October 5, 2022 Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) (“Mundoro” or the “Company“) is pleased to announce commencement of a drill program at the Mundoro-Vale optioned projects located in the south central Timok Magmatic Complex(“Timok”) in Serbia. The drill program is planned for 4,000 meters to test 3 target areas with 5 drill holes.
The porphyry copper-molybdenum-gold targets selected for drill testing are located in the southern portion of Timok and south-west of the Bor mining complex. Timok is one of the most prolific metallogenic domains in the western portion of the Tethyan Belt and is host to the Cukaru-Peki mine, which is a high sulphidation epithermal copper-gold and porphyry copper deposit, the Bor underground mine which is a copper-gold porphyry, and the Veliki Krivelj and Majdanpek open-pit mines which are both copper-gold porphyries (see Figure 1).
Figure 1 – Location Map of Vale-Mundoro JV Project area in Timok with drill hole locations of current drill program.
Highlights of the Targets
- The three main areas for drill testing during this program are: (i) Tilva Rosh, (ii) Markov Kamen, and (iii) Bacevica North. These three areas have been selected out of several target areas ranked as prospective for porphyry copper-molybdenum-gold deposits within the Vale-Mundoro Option Projects (see Mundoro press release July 6, 2021).
- The targets are within zoned hydrothermal alteration which can be traced at surface for 10 km along strike and contains gold epithermal and copper-gold porphyry style mineralization. The north-south striking alteration corridor correlates with a strong magnetic anomaly interpreted as a magnetite destructive zone of advanced argillic alteration that comprises a broad litho-cap.
- In the Tilva Rosh and Markov Kamen target areas, the current drilling program is a follow up drilling campaign utilizing the vectors to a potential porphyry system identified from interpretation of previous drill results and geophysical surveys. While at the Bacevica North target, a strong and near surface IP anomaly will be tested for the first time as a result of encouraging geochemical sampling results and surface mapping completed.
Discussion of Target Areas
Tilva Rosh – exploration mapping and drilling to date confirmed advanced argillic alteration within a broad litho-cap with epithermal gold mineralization and copper-gold-molybdenum geochemical anomalies at surface extending over an area of 3.6 km x 1.2 km in size. Signs of down dip alteration to the west was identified in the drill core from the prior drilling campaign in Q4-2019. High-temperature advanced argillic alteration identified at the bottom of one of the nearest drill holes is suggestive for potential hydrothermal fluid up-flow zone. Two drill holes will test the northern portion of Tilva Rosh, targeting the base of the litho-cap as supported by both recent geophysics interpretation of IP, CSAMT and magnetics data as well as potassic alteration identified in a prior drill hole.
Markov Kamen – located directly south of Tilva Rosh, Markov Kamen is a large area of silicification covering 3.2 km x 500 m, hosts a significant hydrothermal breccia with anomalous gold grade, and is open to the west and at depth. High-grade copper and gold grades received from sampling old workings contain hypogene chalcocite at the southern edge of the target area. Based on geophysics, the target to be drill tested is interpreted as a root of an advanced argillic alteration zone. The presence of zunyite and topaz in some of the previously completed drill holes is an indicator of proximity to a porphyry with the potential hydrothermal fluid up-flow zone. Two drill holes will test the central and southern portions of Markov Kamen, targeting (i) a deeper root of a CSAMT anomaly and (ii) a shallower IP anomaly as follow up drilling from previously drilled diamond drill holes.
Bacevica North – located south-southwest of the Markov Kamen target area, this target was recently identified comprising of a strong IP anomaly and intense quartz-sericite-pyrite altered andesite at surface. One reconnaissance drillhole is planned to test the IP anomaly which is supported by the encouraging geochemical sampling results and surface mapping completed during the current field season.
The European exploration work programs described herein were supervised by Y. Khrischev, EurGeol, a Qualified Person as defined by NI 43-101, and the Company’s Exploration Manager in Serbia and Bulgaria. Y. Khrischev has prepared the technical information in this press release in accordance with Canadian regulatory requirements as set out in National Instrument 43-101.
About Mundoro Capital Inc.
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro from partners and creates royalties attached to each mineral property. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.
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 earn-in expenditures, options and completion of a definitive 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 Company’s projects, 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.
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For further information, please visit Mundoro Capital website www.mundoro.com
Teo Dechev, Chief Executive Officer, President and Director