January 13, 2014, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company”) is pleased to provide an update on its exploration activities at its 100% owned Savinac, Zeleznik and Sumrakovac properties along the Timok Magmatic Complex (TMC). Located in northeast Serbia, the TMC hosts significant gold-copper porphyry and related gold-copper epithermal deposits with the benefit of European infrastructure.
Teo Dechev, President and CEO commented, “We are very pleased to provide investors with an update to our exploration program. At Savinac, we continued trenching at Tilva Rosh, for which we previously reported high grade gold results near surface. The follow up trenches continued to extend the mineralization and the geochemical sampling around the area identified new parallel zones. Our next step at Tilva Rosh will be to drill test at depth. Work at our Zeleznik license, which sits along the same geological and structural setting as the Majdanpek Mine, highlighted two areas with significant Cu-Au-Mo anomalies which are slated for trenching and drilling in 2014. Mundoro has quickly moved along from compiling an extensive property package in the TMC area to defining a number of near surface mineralized zones to now drill testing in 2014”. “In parallel to our exploration activity, we continue to evaluate joint venture opportunities for our projects while at the same time evaluating developed assets closer to production.”
The soil geochemical campaign highlighted three major mineralized areas:
- Tilva Rosh to the North,
- Bukovo in the center, and
- Markov Kamen to the South.
The high grade gold results previously obtained at Tilva Rosh are controlled by a north-west fault directly related to a gold-in-soil anomaly of 600 m by 170 m. The north-west fault also intersects the north-east structure adding an additional 1200 m by 400 m gold-in-soil anomaly to be followed up in Q1 2014 (Figure 1 – Savinac Gold-in-Soil Geochemical Anomalies, Figure 2 – Tilva Rosh Trench and Rock Results). Follow-up exploration work in 2014 will consist of mapping, trenching along the new parallel zones and drill testing the trenched gold prospect in mid-2014.
The soil sampling comprised 1,679 samples and was designed to cover Savinac’s hydrothermal alteration system. The results confirmed the presence of a mineralized structural zone extending over a strike length of more than 7 km identified by soil samples containing greater than 20 parts per billion (ppb) gold associated with Ag, Cu, Mo, Pb, Zn, Sb and As anomalies (Figure 1). This structural zone, marked by intense argillic and advance argillic altered andesite volcanics, contains two major fault directions north-west and north-east.
The gold in-soil anomaly and the initial high grade trench results were followed up by step-out trenches and outcrop rock sampling. The trenches were dug down to bedrock (0.5 to 1.5 m depth), perpendicular to strike of the mineralised structure and the trend of the soil anomaly. Continuous channel samples of up to 2 m long were collected along the base of the trenches.
Selected results are summarized in Table 1. The location of trenches and rock outcrop results are shown on Figures 1 and 2. Table 1: Summary of significant trench results from Tilva Rosh prospect, Savinac license. (Trench results 4, 2 and 1 were previously reported on September 3, 2013)
The results from the soil geochemistry between trenches T13 and T5 identifies a high grade bearing north-west structure. The structural mapping and the soil geochemistry suggests an intersection with the mineralized north-east structure for at least 1200 m. The mineralisation is associated with hydrothermal breccias, quartz veins and veinlets hosted in altered andesite volcanics. The results from all trenches demonstrate that the high grade gold intervals are contained within a wider halo of enhanced gold content.
The Zeleznik license covers 6,026 hectares (60 sq.km.) and is located at the northern part of the Timok Magmatic Complex. The southern portion of this license is along strike and shares the same geological and structural setting as its neighbor, the Majdanpek Copper-Gold porphyry mine, which has a reported resource of 1000 mt @ 0.4-0.8% Cu, 0.25-1 g/t Au (Jelenkovic, 2007).
Mundoro recently completed the stream sediment sampling program on this license and identified five anomalous areas. The Company followed up the anomalies with prospecting, geological mapping, soil and rock geochemical sampling. There were 708 soil samples collected with promising anomalies followed up in further detail. The results highlighted two areas with significant Cu-Au-Mo anomalies. They are located at the southern part of the license, defined by 20-189 ppb gold and 130-2260 parts per million (ppm) copper (Figure 3 – Zeleznik Copper-in-Soil Results, Figure 4 – Zeleznik Gold-in-Soil Results). Both anomalies are centered on andesite porphyry intrusions.
The best copper geochemistry of the western anomaly was obtained within a covered area. A small exposure of copper-bearing magnetite skarn and more widespread marbleized limestone characterize part of the eastern anomaly. The Copper-Gold-Molybdenum geochemical anomalies defined are typical of copper-gold porphyry systems and as such is a positive result to be follow up with further work to determine the source of the anomalies. Follow-up exploration work in 2014 will consist of mapping, trenching, ground magnetic surveys and drill testing the anomalies in H2-2014.
The Sumrakovac License covers 103 sq.km in the southern portion of the Timok Magmatic Complex. The property contains a cluster of underexplored gold-copper porphyry style mineralization. The Company has completed stream sediment screening, a partial reconnaissance mapping as well as rock and soil geochemical sampling.
A ground magnetic survey is underway over the Skorusa porphyry and the adjacent area.
Reconnaissance mapping at the Skorusa porphyry revealed the existence of three dioritic intrusive phases: early, inter-mineral and late-mineral. The early and inter-mineral phases are both potassic altered, contain ~5 volume % of magnetite and are cut by chalcopyrite-bearing A-type quartz veinlets. Veinlet intensity and observed chalcopyrite contents are higher in the early mineral phase. Rock sampling of the quartz veining returned:
- 23m @ 0.72 g/t Au and 1670 ppm Cu (1.03 g/t AuEq); including single 2 m samples with up to 1.64 g/t Au and 0.3% Cu (2.20 g/t AuEq).
Soil surveys confirmed a Copper-Gold-Molybdenum geochemical anomaly related to the outcropping porphyry mineralisation and delineated a 700 m by 400 m copper-gold anomalous area which needs to be followed up by trenching and drilling. The molybdenum anomaly covers an area of 1500 m by 600 m and is open to the north. The soil survey also highlighted additional anomalous centers to the east of Skorusa porphyry which will require further in-fill sampling and trenching (Figure 5 – Sumrakovac Copper-in-Soil Results, Figure 6 – Sumrakovac Gold-in-Soil Results, Figure 7 – Sumrakovac Molybdenum-in-Soil Results).
Sampling and Analysis
All trench intercepts were obtained from continuous channel sampling at 2 m intervals. All samples are assayed using 50 gram fire assay with atomic absorption finish 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 data base.
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 30 gram fire assay with atomic absorption finish.
Gold Equivalent (“AuEq.”) is calculated using the formula AuEq = (g/t/Au) + (g/t/Ag) + ($/ozAu)/60. Metal prices used are: copper price of US$3.25/lb, gold price of US$1200/oz, silver price US$20/oz or 60 silver ounces per one gold ounce.
The technical information contained in 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.
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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.