Mundoro Announces Extension of Drill Program ON Jogmec-Mundoro JV Project IN Timok, Serbia
MUNDORO ANNOUNCES EXTENSION OF DRILL PROGRAM
ON JOGMEC-MUNDORO JV PROJECT IN TIMOK, SERBIA
October 23, 2018, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com )
("Mundoro" or the " Company") is pleased to announce that the previously announced drill program on
July 5, 2018 at the Borsko Jezero license (“ Borsko”) has been extended by 2,200 meters to a total of
7,200 meters over 7 drill holes.
Borsko is one of the four licenses being sole fun ded by Japan Oil, Gas and Metals National Corporation
(“JOGMEC”) as part of the JOGMEC -Mundoro option agreement announced in August 2016. Borsko is
located directly west of the Serbian state -operated producing mines, RTB Group’s Bor copper porphyry
mine a nd the Veliki Krivelj copper -gold porphyry mine, all located in the central portion of the Timok
Magmatic Complex (“ Timok”). Timok is one of the most prolific metallogenic domains in the Tethyan
Belt with deposits such as the Cukaru -Peki deposit and the Serbian state-operated producing mines, the
Bor copper porphyry underground mine and the Veliki Krivelj copper -gold porphyry open -pit mine
(Figure 1: Borsko Location Map).
HIGHLIGHTS
● The current drill program, which includes approximately 5,000 m of diamon d drilling in five drill
holes, aims to test:
○ Target 1: lateral extension of the hydrothermal alteration and mineralisation intersected
in drill hole 17-BJ-11 (15m @ 1.04 g/t Au and 6.9 g/t Ag) further to the east-northeast is
supported by an IP chargeability anomaly;
○ Target 5: a new target identified to test IP chargeability anomaly coincident with
magnetic low anomaly at favorable structural intersection located 1,500 m north -
northeast of Target 1.
○ Additional targets: identified by both structural interpretation and geophysical
programs using CSAMT and ground magnetics within the exploration licence further to
the south.
● The extended drill program, which is estimated to increase by 2,200 m of diamond drilling in
two d rill holes, aims to further test Target 1 and Target 5 extensions to the north -northwest
respectively.
Teo Dechev, CEO & President of Mundoro commented, “Due to the increase in drilling meters, we now
expect to complete the extended drilling program on Borsko in December 2018 and to announce results
in February 2019. JOGMEC and Mundoro are looking forward to the results of the current drill program
at Borsko which has continued to be the focus of drilling activity in the final year of Phase I for the
JOGMEC-Mundoro JV Projects.”
Overview of Target 1 and Target 5 at Borkso
The 2017 drilling program, which was focused on testing structural features with geophysical targets,
discovered advanced argillic alteration hosted in andesite beneath 550 m of agglom erate volcanic cover
at Target 1. The hydrothermal altered andesites are moderate to strongly pyritized and alternate with
pervasive silica, vuggy silica, and alunite. The advance argillic alteration correlates with a resistivity -high
and magnetic -low geophysical anomaly bounded by steep resistivity contacts. Two of the completed
drill holes, 17-BJ-11 and 17-BJ-12, drilled into Target 1 intersected epithermal gold -silver mineralisation
of:
● 1.04 g/t Au and 6.9 g/t Ag over 15 m in 17-BJ-11 (1.15 g/t AuEq) and
● 0.77 g/t Au and 1.9 g/t Ag over 31.2 m in 17-BJ-12 (0.85 g/t AuEq).
A deep Induced Polarization (IP)-Resistivity survey was carried out over Target 1 and Target 5 in order to
better define the upper contact of mineralization intersected in the drill holes. Gravity survey was used
to assist CSAMT, magnetic and IP data in d efining prominent structures. The IP -Resistivity survey
outlined a chargeable anomaly immediately east of the discovered advance argillic alteration at Target 1
and extending towards the northeast over Target 5. The extended drilling program aims to furth er test
both targets.
Borsko is ideally situated to cover an area that has a prominent structural corridor with the Ruzana fault,
which is running generally north-northwest (“NNW”) through the license and is striking generally parallel
to the prolific Bor fault to the east. At Target 1, the Ruzana Fault splits into horsetail splay structures
which coincide with the IP anomaly at Target 1. Of further interest is the structural features around
Target 5, the west- northwest (“WNW”) fault that runs through the area of Target 5 appears to also be
cutting through the vicinity of the Bor mine 4 km to the east.
For further description of the Borkso geology see Mundoro’s press release dated December 18, 2017 at
www.mundoro.com.
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
for its shareholders through directly investing in mineral projects that have the ability to generate future
returns for shareholders. The Company currently holds a diverse portfolio of projects in two European
countries as well as an investment in a producing gold mine in Bulgaria and a feasibility stage gold
project in China. The Company holds eight 100% owned projects in Serbia, the four Timok North Projects
are in option to JOGMEC, and the four Timok South Projects are being advanced by
Mundoro. Mundoro’s common shares trade on the TSX Venture Exchange under the symbol "MUN".
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
Drill hole orientations were surveyed at approximately 30 m etre intervals. Company personnel
monitored the drilling, with cores delivered daily to the Company's core storage facility in the town of
Bor, where it was logged, cut and sampled. Core recovery is recorded as 95-100% in most intervals, with
the exception of the more intensely tectonized sections. The samples were collected in accordance with
the Company’s protocols that are compatible with accepted industry procedures and best practice
standards. Most samples through the mineralized intervals were 1 metre in length, up to a maximum 2
metres. In sections of poorly mineralized or unaltered and unmineralised rocks one 2m sample was
collected at every 15 meters core. The samples from Phase 3 drilling program were submitted to SGS
managed laboratory in Bor, S erbia, for sample preparation and analysis. In addition to the laboratory’s
internal QAQC procedures, the Company conducted its own QAQC with the systematic inclusion of
certified reference materials every 20 samples, blank samples every 20 samples and fie ld duplicates at
every 25 samples. Drill core samples are assayed using 50 -grams charge for fire assay with atomic
absorption finish and multi-element method 4-acid digestion ICP-AES package IMS40B.
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", "intend", "plan", "estimate", "anticipate",
"believe" or "continue" or similar words or the ne gative thereof, and include the following: completion
of the earn -in expenditures and option 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 uncertainties and other factors that could cause actual results to differ
materially from those ex pressed 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, action s 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, 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.
Figure 1: Borsko Location Map