October 21, 2013, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company”) is pleased to report on the scout drilling program from its 100% owned license areas, Borsko Jezero and Dubrava, located in the Timok Magmatic Complex (“TMC”) in northeastern Serbia.
This first phase scout drilling program focused on the Company’s licenses which are directly adjacent to the Bor Group mine and the Reservoir/Freeport Timok JV (see Figure 1: Drillhole Locations).
The scout drilling program was designed to begin testing geophysical targets undercover and provide the Company with a preliminary understanding of the geology and structure, along strike and adjacent to, the Bor epithermal and porphyry copper (Cu) – gold (Au) deposits. This diamond drill program totaled approximately 3220 meters in five drillholes. Highlights of the results are in Table 1.
Teo Dechev, CEO and President of Mundoro commented, “TMC is a prolific area for copper and gold mineralization as has been demonstrated by Bor Group which has been mining in this area for over 100 years, and by the recent discovery by the Reservoir/Freeport Timok JV, approximately 7 km southeast of the Bor Group mining operations. Mundoro’s scout drilling program was designed to test Audio-Magneto-Telluric (AMT) anomalies undercover to the west of the Bor Group mining operations and in the northwest-southeast corridor between the Bor Group operating mine and the Timok JV discovery. Mundoro’s two scout drillholes in this corridor each intersected mineralization. Our next steps will be to complete detailed mapping of the Dubrava and Topla licenses in the corridor area as well as further geophysics and follow up drilling in 2014. Mundoro is evaluating joint venture opportunities to expedite the exploration program.”
Ms. Dechev added, “The Company is also concurrently working on our southern licenses (Savinac and Bacevica) where trenching at the Tilva Rosh area has shown strong results with 12 m of 30.39 g/t gold and 171.27 g/t silver. The Company is completing further trenching, soil sampling, alteration mapping and following up with geophysics with the aim to drill test in Q2-2014.”
Table 1: Summary of Results.
Discussion of Drilling Program
In the 2013 exploration program of the central area licenses Borsko Jezero, Dubrava and Topla, Mundoro completed AMT and Induced Polarization (“IP”) geophysical surveys over re-interpreted regional magnetic geophysical data which generated several promising anomalies. Drillhole locations are shown on Figure 1 along with background of AMT geophysical anomalies identifying the major mines and projects in this area. All drillholes were drilled vertically and inclined testing various targets. Hydrothermally altered volcanic rocks of various types were intersected in all holes suggesting proximal or distal location of mineralised sources.
Two holes were drilled in the Borsko Jezero and Dubrava corridor BJ-04 (728.3m depth) and BJ-05 (495.3m depth) in order to explore the along strike continuation of the Bor deposits favorable geology and structure. Both drillholes BJ-04 and BJ-05 intersected copper and gold mineralization and copper-gold anomalous intervals related to hydrothermally altered volcanic rocks.
Drillhole BJ-04 intersected two styles of Cu-Au mineralisation covellite veinlets and chalcopyrite-pyrite with minor bornite ore clasts. The ore clasts type is similar to one of the Bor Deposit ore bodies called “Novo Okno” located approximately 2 km to northwest of BJ-04. The “Novo Okno” ore body is made up of high grade Cu-Au massive sulphides clasts from 0.5 to 50 m³ in size which have been found elsewhere in the region at a distance approximately 4 to 5 km from the known ore body. As Mundoro’s scout drill program intersected this style of mineralization, there exists further potential for mineralized ore bodies on strike to the southeast of the main Bor Deposit which has been previously mined out by Bor Group.
Drillhole BJ-05 intersected mineralized and anomalous gold intervals starting from 377 meters, related to argillic altered andesite containing disseminated pyrite and quartz-carbonate veins and veinlets.
Three drillholes (BJ-01, BJ-02, and BJ-03) were designed to test geophysical anomalies in the southwestern and northeastern parts of Borsko Jezero and the northern portion of the Sumrakovac licenses. These three drillholes did not intersect any mineralization related to the tested AMT geophysical anomalies.
The scout drilling program has obtained valuable structural and geological information for the Company’s Timok properties and the region as a whole. Drill data and results will be evaluated, interpreted and integrated for use in planning further exploration within this prospective part of the license areas.
The company continues exploration within the licenses surrounding the Bor Group operating mines with detailed structural and alteration mapping and outcrop rock sampling. Soil geochemical surveys and trenching programs will be carried out over selected non-undercover areas. Additional detailed IP/Resistivity and electro-magnetic geophysical surveys are being planed over Dubrava and Borsko Jezero licenses in conjunction with orientation surveys over known ore bodies.
Sampling, Analysis and Quality Assurance and Control (QAQC)
Drillhole orientations were surveyed at approximately 50 meters intervals. Drill core was collected from drill sites by the Company’s geologists and processed and sampled at the Company’s core shed according to industry best practice standard procedures. Samples were collected as half PQ or HQ core at one meter lengths from mineralised intervals and three meter lengths from none mineralised intervals. Where necessary the sampling lengths were adjusted to reflect the geological boundaries, occasionally with maximum length up to 5m.
All samples are assayed using 50 gram fire assay with atomic absorption finish and ME-ICP61 by ALS Romania. The entire sample was crushed to 2mm, then split off a 1 kg sample and pulverized the split to better than 85% passing 75 microns. Quality Assurance and Quality Control procedures include the systematic insertion of standards and duplicates into the sample streams. Duplicate core samples are taken every 25 samples and standards and blanks are inserted after every 20th sample. All data collected from detailed logging and assay results from the laboratories are routinely verified and entered in an Access data base.
The technical information of this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., the Qualified Person as defined by National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based, company focused on mineral acquisition, exploration, and development. Our primary focus is advancing our properties on the Tethyan Belt in Southeastern Europe. Mundoro has methodically acquired a district-scale land position on this prolific mineral belt which hosts significant Gold-Copper porphyry and related epithermal deposits. Our strong project pipeline, which also includes assets in Mexico and China, 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.
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.
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.