VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 5, 2016) - Mundoro Capital Inc. (TSX VENTURE:MUN)
(www.mundoro.com) ("Mundoro" or the
"Company") is pleased to report drilling has commenced on the Company's 100% owned exploration licenses, Dubrava
and Zeleznik which are located at the central and northern end of the Timok Magmatic Complex ("TMC") in
northeastern Serbia (see Figure 1:
Location Map - Timok North Projects).
HIGHLIGHTS
- 3000 m drill program began July 1 on Timok North Projects
- Timok North Project work programs sole funded by JV partner JOGMEC
-
Previous drilling and geophysics programs provided high priority targets including:
- 25.8 m of 0.47% CuEq interval in the West Zone (ZELDD01 from 29.2 m to 55.0 m)
- 4.9 m of 1.40% CuEq interval in the East Zone (ZELDD06 from 137.4 m to 142.3 m EOH)
- 2.8 m of 2.98% CuEq interval in the East Zone (ZELDD05 from 26.6 m to 29.4 m)
- Mundoro maintains a strong treasury and is debt free
Teo Dechev, CEO and President of Mundoro commented, "This program will focus on testing three copper-gold porphyry and
epithermal systems within the two properties. We believe the drilling program at Zeleznik will further delineate the extent of
the copper-gold porphyry identified in the West Zone from the first round of drilling results in January 2015 as well as the
massive sulphides identified in the East Zone. For Mundoro shareholders, the JOGMEC funded exploration activity including
drilling and geophysics will allow for more aggressive exploration of the Timok North Projects and bring us closer to identify a
resource on the discovery at Zeleznik. At the end of Q1-2016, Mundoro had a treasury of $5.1 million and no debt."
Drilling commenced on July 1, 2016 under the Option Agreement between Mundoro and Japan Oil, Gas and Metals National
Corporation. ("JOGMEC") announced March 7, 2016. Under the terms of the agreement JOGMEC may earn a 51% interest
in the Timok North Projects by making US$3 million in expenditures by March 7, 2018. JOGMEC is under a firm commitment to expend
US$1 million of this amount by March 7, 2017. Stage Two Earn-in: Following the Stage One Earn-in, JOGMEC has a right to
acquire an additional 24% interest in the Timok North Projects, for a total of 75% interest, by funding the completion of a
Feasibility Study by the eighth anniversary of the Agreement (March 7, 2024). The current drill program, which is a part of the
Stage One Earn-in and the US$1 million commited expenditure, is being sole funded by JOGMEC and includes this 3000 m diamond
drilling program.
JOGMEC-Mundoro Drill Program
This drilling program is designed to test various copper-gold targets over two of the Timok North Projects. The final number
of holes drilled will be dependent on results obtained through the course of the drilling program. The targets have been
identified through a systematic program completed by the Company comprising of detailed mapping, geochemistry, alteration
mapping, ground geophysics, regional geophysics and initial drilling testing. The properties and targets to be tested are
described below.
Zeleznik Property
The Zeleznik license is a 60 sq.km area located at the northern end of the TMC in northeastern Serbia, 160 km southeast of
Belgrade. Zeleznik directly borders the Majdanpek mining complex to north and is 45 km northwest of the Bor smelter-refinery. The
southern end of the property has several areas of anomalous Cu-Mo-Au geochemical results related to andesite-diorite porphyry
intrusions. The western anomaly ("West Zone") is 600 m x 450 m and is open along strike to the north and south, while the eastern
anomaly ("East Zone") is 300 m x 300 m in outcrop and dips under a limestone cap to the northeast and remains open along
strike.
Initial drilling at these two target areas has intersected mineralization throughout the drill holes and indicated the systems
remain open at depth and along strike at both the West Zone and East Zone.
An initial ground magnetic survey was completed over the West Zone and East Zone during the 2015 field season. Additional
geophysics surveys consisting of IP-Resistivity and CSAMT-AMT were completed in Q1-2016. The follow-up surveys comprised 8
profiles lines, each 3200 m long and totalling 25.6 line-km. Both surveys successfully identified drill targets and were used to
focus the current drilling program (see Figure 2: Zeleznik
Drillhole Location Map).
At the West Zone, the phase 1 drilling intersected several porphyry dikes cutting basement gneiss. The
intersected porphyries are potassic altered and the host gneiss is cut by A-type quartz veins and veinlets containing
pyrite-chalcopyrite mineralisation. A 25.8 m intercept centred on the early porphyry dyke averages 0.47% copper-equivalent
("CuEq"). At the West Zone Cu-Au porphyry system, geophysics results show that the strongest IP chargeability
anomalies remain untested at depth as well as highlighting an additional interpreted porphyry target at the northern end of the
system. Three drillholes (PH07, PH09 and PH12) totalling 1070 m are planned for the West Zone:
- PH07 is designed to test the continuation of the stockwork mineralisation and diorite porphyry
intersected in ZELDD01, the strong IP anomaly, and the interpreted mineralised structure. The planned depth of 350 m will
penetrate through a resistivity high and test the resistivity low anomaly coincident with the strongest IP anomaly in the West
Zone.
- PH09 is planned to a depth of 370 m and designed to test the strong IP anomaly coinciding with
moderate resistivity anomaly and the continuation of mineralisation and potassic alteration intersected in ZELDD02.
- PH12 is designed to test the high resistivity with strong IP near surface phyllic alteration with
quartz (overprint) while the IP high with resistivity low anomaly at depth suggests primary mineralisation related to a
structure or possibly porphyry stock projected to 700 to 800 m depth in magneto-telluric sections.
At the East Zone, all three drillholes from phase 1 drilling intersected andesite porphyry containing massive
sulphide blocks with typically 0.3-0.5% Cu and 0.3-0.6 g/t Au; however, one 4.9 m interval at the end of drill hole ZELDD06
(137-142 m) averaged 1.4% CuEq (~1% Cu and 1 g/t Au). A block of gossan after massive sulphide intersected in drill hole ZELDD05
(26-29 m) reported even higher grades of 2.8 m @ 2.98% CuEq (~2% Cu and 2 g/t Au) and is similar to the gossan sampled in
proximal road cuts (7.57 g/t Au; 2.65% Cu).
The Company believes the drilling and surface sampling work and geophysical interpretations to-date suggest the potential for
discovery of bulk porphyry mineralisation containing high grade sulphide blocks formed by carbonate replacement along
porphyry-host limestone contact. The existence of these sulphide blocks is significant in that close analogues to this style of
mineralisation demonstrate that the blocks can boost the overall grade of the related porphyry system.
Prior drilling on the East Zone has bottomed in mineralisation and requires further testing to depth and along strike. The
strongest Cu-Au soil and trench anomalies in the area also remain untested. The IP-resistivity survey highlighted new targets and
fault zones which appear to be related to a newly inferred and larger mineralisation center. The regional stratigraphy, preserved
limestone cap and epithermal geochemical signature all suggest that little erosion has taken place and the presence of a
potentially preserved copper-gold mineralised system beneath. This geological model requires further exploration drilling along
strike and at depth. Three drillholes (PH08, PH10 and PH11) totalling 1100 m are planned for the East Zone:
- PH08 is located at the strongest Cu-Au soil anomaly at the East Zone which remained untested from
the previous drilling. It is believed that drill hole ZELDD06 tested the margin of the anomaly at a depth of 142.3 m where it
intersected brecciated and faulted diorite containing quartz-carbonate-pyrite-chalcopyrite veinlets at upper levels and a
brecciated fault zone bearing massive and disseminated pyrite-chalcopyrite mineralization at lower levels. Results from
geophysical surveys also show significant low resistivity and moderate IP chargeability related to the surface Cu-Au anomaly
capped by highly resistive limestone. The drillhole is projected to a depth of 500 m aiming to intersect the low resistivity
anomaly and reach the moderate to high chargeability anomaly.
- PH10 is designed to test the strongest IP anomaly at the East Zone which is located under the
limestone cap. This area is characterized by Sb-As pervasive soil anomaly and spotty Au anomalies which penetrate through the
recrystallized limestone. The IP anomaly coincides with a resistivity low and both start at 200 m depth. To date, PH10 will be
the northern most drillhole testing the northern extension of the mineralised system under the limestone cap.
- PH11 is designed to test a strong surface Au-in-soil anomaly and anomalous trench samples which
coincide with a prominent resistivity low at depth that extends to 1500 m depth. The resistivity low was determined by the AMT
and IP resistivity surveys. There is no detectable IP anomaly at this area however elevated chargeability is directly related
to the surface soil anomaly.
Dubrava Property
The Dubrava license totals 51 sq.km and wraps around the eastern side of the Bor Mine Complex and the Veliki Krivelj open pit
mine, and is 3.5 km north from the Cukaru Peki deposit discovered by the Freeport-Reservoir JV. Mundoro's exploration work on the
Dubrava license has demonstrated very encouraging results of 28 m @ 0.2% Cu, 0.25 g/t Au (0.36% CuEq) in
drillhole BJ-04 including 7 m @ 0.5% Cu, 0.69 g/t Au (0.94% CuEq).
Since the Dubrava license has no outcrop and is mostly covered by post-mineral Miocene and Cretaceous sediments, the Company
has relied on geophysical exploration methods and has completed AMT, CSAMT, IP and gravity surveys over prospective parts of the
licence area. In proximity of drillhole BJ04, four closely spaced (~50 m apart) IP lines have been carried out in order to
delineate the massive sulfide mineralisation intersected at depth as well as to try to locate the controlling hydrothermal
breccia structure (see Figure 3: Dubrava
Drillhole Location Map). IP Resistivity and CSAMT surveys at Dubrava have identified two IP/Resistivity
anomalies located west of drill hole BJ04. As such, the following two drill holes are planned to test these targets:
- PDUB01 is located 180 m northwest of BJ04 and is designed to test the IP/Resistivity anomaly
which starts at 50 m depth and is well defined up to 300 m. This anomaly also encompasses the area of drill hole BJ04 and the
intersected sulphide mineralisation. The drillhole aims to test for lateral and depth continuation of this previously
intersected mineralisation.
- PDUB02 is located 430 m west of BJ04 and 270 m southeast of PDUB01. It is projected to test the
well expressed IP/Resistivity anomaly. It is open at depth and laterally links with the anomalies to the north at shallower
levels. The IP chargeability anomaly overlaps with the resistivity anomaly which makes the target promising for possible
relation to a massive sulphide body.
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 staff to invest in mineral projects that have the potential to
generate future cash.
About JOGMEC
JOGMEC was established in February, 2004, following the integration of the former Japan National Oil Corporation (JNOC) and
Metal Mining Agency of Japan (MMAJ). It is a state corporation administrated by the Ministry of Economics, Trade and Industry of
Japan (METI), with a mandate of developing minerals projects worldwide to help secure a stable supply of natural resources for
Japanese industry.
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", "promising", "encouring" 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.
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