The Company previously reported that its ongoing initiatives to increase production, productivity and efficiency at the Jiama Mine are expected to enable it to meet its previously mentioned 2014 production guidance of approximately 50 million pounds of copper./Merger Mundro pls CNG ASAP
MUNDORO PROVIDES UPDATE ON SERBIA DRILLING AND ANNOUNCES CLOSING OF ACQUISITION OF NEW COPPER GOLD LICENSE
Mundoro Capital Inc. has provided an update on the Tiva Rosh drilling program in Serbia, and has closed the acquisition of the Chuprene exploration permit, located in northwestern Bulgaria, approximately 65 kilometres southeast of Bor in the Timok complex.
Serbia drilling program update
Mundoro recently began drilling on its Tilva Rosh prospect in Serbia on June 28, 2014. The Tilva Rosh prospect was outlined by a gold-in-soil anomaly of 600 metres by 150 metres, which was confirmed with follow-up trenching in fourth quarter 2013 and second quarter 2014.
The company is drill testing depth extension of the outcropping epithermal gold mineralization with six diamond drill holes, each with a depth of approximately 150 m. The company has completed the first three holes concentrating on the area of the previously reported trenching results, which returned 12 metres of 30.39 grams per tonne gold and 171.27 grams per tonne silver (see press release dated Oct. 21, 2013).
The drill core has intersected the hydrothermal breccia hosting the mineralization, which was trenched on surface, as well as a feldspar porphyry, which is argillic altered. The drill core has also intersected sections of: (i) quartz-pyrite-chalcopyrite mineralization; (ii) pyrite-galena-sphalerite mineralization and (iii) semi-massive pyrite chalcocite-covellite-bornite mineralization.
Assay results are scheduled to be published in third quarter 2014 along with further description of the drill core from the holes.
Chuprene licence acquisition
Chuprene is an underexplored area by modern exploration methods with the potential for discovery of high-sulphidation copper-gold, sediment-hosted gold and intrusion-related gold-silver deposits.