January 12, 2015, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company”) is pleased to announce the drilling results from its 100% owned Zeleznik license, located at the northern portion of the Timok Magmatic Complex in northeastern Serbia.
The Zeleznik license covers 60km² and is located 1.8km directly north of, and adjacent to, the Majdanpek open pit copper-gold mining operation (see Zeleznik Location Map) and 45km northwest of the Bor Mine Complex.
Teo Dechev, CEO and President of Mundoro commented, “The Zeleznik drill program has demonstrated that the previously defined surface mineralization remains open at depth and along strike at both the West Zone and East Zone targets. At the East Zone, drilling returned a number of high grade intersections such as 2.8m @ 2.98% CuEq in massive sulphides from hole ZELDD05 and bottomed with 4.9m @ 1.40% CuEq in hole ZELDD06. These initial drill results are encouraging as they confirm the presence of a mineralized porphyry and related epithermal systems with higher copper-gold grades. The West Zone’s long intersections were in porphyry style copper-gold mineralization in all three drillholes. They contained higher grade zones such as 25.8m @ 0.43% CuEq from hole ZELDD01. The results are very promising as they demonstrate the potential for discovery of new near surface coper-gold mineralization with open pit minable grades.”
Interpretation of Drill Results
This first pass drilling of the Zeleznik property is follow up to the mapping, trench sampling, geophysics and soil geochemical work completed throughout the year in 2014 (see May 1, 2014 and January 13, 2014 press releases). Six inclined diamond drill holes totaling 1000m were drilled to test the vertical extent of the previously defined encouraging surface copper-gold mineralization at the West Zone (see Zeleznik West Zone Drill Hole Location Map) and East Zone (see Zeleznik East Zone Drill Hole Location Map) targets. Three drill holes were drilled at each zone in order to test the down dip mineralization to approximately 150m as well as gain additional information about the geological and structural controls.
Table 1: Summary of significant results from drill holes ZELDD01 to ZELDD06.
Drill Hole ID
0.0 230.3 230.3 0.16 0.025 0.17 0.30
29.2 55.0 25.8 0.39 0.076 0.43 0.74
ZELDD_02 0.0 164.7 164.7 0.14 0.017 0.15 0.26
0.0 176.0 176.0 0.18 0.029 0.20 0.34
2.0 32.0 30.0 0.23 0.037 0.25 0.43
161.5 166.7 5.2 0.26 0.045 0.29 0.49
12.0 133.1 117.0 0.11 0.17 0.21 0.36
33.0 39.0 6.0 0.48 0.46 0.75 1.28
90.0 91.0 1.0 0.52 1.09 1.16 1.98
100.0 101.0 1.0 0.74 1.22 1.45 2.49
24.5 105.7 81.2 0.22 0.23 0.35 0.61
26.6 29.4 2.8 2.1 1.5 2.98 5.10
4.0 12.0 8.0 0.11 0.40 0.34 0.59
77.0 77.6 0.6 0.35 0.63 0.72 1.23
90.0 142.3 52.3 0.18 0.22 0.31 0.53
115.0 116.0 1.0 0.61 0.67 1.00 1.72
137.4 142.3 4.9 0.82 1.00 1.40 2.41
Gold Equivalent (“AuEq.”) is calculated using the formula AuEq = (g/t/Au)+[(%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$1200/oz, copper price of US$3/lb. All thicknesses from intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness.
At the West Zone, Mundoro’s geological team believes the mineralized porphyry dykes and chalcopyrite bearing veins are surface expressions of a mineralization source which remains to be defined in future drilling programs. The West Zone target mineralization is related to diorite porphyry dikes intruded into the basement gneiss unit. Quartz-diorite porphyry was intersected in drillhole ZELDD01 from 30.6m to 35.5m striking north-northeast (see Individual Drill Hole Sections for ZELDD01, ZELDD02, ZELDD03). Mineralization related to it consists of A-type and B-type quartz-chalcopyrite-pyrite veins hosted in the porphyry and in the surrounding wall rock. It is associated with k-feldspar veins and has well defined copper-gold-moly geochemical signatures. The intersected quartz-diorite porphyry outcrops at surface and was sampled in trench ZELCH001. The outcropping porphyry is a small portion of the overall copper-moly-gold in-soil and rock anomaly which remains open in all directions and is a target for further drill testing.
At the East Zone (see Cross Section of ZELDD04, ZELDD05 and ZELDD06), regional stratigraphy, preserved limestone capping and epithermal geochemical signature suggest little erosion and a potentially preserved copper-gold mineralised system which needs further exploration/drilling along strike and at depth. The East Zone target mineralization is related to andesite-diorite porphyry intruded into a basement gneiss and limestone cap on top. A sub-vertical to east dipping north-northeast striking fault is a major controlling structure. The East Zone target is characterized with skarn mineralization at the limestone-andesite contacts and massive sulphide veins of high-sulphidation affinity which our geological team believes is probably overprinted on, or related to, the porphyry. The skarn and massive sulphides are bearing high grade copper-gold mineralization up to 2.65% Cu and 7.57 g/t Au.
At the East Zone target, drillhole ZELDD05 intersected 2.8m @ 2.11% Cu; 1.50 g/t Au which we believe is related to magnetite skarn mineralisation from 26.6m to 29.4m while drillhole ZELDD06 ended in mineralization of 4.9m @ 0.8% Cu; 1.00 g/t Au at a depth of 142.3 m. Locally intersected high grade zinc values and carbonate-pyrite-chalcopyrite stockwork veining suggest proximal location to a mineralised porphyry center with related skarn and massive sulphide high sulphidation mineralization. This is similar to the Majdanpek orebody which is currently being mined approximately 2000m to the south of this hole. The Majdanpek operation is reported to be mining ore grading 0.30% Cu and 0.26 g/t Au.
Drill Hole Description Highlights
ZELDD 01 (AZ 266°; -60) starts in propylitic altered gneiss with quartz-iron oxide-magnetite veinlets and disseminated copper oxides (copper wad) up to 26.7m. From 26.7m to 29.2m the hole is cutting diorite dike with quartz-chalcopyrite veinlets (B-type) and disseminated chalcopyrite. After 1.4m of brecciated gneiss, quartz-chalcopyrite veins and massive chalcopyrite the drillhole cuts potassic altered quartz-diorite porphyry dike from 30.6m to 35.5m containing quartz-chalcopyrite B-veins and stockwork veining. Up to 55 m the chalcopyrite veining is relatively intensive with an average sulphide content of 5-10%. By the end of the drillhole (230.3m) several quartz diorite and diorite porphyry dikes are intersected. B-type quartz-chalcopyrite-pyrite veining continues to the end of the drillhole (230.3m) with appearance of A-type quartz veining from 187.1m and a decrease of sulphide content to 3-5%. The length of the drillhole is anomalous in copper, gold and molybdenum with the best intersection reporting 25.8m @ 0.43% CuEq or 0.74 g/t AuEq related to quartz-diorite porphyry.
ZELDD 02 (AZ 266°; -60) was drilled 100m north of ZELDD01. The main objective was to test the continuity of Cu mineralisation encountered in ZELTR1 and ZELTR14 (Figure 2). The drillhole intersected propylitic altered gneiss from top to bottom (164.7m) cut by two thin diorite dikes at 55.35m and 131.8m. Week potassic alteration started from 131.8m to the end of the hole. Quartz-pyrite-chalcopyrite vein and disseminated mineralization and magnetite veining was encountered throughout the whole drillhole. Average sulphide content varied from 1% to 3%.
ZELDD 03 (AZ 86°; -60) was drilled 140m south of ZELDD01 and inclined to the east in order to test the continuity of Cu mineralisation encountered in ZELCH004. The drillhole intersected diorite dikes from 45.8m to 47.7m and from 82.6m to 90.5m in overall propylitic altered gneiss lithology. Although vein and disseminated chalcopyrite is present from the top to the bottom of the drillhole, structural analysis showed that the surface mineralisation changes dip direction at depth and the drillhole cut under it.
ZELDD 04 (AZ 112°; -60) intersected brecciated and faulted diorite stock intruded into limestone. The diorite is propylitic altered and contains quartz-carbonate-pyrite-chalcopyrite veinlets throughout as well as pyrite-chalcopyrite veins. The higher copper-gold grades are related to massive pyrite-chalcopyrite veins with anomalous arsenic and zinc controlled by faults. The drillhole is characterized by higher average gold content as reported in Table 1.
ZELDD 05 (AZ 115°; -60) cut through propylitic altered diorite from top to bottom (0-131.7m). The diorite contains quartz-carbonate-pyrite-chalcopyrite veinlets throughout as well as pyrite-chalcopyrite veins. The higher copper-gold grades are related to magnetite-chalcopyrite-pyrite endo-skarn mineralisation and massive sulphides with high arsenic and elevated zinc contents.
ZELDD 06 (AZ 297°; -60) is the last drillhole of this first pass exploration drilling program in the East Zone. It tests for the continuation of the encouraging copper-gold results at depth and seeks to confirm the strike and dip of the mineralised possible feeder structure controlling it. The drillhole intersected brecciated and faulted diorite, propylitic altered, and containing quartz-carbonate-pyrite-chalcopyrite veinlets at upper levels with an increase of massive sulphides and copper-gold grades at depth as reported in Table 1. The drillhole ended in brecciated fault zone bearing massive and disseminated pyrite-chalcopyrite mineralization of 4.9m @ 0.8% Cu; 1.00 g/t Au.
Sampling, Analysis and Qualified Person
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 two meters length 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 Canadian based company with the mandate to generate value for its shareholders through the acquisition, exploration, development and investment of mineral projects. Mundoro has methodically acquired and is now exploring a district-scale land position on the prolific Tethyan mineral belt which hosts significant Gold-Copper deposits. Our strong project pipeline in Serbia and Bulgaria, as well as our mineral interest in the Maoling Gold Project in China, is positioned to drive long-term growth to attain production related 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.