been dispatched for analysis from both the Bacevica and Savinac properties.
ZVEZDA PROPERTY IN BULGARIA
The Company recently won through tender and signed an exploration contract for the Zvezda Property in Bulgaria (see press release dated March 14, 2013). The Company anticipates commencing the field exploration program at the end of April, 2013.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
SAMPLING, ANALYSIS AND QUALIFIED PERSON
The Company uses the ALS Romania and SGS managed laboratories at Chelopech, Bulgaria and Bor Serbia to assay all samples from Serbian and Bulgarian properties. Soil and stream sediment samples are assayed in ALS Romania using ultra-trace level methods combination of ICP-AES and ICP-MS acid digest, 51 elements; whereas gold is assayed by low level detection fire assay method 50g, AAS finish. Preparation of samples includes drying, screening to -80#, fine crushing, split and pulverizing to 75 µm. Rock samples are assayed in ALS Romania using ME-ICP61M four acid digest 35 elements; gold fire assay 50 g, AAS finish.
Stream sediment samples were collected from optimum trap sites for heavy minerals, wet or dry sieved approximately 2kg -1mm silt in the field. Samples were taken at regular intervals of approximately 1.5km along stream, designed to represent catchment areas of approximately 3-4km². Soil sampling was carried out along grid profiles oriented perpendicular to controlling structures of the mineralisation. Samples were collected at regular 50m intervals. Rock sampling was carried out as chip-channels in outcrops on 1 to 3m intervals collecting minimum 1kg material per meter.
In addition to laboratory’s internal quality assurance quality control (QAQC) procedures the Company implements its own QAQC with systematic insertion into sample streams of certified reference materials, field duplicates and blanks. Field duplicate samples are taken every 25 samples and known standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely entered into a data base.
The technical information of this Press Release has been prepared and approved by Mr. G. Magaranov, P. Geo., the Qualified Person as defined by National Instrument 43-101. The technical review of the Borsko Jzero Copper-Gold Property in Sor, Serbia was prepared by D. Power-Fardy, P.Geo., EurGeol and Senior Geologist with Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers of Toronto, Canada, and G. Magaranov, P. Geo., EurGeol and Senior Exploration Manager, SE Europe for Mundoro Capital Inc. Mr. Power-Fardy is independent of Mundoro. Their review and report are in compliance with Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) and definitions of the Council of Canadian Institute of Mining , Metallurgy and Petroleum (“CIM”) standards.
ABOUT MUNDORO CAPITAL INC.
Mundoro is a well-funded, Canadian based, company focused on mineral acquisition, exploration, and development. Our target areas are the Tethyan Belt in Southeastern Europe and the Mesa Central Belt in Northwestern Mexico, both of which are prolific mineral belts with strong exploration and development potential. Mundoro has methodically acquired a district-scale land position in both mineral belts which host significant Gold-Copper porphyry and related epithermal deposits. Our strong project pipeline is positioned to drive long-term, sustainable growth in order to attain production and shareholder return.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Information included, attached to or incorporated by reference into this News Release may contain forward looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the Company’s future strategy and business plan and execution of the Company’s existing plans. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, changes in law, regulatory processes, the status of Mundoro’s assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com.
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For further information please contact Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055 or Michelle Roth, Roth Investor Relations at +1-732-792-2200.