MUNDORO BEGINS DRILL PROGRAM ON SKORUSA GOLD AND COPPER PORPHYRY IN SERBIA
November 29, 2016, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company“) is pleased to announce two key milestones in its current drilling campaigns in Serbia and Bulgaria: (i) commencement of drilling on the Skorusa porphyry target on the Company’s 100% owned Sumrakovac exploration license located in the southern half of the Timok Complex in northeastern Serbia (Figure 1: Location Map – Timok South Properties), and (ii) the completion of drilling on the Chuka porphyry-epithermal target on the Company’s 100% owned Byalo exploration license in southeastern Bulgaria. Assaying of the Chuka drill core is ongoing and is expected to be completed around the beginning of January 2017.
- Mundoro holds approximately $5.3 mln in cash, cash equivalents and short term investments as of September 30, 2016 and is debt free
- The Skorusa porphyry drill program will include 1000 m in three planned drill holes
- The Skorusa porphyry copper-gold target sampling to date highlights:
- A zone of well-developed stockwork veining at surface returned a channel sample interval of 23m @ 0.17% Cu and 0.72 g/t Au.
- Drill results from SDD002 intersected 36m @ 0.19% Cu and 0.21 g/t Au from 291 m depth are consistent with the outcropping stockwork veining.
Teo Dechev, CEO and President of Mundoro commented, “Given the copper-gold-molybdenum soil geochemistry, channel sampling results from the stockwork veining on surface, and positive results from drilling in H2-2015, we believe the untested core of the Skorusa porphyry remains an attractive target for copper-gold mineralization. Commencement of drilling at the Skorusa target in November and completion of drilling at the Chuka target in October represents steady execution of Mundoro’s strategy to systematically develop, prioritise and drill test the targets on our 100% owned projects.”
The Skorusa Drill Program
The Company has organised to drill 1000 meters over three drill holes in order to improve the understanding of the system and test the target at depth, to the northeast and southwest (Figure 2: Skorusa Target Drill Hole Locations).
Table 1 – Summary of proposed drill holes
|PDDH-01||290||-80||350||Test beneath the stockwork veining which returned 23 m @ 0.72g/t Au and 0.17% Cu from surface channel sampling.|
|PDDH-02||310||-80||350||Test southwest extension of the stockwork zone, as exemplified by the surface channel sampling. Test beneath the copper mineralisation intersected in historical drill hole B7-66 which has two intervals of note: 25 m @ 0.34% Cu from 80 m, and 45 m @ 0.37% Cu from 200 m.|
|PDDH-03||310||-80||300||Test northeast extension of the mineralisation and across the NE-SW trending structure supported by the copper and gold soil geochemistry.|
The Skorusa target has been identified through systematic work completed by Mundoro which resulted in the location of a zone with potassic alteration and associated stockwork mineralisation at surface, extending NE-SW for about 210 m along strike, and remaining laterally open to the NE. Highlighted result include 23m @0.72g/t Au and 0.17% Cu obtained from a continuous rock-chip channel sample along the central mineralised zone. The historical drilling on this portion of the system has not been systematically sampled. The planned drilled program aims to clarify the currently limited understanding of the controls and depth continuation of the stockwork mineralisation as well as copper-gold grade associated with the potassic alteration.
Drill hole STDD002 drilled in H2-2015, collared 250 m to the southwest of the exposed stockwork zone intersected a discrete interval of veined porphyry which assayed 36m @ 0.19% Cu and 0.21 g/t Au from 291 m depth. This intercept, if linked to the main stockwork zone, could represent the southwestern edge of the mineralised zone. Part of the aim of this drill program is to confirm this interpretation.
Further Exploration on the Sumrakovac License
Exploration work to date on the Sumrakovac license demonstrates two mineralized centers: Skorusa and Skorusa East. Prior shallow reverse-circulation holes in Skorusa East intersected hydrothermally altered andesite volcanics interpreted to be part of the larger footprint of a porphyry system. Trace disseminated chalcopyrite and quartz-chalcopyrite-pyrite B-veins were encountered throughout the STRD005 drill hole suggesting existence of a different mineralized center to the east which requires to be followed up.
Additional Drill Targets in H1-2017
Having closed the $1 million private placement in September 2016, we are using these funds to drill test five target areas. The first target at Chuka has been completed, the second target at Skorusa has now commenced and the Company plans to drill approximately an additional 2000 m on two targets at the Timok South Properties in Serbia and approximately 1000 m at the Angel Vivoda epithermal gold target in Bulgaria.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian mineral exploration and development public company focused on building value and generating investment return for its shareholders through directly investing in mineral projects that have the potential for mineral resource discovery or development. The Company has a diverse portfolio of exploration projects primarily focused on gold and base metals in two European countries, Serbia and Bulgaria, as well as Mexico and potentially North America. Mundoro (TSX-V:MUN) is funded to purse it strategy, has a technical team with proven exploration success, a corporate team with established capital markets relationships and a board of directors with a breadth of corporate governance knowledge.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
Technical information contained in this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., Qualified Person as defined by National Instrument 43-101.
Sampling and Analysis
All rock samples are assayed using 50-gram fire assay with atomic absorption finish and ME-MS61 by ALS Romania prepared by ALS Bor, Serbia. Quality Assurance and quality control procedures include the systematic insertion of standards and duplicates into the sample streams. Field duplicate samples are taken every 25 samples and standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely verified and entered in an Access database.
Soil samples were collected from “B” horizon of the soil media by hand digging a hole from 0.1 to 0.5m. Material of ~500 grams was collected, sealed and send directly to the ALS laboratory in Bor. Samples were dried at <60°C/140F, sieve sample to -180 micron (80 mesh) and assayed using 30gram fire assay with atomic absorption finish and ME-MS41L – 51 elements by aqua regia acid digestion and a combination of ICP-MS and ICP-AES.
Caution Concerning Forward-Looking Statements
This News Release contains forward-looking statements. 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, and include the following: completion of the earn-in expenditures and options by JOGMEC; and completion of a definitive joint venture agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Timok North Properties, the Company’s future strategy and business plan and execution of the Company’s existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they 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, exploration results, commodity prices, 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, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.