Teo Dechev, CEO and President of Mundoro commented, “This initial drilling program at Tilva Rosh was designed to test step-out extensions of the mineralization down dip and along strike. The initial drilling results have successfully demonstrated continuation of surface mineralisation at depth, along strike and are encouraging as management believes the results are vectoring towards a deeper mineralisation source. The mineralization is open to the north, south and at depth. ”
Six inclined diamond drill holes totaling 917.8 m were drilled at the southern portion of Tilva Rosh system to test the vertical extent of the gold mineralization, which was previously confirmed by high grade trenching results of 12 m @ 33.03 g/t AuEq (30.39 g/t Au, 171.27 g/t Ag) (see October 21, 2013 press release). The drill holes were designed to test the down dip mineralization to a maximum of 150 m down dip. Collar locations are shown on Figure 1 -Tilva Rosh Drill Plan. Cross section of interpreted geology shown in Figure 2 – Tilva Rosh – Cross Section A-A’.
Table 1: Summary of significant results from drill holes SAV01 to SAV06.
|Drill Hole ID||From (m)||To
|Interval (m)||Au (g/t)||Cu (%)||Ag (g/t)||AuEq (g/t)||CuEq (%)|
Gold Equivalent (“AuEq.”) is calculated using the formula AuEq = (g/t/Au) + (g/t/Ag) + ($/ozAu)/65 + [(%Cu) x (22.0462) x ($/lbCu)] ÷ [(1/31.1035) x ($/ozAu)]. Copper equivalent (CuEq%) is calculated using the formula CuEq = (%Cu) + [(g/t/AuEq) x (1/31.1035) x ($/ozAu)] ÷ [(22.0462) x ($/lbCu)]. Metal prices used are: gold price of US$1300/oz, copper price of US$3/lb, and silver price US$20/oz. All thicknesses from intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness.The Tilva Rosh drilling program has demonstrated continuation of surface mineralisation at depth and along strike of a north-west structure responsible for the high grade gold. The Au-Ag mineralization identified in the in-soil geochemistry anomaly and confirmed in the trenching, has now been confirmed at a depth to 76m, along strike for 100 m (50 m to south and 50 m to north) and remains open in all directions. Copper mineralisation was intersected at depth in four of the six drill holes (SAV03-SAV06). Management believes copper was not present at surface due to the highly acidic nature of the lithocap in the area caused by the high pyrite content in the system. The eastern most drill holes, SAV02 and SAV05, intersected the highest lead-zinc contents (up to 2.2 % Zn and 0.6 % Pb) suggesting lateral zoning indicative of porphyry style hydrothermal system.
These initial drill results at Tilva Rosh are encouraging and are interpreted to be proximal to a Cu-Au porphyry system related to a large area of advanced argillic lithocaps to the north, highlighted with a central Mo anomaly rimmed by Cu and followed outwards to zones of Pb-Zn. This is classic geochemical signatures of porphyry deposit footprints and where the company believes exist further porphyry drill targets.
Drill Hole Highlights of Tilva Rosh Prospect
Over the past 18 months Mundoro has conducted geochemical, mapping, trenching, ground magnetic surveys over this license as well as compiling historic data, targeting epithermal and porphyry Cu-Au systems. This work has outlined the Savinac mineralised belt (9 km by 2 km) which includes the Tilva Rosh epithermal system expressed on the surface with a large area of advanced argillic alteration covering 4km by 1km. Tilva Rosh prospect was explored previously in late 1970’s and early 2000’s but significant gold mineralisation and porphyry Cu-Au potential was identified by Mundoro’s exploration in Q4-2013.
SAV 01 intersected a hydrothermal breccia and veinlet zone similar to the out-cropping high grade (69.7 m). At 102.3m the hole cut argillic altered feldspar andesite porphyry with quartz veinlets and pyrite content 2-5% throughout and minor chalcopyrite mineralisation at 150.9m.
SAV 02 intersected 8.5 meters of iron oxide breccia with silicified clasts and continued in a hydrothermal breccia with pyrite down to 40.3 m. As in SAV 01, it then cut andesite feldspar porphyry from 30.9 m to the end of the hole (158.7 m). SAV 02 is characterized by more faulting and veining of the andesite porphyry and sphalerite-galena mineralisation in the quartz veins.
SAV 03 collared in a quartz-iron oxide hydrothermal breccia which continued down to 48.7 m. From 52.5 m to 82.6 m the drill hole intersected a fault zone which contains semi-massive pyrite chalcopyrite-chalcocite mineralisation from 69.9 m to 74.7 m (4.8 m). A-type porphyry veins were noted from 115.6 m to 121 m (5.4 m) passing to gypsum/anhydrite stockwork veining and quartz-pyrite veinlets to the end of the hole.
SAV 04 collared in hydrothermal breccia and intersected quartz-pyrite in andesite and lithic tuff which is moderately argillic altered with rare pyrite±chalcopyrite veinlets (from 23.8 m to 29.8 m). From 41.3 m, the drill hole intersected fault breccia with quartz-massive pyrite-sphalerite ± galena veins containing up to 30% pyrite. From 52.4 m the drill hole intersected andesite feldspar porphyry, cross cut by quartz-pyrite vein and veinlets, vuggy texture quartz-pyrite-sphalerite±galena vein with massive pyrite up to 15%) and a hydrothermal breccia zones with quartz-pyrite veins.
SAV 05 collared in argillic altered andesite porphyry with quartz veinlets with disseminated pyrite and pyrite in fracture fills 1-3% continuing to the end of hole (149.7 m). From 19.3 m to 94.5 m the drillhole cut through a fault and quartz vein zone containing irregular pyrite-barite-sphalerite galena mineralisation.
SAV 06 is the shortest hole drilled (116.3 m). It cut quartz-hydrothermal breccia from 0 m to 8.6 m hosted in lithic tuff and continued in andesitic tuff with ~1% pyrite to 38.6 m. From 38.6 m to 67.2 m it entered a fault zone containing quartz veins with 1-2% pyrite and finished in silicified and brecciated andesite containing pyrite and anhydrite veining.
Sampling, Analysis and Qualified Person
Drill hole 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 two meter lengths from none mineralised intervals. Where necessary the sampling lengths were adjusted to reflect the geological boundaries.
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.
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.
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.
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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