November 30, 2017, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company“) is pleased to announce that the previously announced 3000 meter drill program at the Company’s Borsko Jezero license (“Borsko”) has been completed with 3990 meters over four drill holes, Figure 1: Plan Map of Drillhole Locations. The core from the four drill holes has been cut and sampled with all assay results expected by mid-December 2017.
Borsko is one of the four licenses being sole funded by JOGMEC as part of the JOGMEC-Mundoro option agreement announced in August 2016. Borsko is located directly west of the Serbian state-operated producing mines, RTB Group’s Borska Reka copper-gold porphyry mine and the Veliki Krivelj copper-gold porphyry mine, all located in the central portion of the Timok Magmatic Complex (“Timok”).
- Phase II drilling program was designed to further test for epithermal high-sulphidation copper-gold mineralisation stepping out from the alteration intersected in drill hole BJ-06 and BJ-07.
- Drill holes 17-BJ-11 and 17-BJ-12 confirmed the extension of the advanced argillic alteration 250 m to the northeast and 100 m to the northwest, respectively.
- Both drill holes also demonstrated the advanced argillic and argillic zone remains open down plunge to the northwest beyond the vertical depth of 1120 m.
Teo Dechev, CEO & President of Mundoro commented, “As a result of the drilling at Target 1 in Borsko in 2017, our exploration team has successfully found the right hydrothermal alteration environment that has the potential to host a copper-gold high-sulphidation epithermal system. The drilling has now extended the alteration zone and with downhole geophysical work to be completed by the end of this year, we will have geochemical and geophysical data as vectors to sulphide mineralization. The alteration and mineralization we have intercepted in the drill core thus far at Borsko provide support for the project’s potential to host a copper-gold epithermal and porphyry system.”
Dechev added, “Mundoro is also currently drilling at Zeleznik, another JOGMEC-Mundoro joint venture project, for a 4500 meter drill program over the West Zone and East Zone to further delineate the mineralization previously intersected in these two zones. Drilling is expected to be completed around year end with drill results expected in Q1-2018. ”
Borsko Drill Program
Under this drill program, which began in early August 2017, the Company designed the drill program for four diamond drill holes with an average of depth of 750 m on Target 1. The projected depth of 750 m was designed to further test for epithermal high-sulphidation copper-gold mineralisation stepping out from the alteration intersected by previously released drill holes (BJ-06 and BJ-07) which began at approximately 580 m depth. Interpretation of the geology and alteration encountered at Borsko to date highlights the lithocap hosted in andesite as the prime target for epithermal high-sulphidation copper-gold mineralisation similar to that of the Bor (Tilva Rosh) and Čukaru Peki deposits in Timok (see Figure 1: Plan Map of Drillhole Locations) .
The Phase II drilling program confirmed the extension of the advanced argillic alteration zone at the depth of 600 m for at least 250 m to the east-northeast (ENE) and at least 100 m to the north-northwest (NNW), as exemplified by drill holes 17-BJ-11 and 17-BJ-12 respectively. The advanced argillic zone transitioned to argillic at depth and remains open down plunge to NNW beyond the vertical depth of 1120 m, where drill holes were terminated due to the drill rig capacity.
The advanced argillic altered andesites are moderate to strong pyritized, with locally exceeding 30% fine-grained sooty pyrite, and alternates with pervasive silica, vuggy silica, alunite and hydrothermal breccias, all of which are common features for the high-sulphidation epithermal systems (see pictures of core in Section A-A and Section B-B).
Mundoro considers the presence of fine-grained semi-massive pyrite mineralisation at Borsko as an important vector to copper-gold bearing sulphide mineralisation similar to that of the Bor (Tilva Rosh) and Čukaru Peki deposits. A documented feature of these known deposits in the region, is zoned mineralisation in massive sulphides from dominant pyrite to pyrite-chalcopyrite and to chalcopyrite-covellite copper ore mineralisation.
In order to locate and discriminate massive sulphide conductors that might correspond with the sulphide mineralisation, borehole electromagnetic (EM) Geophysics is planned to take place in November and December. The downhole EM survey is expected to provide information of depth, size, conductance, and orientation of a conductor in 3-Dimensions and assist in designing future drill programs at Borsko.
The Borsko drill program to date partly tested the first two of six targets generated by the 2016 exploration program. The targets were generated based on structural analysis carried out in the area, as well as, strong resistivity (CSAMT) geophysical anomalies that correspond with ground magnetic features and copper-gold in soil anomalies.
Comments on Individual Drillholes
17-BJ-11 and 17-BJ-12
Both, drill hole 17-BJ-11 (collared 530 m east-northeast of BJ-07) and drill hole 17-BJ-12 (collared 100 m north-northwest of BJ-07) intersected broad intervals, exceeding 400 m, of moderate to strong quartz-kaolinite-dickite-pyrite altered andesite right beneath a cover of agglomerate and confirmed the extension of the previously announced advanced argillic alteration further to the ENE and NNW, respectively. Intervals of cream-colored silica cut by irregular veinlets and patches of semi-massive pyrite, as well as, vuggy residual quartz and subsidiary alunite were observed. A significant interval for 159.4 m of hydrothermal breccia with fine-grained locally sooty pyrite mineralization and silica in matrix was intersected from 658.6 m at drill hole 17-BJ-12. Both drill holes 17-BJ-11 and 17-BJ-12 were terminated in argillic altered andesite containing disseminated pyrite and anhydrite veins suggestive for down plunge extension of the alteration to the NNW.
Drill hole 17-BJ-09 was collared 400 m west-southwest of BJ-07, and planned as a step-out hole, intersect agglomerates from surface to end of the hole at depth of 749.9 m. At interval from 634 m to 686 m (52m) of patches of native copper were observed, suggestive for distal type of mineralisation to that of the main system of alteration intersected in BJ-07 and BJ-06 and 17-BJ-11 (Section A-A). Hence this hole has been interpreted to be distal to the current system of interest for targeting and future drilling would focus on the alteration system towards the ENE and NNW.
Drill hole 17-BJ-10 was collared 400 m to the south-southeast of BJ-07 and intersect agglomerates with bands of andesite-basalt downwards to the end of the hole at 849 m, similar to those observed in drill holes BJ-07 and 17-BJ-12 just above the lithocap. Horst-graben type of structures along east-west set of faults were interpreted and based on drill core measurement probably caused consecutive drops down of the blocks to the south. Due to such movements, drill hole 17-BJ-10 probably remains shallow in order to test the extension of the lithocap to the south. Drill hole 17-BJ-10 was collared on the same structural corridor as BJ-07 and 17-BJ-12 and was targeting similar geophysical anomaly as BJ-06 and BJ-07 (Section B-B).
Table 1 – Borsko Diamond Drill Hole Details: Key information for the above 6 diamond drill holes, arranged by hole number, is reported below. Refer to drilling plan for location of holes and sections.
|Hole ID||Azimuth||Dip||Elevation||Depth (m)||Section|
|BJ-07||70.5||-85||546.3m||1301.9m||A-A and B-B|
Description of Target at Borsko
The Borsko license is located in the Timok Magmatic Complex which is one of the most prolific metallogenic domains in the Tethyan Belt. The geological units in this licence area consist of Upper Cretaceous volcano-sedimentary successions, predominantly andesite and pyroclastics. Target 1 at Borsko is approximately 4 km west of the Bor mine and approximately 7 km northwest of the Cukaru Peki deposit which are both documented to host high sulphidation systems. The interpretation of Borsko geology along with models of known deposits in the district highlights the uppermost part of the lithocap, immediately below the less-altered volcanic sequence, as the prime target for any high-sulphidation copper-gold orebodies of Bor (Tilva Rosh) and Čukaru Peki type. Any such massive sulphide bodies are likely to lie within the footprint of the underlying porphyry copper-gold centre.
The 2017 drilling at Borsko shows that an advanced argillic lithocap underlies 550 m of weak-altered agglomerate volcanic rocks, which were in existence at the time the advanced argillic alteration took place. The advanced argillic altered andesites at Borsko are moderate to strong pyritized and alternates with pervasive silica, vuggy silica, alunite and hydrothermal breccias, all of which are common features for the high-sulphidation epithermal systems.
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
Drill hole orientations were surveyed at approximately 30 metre intervals. Company personnel monitored the drilling, with cores delivered daily to the Company’s core storage facility in the town of Bor, where it was logged, cut and sampled. Core recovery is recorded as 95-100% in most intervals, with the exception of the more intensely tectonized sections. The samples were collected in accordance with the Company’s protocols that are compatible with accepted industry procedures and best practice standards. Most samples through the mineralized intervals were 1 metre in length, up to a maximum 2 metres. In sections of poorly mineralized or unaltered and unmineralised rocks one 2m sample was collected at every 15 meters core. The samples were submitted to ALS Laboratory in Bor, Serbia, for sample preparation and analysis. In addition to the laboratory’s internal QA/QC procedures, the Company conducted its own QA/QC with the systematic inclusion of certified reference materials every 20 samples , blank samples every 20 samples and field duplicates at every 25 samples. Drill core samples are assayed using 50-grams charge for fire assay with atomic absorption finish and multi-element method MS 61 by ALS laboratory.
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 for its shareholders through directly investing in mineral projects that have the ability to generate future returns for shareholders. The Company currently holds a diverse portfolio of projects in two European countries as well as an investment in a producing gold mine in Bulgaria and a feasibility stage gold project in China. The Company holds eight 100% owned projects in Serbia, the four Timok North Projects are in option to JOGMEC, and the four Timok South Projects are being advanced by Mundoro. Mundoro’s common shares trade on the TSX Venture Exchange under the symbol “MUN”.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
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.