Mundoro Capital Inc.
TSX VENTURE : MUN

Mundoro Capital Inc.

July 19, 2017 09:34 ET

Mundoro Announces Drilling Results From Tilva Rosh Prospect in Serbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 19, 2017) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce drilling results from the Tilva Rosh prospect within the 100% controlled Savinac exploration license in north-eastern Serbia. The Savinac license covers 90 km² and is located in the Timok Magmatic Belt, approximately 20 km southeast of the Bor mining camp.

Teo Dechev, CEO and President of Mundoro commented, "This Phase II drilling program at Tilva Rosh was designed to test mineralization along 400 m of strike to an average depth of 100 m as follow-up to the discovery trench, which contained a 12 m interval of 30 g/t gold and 171 g/t silver, and to the initial drill testing of this area. Results from drilling, trenching, geochemical soil sampling and alteration mapping have successfully demonstrated a gold system associated with three identified structures. Exploration has also identified a large intact lithocap extending approximately 650 m to the north of the current drilling for follow-up exploration. As a result mineralization remains open to the north, south and at depth."

Phase II Drill Program

The Phase II drill program at Tilva Rosh comprised 14 inclined reverse circulation drill holes totalling 1144 m to test the extent of the previously identified gold mineralisation laterally, along strike and at depth. The system was first supported 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) and later by Phase 1 drill testing (see August 19, 2014 press release). Highlights from Phase II drilling at Tilva Rosh are shown in Table 1. Collar locations are shown on Figure 1 -Tilva Rosh Drill Plan.

Table 1: Summary of significant results from drill holes SAV01 to SAV06.
Drill Hole ID From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq
(g/t)
CuEq
(%)
17-SAV_07 20.0 24.0 4.0 0.52 2.83 0.47 1.21 0.88
35.0 41.0 6.0 1.29 11 0.8 2.56 1.86
Including 35.0 36.0 1.0 1.53 8.8 1.91 4.28 3.12
Including 40.0 41.0 1.0 1.28 8.1 1.46 3.41 2.48
17-SAV_08 101.0 104.0 3.0 3.72 22.67 0.19 4.33 3.16
17-SAV_09 25.0 30.0 5.0 0.32 3.48 - 0.37 0.27
17-SAV_010 63.0 78.0 15.0 0.37 2.2 0.24 0.73 0.54
Including 64.0 71.0 7.0 0.63 4.39 0.43 1.29 0.94
Including 65.0 66.0 1.0 1.25 7.2 1.12 2.90 2.11
88.0 92.0 4.0 0.45 1.45 - 0.47 0.34
17-SAV_011 35.0 39.0 4.0 0.57 0.5 0.13 0.76 0.55
Including 38.0 39.0 1.0 1.91 1.1 0.23 2.24 1.64
139.0 145.0 6.0 0.45 1.8 - 0.48 0.35
17-SAV_12 5.0 11.0 6.0 0.65 7.97 - 0.77 0.56
17-SAV_13 34.0 42.0 8.0 0.92 8.1 - 1.06 0.76
17-SAV_15 88.0 94.0 6.0 0.74 7.5 - 0.86 0.62
17-SAV_17 50.0 60.0 10.0 0.54 4.8 0.23 0.93 0.68
Including 55.0 60.0 5.0 0.95 0.45 0.95 1.71 1.25
Including 55.0 56.0 1.0 1.16 1.29 1.16 3.33 2.43
62.0 82.0 20.0 0.67 0.12 0.67 0.89 0.65
Including 65.0 70.0 5.0 2.02 0.34 2.02 2.69 1.96
17-SAV_20 72.0 83.0 11.0 0.54 ----- 0.54 0.60 0.44
Including 76.0 77.0 1.0 3.68 0.12 3.68 4.21 3.07
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$2.6/lb, and silver price US$20/oz. All thicknesses from intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness and not true widths.

Drill holes 17-SAV_16; 17-SAV_18; 17-SAV_19 contain anomalous Au-Ag and Cu but did not return significant intersections.

Interpretation of Phase II Drill Results

Phase II results support the continuation of the main north-south trending mineralised structure over a length of at least 250 m. The surface trace of the structure strikes towards the north and under the lithocap (see Figure 2 - Geology, Alteration and Geochemistry at Tilva Rosh). The lithocap appears to be displaced by late east-west faults resulting in uplifting the southern portion and uncovering Tilva Rosh mineralisation. A significant portion of the lithocap over the larger northern block appears to be preserved. It continues for at least another 650 m from the edge of the intersected mineralised structure and is marked by a gold-silver-in-soil anomaly with elevated molybdenum. The Tilva Rosh lithocap is zinc free but bordered by a prominent (100-600 ppm) zinc anomaly reminiscent of the zinc distribution in porphyry copper systems.

Recent detailed mapping of the lithocap revealed patchy alteration texture composed of pyrophyllite-replaced clasts in a silicified matrix and banded quartz veinlets. This is a promising sign that a porphyry copper centre could occur at depth in the general vicinity of the lithocap.

Prior Exploration at Tilva Rosh by Mundoro

During the 2013 and 2014 field seasons, Mundoro conducted geochemical, mapping, trenching, ground magnetic surveys over the Savinac license as well as compiling historic data, targeting epithermal and porphyry copper-gold systems. This work 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 4 km by 1 km. The Tilva Rosh prospect was explored previously in late 1970's and early 2000's but significant gold mineralisation and porphyry Cu-Au potential was not identified until Mundoro's exploration program in Q4-2013.

The Phase I drill program, comprising six inclined RC drill holes totalling 917.8 m, was drilled at the southern portion of Tilva Rosh system to test the vertical extent of gold mineralization discovered through previously reported trenching which returned 12m of 30.39 g/t gold and 171.27 g/t silver (see press release dated October 21, 2013). Highlights from Phase I drilling are shown in Table 2.

The Tilva Rosh prospect was originally outlined by a gold-in-soil anomaly of 600 m by 150 m and confirmed with follow up trenching in Q4-2013 and Q2-2014. The Company also completed ground magnetics in Q1-2014. These initial drill results at Tilva Rosh are encouraging and are interpreted to be proximal to a copper-gold porphyry system related to a large area of advanced argillic lithocaps to the north.

Table 2: Summary of significant results from Phase I drill holes SAV01 to SAV06.
Drill Hole ID From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq
(g/t)
CuEq
(%)
SAV_01 11 18 7 7.90 46.74 - 8.62 -
Including 13 15 2 24.98 128.05 - 26.95 -
Including 13 14 1 42.90 199 - 45.96 -
126 133 7 0.35 2.76 - 0.39
SAV_02 30 40 10 0.34 2.16 - 0.37 -
67.7 71.8 4.1 0.62 2.36 - 0.66 -
95.6 100.0 4.4 0.54 6.38 - 0.64 -
SAV_03 71.0 76.0 5.0 2.54 15.54 0.59 3.59 2.61
Including 74.0 74.7 0.7 10.35 50.10 1.47 13.14 9.58
SAV_04 42.2 51.3 9.1 1.24 9.00 0.33 1.83 1.34
Including 43.3 47.3 3.0 1.45 14.60 0.58 2.47 1.80
SAV_05 29 50.2 21.2 0.25 1.78 - 0.28 -
Including 30.4 36.0 5.6 0.43 3.30 - 0.48 -
Including 46.2 50.2 4.0 0.35 3.88 0.14 0.60 0.44
SAV_06 38.50 42.90 4.4 0.59 14.95 0.21 1.11 0.81
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$2.6/lb, and silver price US$20/oz. All thicknesses from intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness and not true widths.

Sampling, Analysis and Qualified Person

Entire 1m interval RC cuttings are collected from the cyclone in pre-numbered (from/to) large plastic bag. The sample is weighed. Company technician sieves a small sample from the bag to generate a chip log and places it in a pre-numbered (from/to) chip box. The sample is passed through riffle splitter between 1 and 2 times until a ~3-4kg sample is obtained and sent to ALS Bor prep lab. Duplicate sample is kept in company core shed for future reference.

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 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 database.

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.

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.

Contact Information

  • Mundoro Capital Inc.
    Teo Dechev
    CEO, President and Director
    +1-604-669-8055