VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 7, 2015) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company") reports First Quantum Minerals has completed 5,369 meters of drilling on four of the Company's 100%-owned exploration licenses: Savinac, Sumrakovac, Bacevica and Osnic (the "Southern Timok Properties") which are located at the southern end of the Timok Magmatic Complex ("TMC") in northeastern Serbia (see Location Map of Drilling). Drilling commenced in July 2015 under the Option Agreement ("Option Agreement") between Mundoro and FQM. FQM has completed more than the minimum 5,000 meters of drilling required by the October 30, 2015 deadline under the Option Agreement. FQM can provide written notice to Mundoro by December 15, 2015 should it wish to enter into a joint venture for the Southern Timok Properties.
Teo Dechev, CEO and President highlighted, "This drilling program, which was solely funded by FQM, aimed to test various mineralized systems over an area of over 400 sq.km. The drilling identified large areas of zoned hydrothermal alteration, intersected new mineralized zones and added valuable geological, structural and geochemical information. The drilling and geophysics work conducted by FQM has met all of Mundoro's property commitments on the Southern Timok Properties until 2016 and has demonstrated merit for further exploration work on these, and newly identified targets."
Summary of FQM Drill Holes
Both diamond core drilling (DD) and reverse circulation drilling (RC) methods were used in this program. RC drilling was used as the faster method, to sample the shallower targets while diamond core tails were used to extend holes in difficult ground conditions. A summary table of the holes drilled on each property is shown below:
| Project | TABLE A: FQM DRILLING SUMMARY | |||||
| No. of RC holes |
RC (m) |
No. of holes |
DD (m) |
Total No. of DD holes |
Total (m) |
|
| Sumrakovac | 6 | 609.0 | 6 | 1,897.4 | 12 | 2,506.4 |
| Savinac | 0 | - | 4 | 1606.8 | 4 | 1606.8 |
| Bacevica | 4 | 755.0 | 0 | - | 4 | 755.0 |
| Osnic | 3 | 501.0 | 0 | - | 3 | 501.0 |
| Total | 13 | 1,865.0 | 10 | 3,504.2 | 23 | 5,369.2 |
| TABLE B: FQM DRILL HOLE DESCRIPTION | ||||
| Project | Hole ID | Azimuth (°) |
Inclination (°) |
Depth (m) |
| Sumrakovac | STRC001 | 235 | -75 | 161.0 |
| Sumrakovac | STRC002 | 235 | -75 | 59.0 |
| Sumrakovac | STRC003 | 55 | -65 | 83.0 |
| Sumrakovac | STRC004 | 55 | -75 | 110.0 |
| Sumrakovac | STRC005 | 55 | -75 | 113.0 |
| Sumrakovac | STRD005 | 55 | -75 | 288.9 |
| Sumrakovac | STRC006 | 235 | -75 | 83.0 |
| Sumrakovac | STDD002 | 65 | -65 | 389.7 |
| Sumrakovac | STDD003 | 238 | -65 | 312.0 |
| Sumrakovac | STDD004 | 55 | -65 | 384.0 |
| Sumrakovac | STDD007 | 45 | -70 | 401.8 |
| Sumrakovac | STDD008 | 45 | -70 | 121.00 |
| Savinac | STDD001 | 270 | -75 | 638.6 |
| Savinac | STDD005 | 270 | -75 | 290.9 |
| Savinac | STDD006 | 70 | -65 | 200.8 |
| Savinac | STDD009 | 60 | -75 | 476.50 |
| Bacevica | STRC007 | 45 | -75 | 62 |
| Bacevica | STRC008 | 45 | -75 | 251 |
| Bacevica | STRC009 | 45 | -75 | 191 |
| Bacevica | STRC010 | 55 | -60 | 251 |
| Osnic | STRC011 | 266 | -75 | 179 |
| Osnic | STRC012 | 360 | -90 | 161 |
| Osnic | STRC013 | 360 | -90 | 161 |
The Sumrakovac license:
The aim of this first phase drilling was to test for near surface porphyry style mineralization associated with the outcropping Skorusa stockwork and K-silicate alteration. A total of twelve drill holes (2,506 m) were drilled on the Sumrakovac license to test three targets located within a 3 sq.km area of hydrothermally altered volcanics.
Skorusa Highlights
Current drilling supports that mineralization found in the outcropping Skorusa stockwork extends from intersections in both historical and current drill holes. The Company believes the combination of: (i) alteration assemblages (phyllic overprinting potassic), (ii) A-B type veining, hydrothermal magnetite veining, quartz-molybdenite veining, and (iii) stockwork and disseminated chalcopyrite mineralization intersected in STDD002 and STD007, is, indicative of proximity to several mineralized porphyry centers.
Drilling also supports the existence of a large porphyry related alteration system with at least two mineralized centers (Skorusa and Skorusa East). Potential for mineralization at depth remains untested. Alternating weak potassic alteration (found as halos around vein contacts) with propylitic alteration, suggests the periphery of a system. Based on this campaign, the Company believes that the Sumrakovac license has strong potential to host large porphyry systems.
Skorusa target
Drill holes STDD002, STDD003, STDD004, holes STRC001, STRC002, STRC003 drilled to test the Skorusa area by targeting the outcropping porphyry mineralization and the concomitant molybdenum anomaly SE of it.
- STDD002 was collared 270m SW of the outcropping stockwork mineralization intending to validate encouraging results from surface sampling and historical drill hole as well as to verify the orientation of the mineralized zone.
- Several types of quartz sulphide veining including quartz sulphide stockwork veins were observed. Veins containing chalcopyrite occur at a consistent but low vein frequency. A zone of well-developed stockwork veining occurs at, and below, the footwall contact between monzo-diorite and andesite units, which returned a composite assay interval of 36m @ 0.19% Cu and 0.21 g/t Au.
- Drill results are consistent with outcropping stockwork veining (23m @ 0.17% Cu; 0.72 g/t Au) and historical results. This drilling highlights a 210m long mineralized section requiring follow-up drilling.
- Holes STDD003, STDD004, STRC001, STRC002, and STRC003 were designed to test the >10 ppm Mo anomaly that extends over 1 km to the SE from the outcropping stockwork in Skorusa Creek.
- STDD004 includes several intervals of phyllic after potassic assemblages. Although assays yielded only anomalous Cu-Mo, these initial drill holes support the continuation of the Skorusa porphyry alteration towards the south and the existence of extensive potassic alteration.
Skorusa North target
Two holes were drilled at the Skorusa North target, which is interpreted as the continuation of the Skorusa porphyry system to north.
- STDD007 was collared 750m north-east of STDD002 in strong phillic altered andesite volcanics and volcanoclastics down to 41.40m, followed by an overprinted potassic-altered andesite containing pyrite-chalcopyrite down to 123.5m, followed by weak potassic alteration characterized by quartz-chalcopyrite veinlets with K-spar halo, biotite and epidote overprinted by sericite-pyrite-chlorite (phyllic) alteration. While visible chalcopyrite is present throughout as both disseminations and veinlets, the tenor of Cu mineralization remains anomalous at up to 0.1% Cu.
- STDD008 (121m) was collared in quartz-sericite altered andesite down to 25.9m, followed by propylitic alteration with quartz-pyrite-magnetite veinlets to 79m, followed by diorite to the end of hole. At several intervals it intersected quartz-pyrite-Mo veinlets suggesting close proximity to a mineralized source.
Skorusa East target
The Skorusa East target was tested by RC drill holes STRC004, STRC005 and STRC006 totaling 306m and one DD drill hole, STRD005, totaling 288.9m as diamond tail continuation of RC drill hole STRC005 from 113m.
- All of these holes intersected hydrothermally altered andesite volcanics interpreted to be part of larger footprints of a porphyry system. Trace disseminated chalcopyrite and quartz-chalcopyrite-pyrite B-veins were encountered throughout the STRD005 drillhole suggesting existence of a different mineralized center to the east.
| Table 1: Highlights of Drilling Results from Sumrakovac |
|||||||
| Drill Hole ID |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Au (g/t) |
CuEq (%) |
AuEq (g/t) |
| STDD002 | 289 | 325 | 36 | 0.19 | 0.21 | 0.35 | 0.46 |
| Including | 313 | 321 | 8 | 0.30 | 0.43 | 0.62 | 0.83 |
| STRD005 | 259 | 261 | 2 | 0.11 | 0.11 | 0.26 | 0.19 |
| STDD007 | 124 | 126 | 2 | 0.12 | 0.03 | 0.14 | 0.19 |
| 152 | 154 | 2 | 0.11 | 0.03 | 0.13 | 0.18 | |
| 166 | 170 | 4 | 0.10 | 0.03 | 0.12 | 0.16 | |
| 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$1100/oz, copper price of US$2.13/lb. All thicknesses from intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness. True widths cannot be determined from the information available. |
The Savinac license:
Savinac North target was tested with three diamond drill holes totaling 1606.8m.
Savinac North target
Drilling at Savinac North confirmed large volumes of hydrothermally altered andesite volcanics ranging between argillic, phillic, and propylitic assemblages, and validates a zoned hydrothermal system with potential for discovery of epithermal and porphyry style mineralization.
- Several anomalous Au-Ag and Cu-Au intervals intersected throughout the entire length of drill hole STDD001 (see Table 2: Highlights of Drilling Results from Savinac), as well as the historical results, clearly suggest it is a mineralized system of high sulphidation affinity.
- STDD001 was collared in a Mo anomaly high coincident with a discrete halo of proximal phyllic alteration. The hole intersected a thick phyllic alteration zone in andesites and andesitic breccias. ASD results demonstrate there is no advanced argillic alteration in the hole validating the initial interpretation of a degraded lithocap.
- The alteration in STDD001 grades from pervasive intense phyllic, to an intermediate argillic assemblage cut by occasional D-like pyrite veins with discrete bleached haloes. A faulted domain intersected between 160 and 200m includes chalcopyrite-bearing sulfide-rich veins that are consistent with the deeper parts of many porphyry systems.
- STDD005 and STDD006 intersected strongly argillic altered andesite and tuff breccia at upper levels transitioning to propylitic alteration at depth and containing consistent 2-3% amounts of pyrite throughout.
- Further work is warranted to explore within the large footprint marked by several lithocaps.
Markov Kamen North target
Markov Kamen was tested with one drill hole, STDD009 (476.5m), which was collared in strongly phyllic-argillic altered andesite volcanics.
- This target was highlighted by strong molybdenum (+Au-Ag-As-Sb) soil anomalism. Hydrothermal breccia with a sulphide matrix (pyrite + black sulphides) and rounded silicified and/or phyllic-argillic altered clasts is pervasive throughout the entire length of hole.
- Late polymetallic quartz-galena-sphalerite veins were intersected at 91.2m and 132.3m. A zone of silicification, vuggy silica with massive to semi-massive sulphides (mainly pyrite), and hydrothermal breccia layers with a sulphide matrix extends from 208.10m to the EOH.
- Visible copper mineralization was intersected as trace chalcopyrite from 441.5m to ~ 459.60m (18.1m). Due to technical problems the drill hole terminated at 476.5m depth while still in sulphide bearing breccia.
- Significant hydrothermal breccia, massive sulphides and vuggy silica intersected in STDD009 confirms a high sulphidation style epithermal system of intermediate level controlled by a NW structure dipping to the SW. Current results (see Table 2: Highlights of Drilling Results from Savinac) are encouraging and show anomalous grades and mineralized intervals at depth.
- One massive sulphide and vuggy silica interval returned 25m @ 0.54 g/t Au including single 2m interval assaying up to 2 g/t Au and 0.45 % Cu.
Tilva Rosh target
Drilling in 2014 at the Tilva Rosh target (3.2km North of STDD009) intersected significant Au-Cu mineralization related to the same structural trend (see press release from 19 August, 2014). The NW structural trend is highlighted by: (i) soil anomalism, (ii) argillic to advanced argillic alteration and (iii) a magnetic low anomaly trending for 8.5 km.
| Table 2: Highlights of Drilling Results from Savinac |
||||||||
| Drill Hole ID |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Au (g/t) |
Ag (g/t) |
CuEq (%) |
AuEq (g/t) |
| STDD001 | 60.3 | 66 | 5.7 | 0.14 | 0.68 | - | 0.15 | |
| 86 | 100 | 14 | 0.26 | 4.20 | - | 0.33 | ||
| 98 | 100 | 2 | 0.21 | 0.29 | 9.68 | 0.55 | 0.73 | |
| 176 | 178 | 2 | 0.22 | 0.5 | 7.12 | 0.69 | 0.91 | |
| 214 | 216 | 2 | 0.25 | 0.18 | 2.22 | 0.42 | 0.55 | |
| 580 | 582 | 2 | 0.23 | - | - | 0.23 | ||
| STDD006 | 44 | 46 | 2 | 0.62 | 0.48 | 0.63 | ||
| 134 | 136 | 2 | 0.2 | 3.0 | 0.25 | |||
| 160 | 162 | 2 | 1.1 | 1.1 | 1.12 | |||
| STDD009 | 90 | 104 | 14 | - | 0.36 | 2.5 | - | 0.40 |
| 128 | 136 | 8 | - | 0.13 | 9.4 | - | 0.29 | |
| 188 | 192 | 4 | - | 0.21 | 12.2 | - | 0.41 | |
| 274 | 276 | 2 | 0.29 | 0.15 | 1.58 | 0.43 | 0.57 | |
| 320 | 345 | 25 | - | 0.54 | 3.65 | - | 0.60 | |
| Including | 324.5 | 327 | 2.5 | 0.45 | 0.29 | 14.45 | 0.85 | 1.13 |
| Including | 333 | 341 | 8 | - | 1.04 | 3.78 | - | 1.10 |
| 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$1100/oz, copper price of US$2.13/lb. All thicknesses from intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness. True widths cannot be determined from the information available. |
The Bacevica and Osnic licenses:
Four RC holes have been drilled at Bacevica totaling 755m and three in Osnic totaling 501m. Although no reportable assayed intervals were received the information collected will add to the overall interpretation of the South Timok Properties as well as to the ongoing exploration at both of these licenses.
Sampling, Analysis and Qualified Person
Drillhole orientations were surveyed at approximately 50 meters intervals. Drill core was collected from drill sites by the FQM geologists and processed and sampled at the Company's core shed according to industry best practice standard procedures. Samples were collected as 1/4 PQ or HQ core at two meters length intervals. Oriented core with high confidence was marked with solid red line and regular measurements collected.
RC drill samples were collected at 1.0m sample intervals. Approximately 30.0 kg of material (dust and rock chips) is collected in a cyclone from 1m interval. The sample is run through splitter where 1/8 (approx. 3.0-4.0kg) of material is collected as a representative of 1.0m sample interval which is sent to the lab. For logging and future additional analyses, rock chips from each meter are collected and stored in rock chip trays.
All samples are assayed using 30 gram fire assay with atomic absorption finish and ME-MS61 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 20 samples standards are inserted after every 33 samples and blanks 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 public company which is focused on generating value for its shareholders through utilizing the collective expertise of our directors, management and technical team to invest in mineral projects that have the potential to generate future returns to shareholders.
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 FQM's option to notify Mundoro by December 15, 2015 of its wishes to enter into a joint venture on the Southern Timok Properties activities, events or developments that the Board and/or management 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:
Teo Dechev
CEO
+1-604-669-8055x101