Mundoro Announces Drill Results from Skorusa GOLD and Copper Porphyry IN Serbia
MUNDORO ANNOUNCES DRILL RESULTS FROM SKORUSA GOLD AND COPPER PORPHYRY IN SERBIA
January 30, 2017, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com)
("Mundoro" or the " Company") is pleased to report assay results from drilling on the Skorusa target
which is in the Company’s 100% owned Sumrakovac exploration license located in the southern half of
the Timok Complex in northeast Serbia (Figure 1: Location Map of Sumrakovac License).
HIGHLIGHTS
The Skorusa drill program included three diamond drill holes totalling 1000 m which encountered a
multiphase porphyry system in dominant h igh-temperature potassic alteration and associated
stockwork mineralisation at surface. These drill holes encountered significant gold-copper mineralisation
at depth including:
● 63.4 m @ 0.46 g/t AuEq (0.3g/t Au and 0.11% Cu) from 71.6 m at SUMDD-001;
o Including: 26.0 m @ 0.68 g/t AuEq (0.47g/t Au and 0.14% Cu) from 73 m
● 60.0 m @ 0.51 g/t AuEq (0.3g/t Au and 0.14% Cu) from 54 m at SUMDD-002;
o Including: 28.3m @ 0.61 g/t AuEq (0.33g/t Au and 0.19% Cu) from 85.7 m
● 72.0 m @ 0.32 g/t AuEq (0.17g/t Au and 0.1% Cu) from surface to 72 m at SUMDD-003.
Teo Dechev, CEO and President of Mundoro commented, "We are encouraged with this first pass drill
program at Skorusa West. It has encountered significant near surface intervals of gold mineralisation
and gives our geological team valuable information to refine the understanding of this porphyry system.
The mineralisation appears open to the west and our recent data compilation and interpretation has
identified several additional drill targets over the Skorusa system a s well as a newly identified parallel
alteration trend 3 km east of Skorusa and 7 km west of Nevsun’s Cukaru Peki deposit.”
Skorusa Drilling Results
The Q4-2016 drill program at Skorusa comprised three diamond drill holes totalling 1000 m. The Skorusa
target was identified through systematic work completed by Mundoro which resulted in the location of
a zone with potassic alteration and associated stockwork mineralisation at surface, extending NE-SW for
about 200 m along strike. Continuous rock -chip sampling on surface along the central mineralised zone
returned 23m @ 0.72g/t Au and 0.17% Cu. The historical drilling on this portion of the system was not
systematically sampled. This initial drilling program aimed to clarify the previously limited
understanding of the controls and depth continuation of the stockwork mineralisation and associated
gold-copper grades (Figure 2: Location Map of the Drill Holes at Skorusa West Target).
These three drill holes completed at Skorusa were successful in confirming gold -copper mineralisation
related to stockwork veini ng as a part of a multiphase porphyry system. Three main porphyry phases
were identified to date. The porphyry system is intruded into a volcanic host of andesitic composition
with mineralised contact zones abutting the porphyry. The mineralisation iden tified at Skorusa remains
open laterally and vertically down plunge to the WNW. It has been concluded that the recently
completed drill holes are most probably representing the eastern boundary of the porphyry stock where
a tendency of decreasing grades towards east were observed. Better grades could be expected from the
central portion of the stock to the west -northwest and at depth ( Figure 3: Skorusa West Target - Cross
Section A-A’, Looking NE).
Table 1: Summary of significant results from Skorusa drill holes.
Drill Hole ID From
(m)
To
(m)
Interval
(m)
Cu
(%)
Au
(g/t)
CuEq
(%)
AuEq
(g/t)
SUMDD-001 71.6 135.0 63.4 0.11 0.3 0.31 0.46
Including 73.0 99.0 26.0 0.14 0.47 0.46 0.68
SUMDD-002 54.0 114.0 60.0 0.14 0.3 0.34 0.51
Including 85.7 114.0 28.3 0.19 0.33 0.41 0.61
SUMDD-003 0.0 72.0 72.0 0.1 0.17 0.21 0.32
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$1200/oz, copper price of
US$2.6/lb. All thicknesses from intersections from drill holes are down -hole drilled thicknesses or outcrop sample
length thickness.
Drill hole SUMDD -001 was collared next to the outcropping quartz -sulphide stockwork mineralisation
defined through mapping and rock sampling. The drill hole intersected gold -copper mineralisation
related to A-type quartz stockwork veining containing pyrite, chalcopyrite and magnetite. The stockwork
continues for 156 m from surface and is hosted by moderate to strong potassic (biotite/magnetite)
altered diorite porphyry interpreted as an early mineralising event. At the upper part of the drill hole
the mineralised diorite porp hyry (Porphyry 1) is cut by a late mineral diorite porphyry (Porphyry 3) and
only narrow intervals of high -grade mineralisation are present. At 103 m the drill hole went into the
andesite host rock however the stockwork mineralisation extends down hole to 156m. Within the host
andesite the copper-gold grade decreases to the end of hole (“EOH”).
Drill hole SUMDD -002 was drilled 85 m south -southwest from SUMDD -001. The drill hole intersected
diorite porphyry (Porphyry 1) from surface to 130 m with A -type quartz stockwork mineralisation and
quartz-diorite porphyry (Porphyry 2) to EOH (370m) with mostly disseminated to veinlet sulphide
mineralisation. Steep dipping quartz-pyrite-chalcopyrite B-type veins and magnetite M -type veins were
observed at the bottom part of the hole suggestive for a deep source to the west-northwest.
Drill hole SUMDD -003 was drilled as a step back 80 m east -northeast from SUMDD -002. It intersected
diorite porphyry (Porphyry 1) from surface to 82m with A -type quartz stockwork mineralisation and
andesite host rock to the end of the drill hole at 299.8m. The stockwork is carrying gold -copper
mineralisation throughout, and shows a tendency of decreasing grade towards the contact of the
porphyry stock with host andesite.
Discussion and Next Steps
The three drill holes of the completed program at Skorusa West were successful in identifying three
porphyry phases as well as the important contact with the andesite. Data interpretation suggests that
the drill holes were drilled at the e astern contact of the intrusions with the host andesite while the
system remains open to the west. The stockwork mineralisation dips to the WNW and was tested at its
upper and peripheral parts which are overprinted by phyllic alteration.
The Company will continue to model and interpret Skorusa West which is part of a broader 4.5 km by 2
km pervasive alteration trend containing several additional interpreted drill targets which remain
untested. The additional drill targets were identified with structural int erpretation and alteration
mapping (Figure 4: Skorusa Porphyry System Drill Targets ). The Company will prioritise current results
and various targets and determine testing either with a partner or with the existing 2017 budget.
Adding to the prospectivity of the Sumrakovac license, completed regional exploration and historical
data compilation has identified an additional trend of mineral occurrences and hydrothermal alteration
located ~ 3 km east of the Skorusa system and ~7 km west of the Cukaru Peki discovery (see Figure 1).
This area has had very litt le exploration in the past, shares the same geology and structural setting and
offers further exploration potential within the Sumrakovac license.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian mineral exploration and development public company focused on building value
and generating investment return for its shareholders through directly investing in mineral projects that
have the potential for mineral resource discovery or development. The Company has a diverse portfolio
of exploration projects primarily focused on gold and base metals in two European countries, Serbia and
Bulgaria, as well as Mexico and potentially North America. Mundoro (TSX-V:MUN) is funded to pursue it
strategy, has a technical team with proven exploration success, a corporate team with established
capital markets relationships and a board of directors with a breadth of corporate governance
knowledge.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
Qualified Person
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.
Sampling and Analysis
All drill core samples are processed and assayed using 50 -gram fire assay with atomic absorption finish
and ME-MS61 by ALS Serbia and Romania. Quality Assurance and quality control procedures include the
systematic insertion of standards and duplicates into the sample streams. Field duplicate samples are
taken every 25 samples and standards and blanks are inserted after every 20th sample. All data
collected in the field and assay results from the laboratories are routinely verified and entered in an
Access database.
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", "int end", "plan", "estimate", "anticipate",
"believe" or "continue" or similar words or the negative thereof, and include the following: completion
of the earn -in expenditures and options by JOGMEC; and completion of a definitive joint venture
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 Timok North
Properties, 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 uncert ainties 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 a re 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 fr om 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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of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.