Mundoro Announces Successfully Completing the Third Year Exploration Program ON the Jogmec-Mundoro JV Project IN Timok, Serbia
MUNDORO ANNOUNCES SUCCESSFULLY COMPLETING THE THIRD YEAR EXPLORATION PROGRAM ON
THE JOGMEC-MUNDORO JV PROJECT IN TIMOK, SERBIA
March 25, 2019, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro"
or the "Company") is pleased to announce completion of the third year exploration program with Japan
Oil, Gas and Metals National Corporation (“ JOGMEC”), on the Borsko Jezero license (“ Borsko”) located
within the Timok Magmatic Complex (“ Timok”) in eastern Serbia. This exploration program is the third
year of the Phase I earn -in with JOGMEC , which included primarily: (i) 57 .6 line kilometers of Induced
Polarization (“IP”) geophysics, (ii) a gravity survey over 6 sqkm and (iii) target testing drilling of 9,090
meters over 9 drill holes in Borsko.
Teo Dechev, CEO & President of Mundoro commented, “Mundoro’s exploration portf olio of targets,
projects and partners is designed such that the success of the company is driven by the proven earn- in
partner funding model to test targets and advance exploration of projects . The Company continues to
have discussions with interested third parties seeking options on our available projects, confirming the
growing interest in exploring the Tethyan Belt in Timok, Serbia as well as Bulgaria.”
JOGMEC-Mundoro Exploration Program at Borsko
Borsko is one of the four licenses being sole funded by JOGMEC as part of the earn-in agreement entered
into in 2016. Borsko is located directly west of the Bor copper porphyry underground mine and the Veliki
Krivelj copper-gold porphyry open-pit mine, all located in the central portion of Timok. Timok is one of
the most prolific metallogenic domains in the Tethyan Belt with deposits such as the Cukaru-Peki copper-
gold deposit and the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry
open-pit mine (Figure 1: Borsko Location Map).
Teo Dechev, CEO & President of Mundoro commented, “Mundoro’s management and exploration team
continue to see compelling reasons for exploring the Borsko license, located in the center of Timok. Under
the terms of the earn-in agreement, JOGMEC was required to spend US$4 million in Phase I while to date,
JOGMEC has spent approximately US$5.09 million. JOGMEC will render a decision on whether to proceed
to Phase II of the earn- in agreement in May 2019. Thereafter it will be determined final ownership
percentage and how the Borsko exploration program will be advanced. Of main interest in the Borsko
license is Target 1 which requires further dril ling in order to test for: (i) continued lateral extent of the
lithocap for high sulphidation style mineralization in the upper portion of the lithocap and (ii) a possible
porphyry system responsible for the alteration and mineralization identified.”
Highlights of the Borsko Exploration Program
● There is an overall continuous geophysical CSAMT anomaly for at least 1.6 km in areal extent
(Figure 2: 3D Alteration Model) which has been parti ally tested. Drilling to date has identified
that this CSAMT anomaly appears to be related and delineates the advanced argillic alteration
(“lithocap”) under cover. The drill tested hydrothermal alteration system extends 400 m by 800
m with a thickness 500+ meters.
● The alteration remains open primarily towards the north, west and south. Such alteration systems
are host environments of the Bor and Cukaru-Peki high sulphidation Cu-Au deposits in the Timok
region.
● The lithocap contains elevated copper -gold-arsenic values which are indicative of high
sulphidation style mineralization. Drill holes 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)
● At the bottom of the lithocap, weak potassic alteration was identified which suggests potential
for porphyry style mineralization may be present beyond the immediate area drill tested to date.
Target 1 Analysis
Target 1 was discovered as a result of the 2017 drilling program, which was focused on testing targets
defined by structural and geophysical interpretations. The first hole in this program, BJ -06, discovered
advanced argillic alteration system hosted in andesite beneath 550 m of volcanic cover at Target 1. Target
1 is identified as a undercover lithocap which can be indicative of, and has the potential to host: (i) high
sulphidation copper-gold mineralization and (ii) porphyry copper- gold mineralization. The lithocap has
the following features:
● The uppermost 500 m - 800 m of Target 1 area is a weakly altered volcanic unit. At the bottom of
this volcanic unit the transition zone appears with trace pyrite in chlorite -smectite and partially
overprinted by kaolinite.
● It is in the top of the lithocap where marked concentrations of anomalous metal values occur
suggesting that this is the likely location of high sulphidation mineralisation as exampled by Bor
and Cukaru-Peki deposits which are located in this central region of Timok.
● The lithocap is approximately 400 m – 600+ m thickness of pervasive quartz -kaolinite-dickite
alteration containing medium to strong semi -massive pyrite. Pyrophyllite and alunite are also
present together with small bodies o f vuggy residual quartz. These alteration assemblages
confirm typical acid environment which host high sulphidation mineralization.
● In the deepest holes at ~1,200 m, the advanced argillic alteration transitions abruptly downwards
to chlorite -bearing andesite, interspersed with patches containing remnant biotite of
hydrothermal origin and minor epidote. This may be considered as weakly developed potassic
alteration, suggesting that the porphyry intrusion that supplied the magmatic fluid for this
alteration lies beyond the immediate area drill tested to date.
● Copper and gold values are elevated in many parts of the advanced argillic zon es and the
underlying chlorite-biotite zones. Elevated copper values are either present as energite (e.g. 17-
BJ-07, 1033 m) or fine sulphides, but in the chlorite -biotite zone as chalcopyrite (e.g. 17 -BJ-07,
appears from 1250 m and 19-BJ-20 at 890 m).
The drill core observations, aided by spectral alteration mapping, were able to identify vertically and
laterally zoned alteration to be used as a vector towards mineralised “hot spots” of the hydrothermal
system (Figure 2). Based on the vertical and lateral zonation of the lithocap, the system remains open in
the following directions:
● There is an overall a continuous geophysical CSAMT anomaly for at least 1.6 km in areal extent
which has been partially tested. Drilling to date has identified that this CSAMT anomaly appears
to be related and delineates the lithocap under cover.
● In the northwestern direction, drill hole 18-BJ-18 intersected advanced argillic alteration which is
characterised and dominated by fine -grained silicification with strong disseminated pyrite and
minor kaolinite.
● Towards the northeast, as indicated in hole 19 -BJ-20, the advanced argillic alteration abruptly
transitions to quartz -magnetite-biotite (weak potassic) alteration at 859 m containing trace
chalcopyrite and a quartz-molybdenite vein.
● Westwards and Southwards, the alteration package remains open as the drill hole depths of holes
BJ-09 (to the west) and BJ-10 (to the south) were unable to conclude if the alteration extends in
these directions and as such, follow up deeper drilling is required to test for extension of the
lithocap in these two directions.
● Eastwards, the advanced argillic alteration zone, appears to weaken to chlorite -smectite with
pyrite as observed in 18-BJ-13.
● At depth, transition to weak potassic alteration contai ning weak quartz veining with trace
chalcopyrite suggests potential for porphyry style mineralization in the vicinity.
Other Targets Tested in the JOGMEC Exploration Program
Approximately 2,000 meters to the south of Target 1, the South Target was tested which identified a
heavily faulted zone of pyrite-bearing chlorite-smectite-kaolinite alteration for an interval of 184 m in drill
hole 18-BJ-19, indicating a possible periphery of another Borsko-type lithocap.
Located approximately 2,000 m to the north -northeast of Target 1, Target 5 was tested with three drill
holes 18 -BJ-14, 18 -BJ-15 and 18 -BJ-17 to test the west-northwest fault that runs through the area of
Target 5 and appears to also be cutting through the vicinity of the Bor mine 4 km to the east . Trace of
chalcocite and remnant of covellite and chalcopyrite mineralisation, as well as disseminated native copper
were observed within the hornblende-feldspar andesite.
For further description of the Borkso geology see Mundoro’s press release dated December 18, 2017 at
www.mundoro.com.
Drilling, Sampling, Analysis and Quality Assurance and Control
The drilling technique was tripl e tubed diamond drilling from surface for PQ and HQ, while for NQ was
double tubed. The drill holes were generally cased from surface progressing from PQ to HQ at 380m on
average, however exact depths vary from hole to hole. Drill hole orientations were su rveyed at
approximately 30 meters intervals. Drill core was oriented using the Reflex EZ- Trac and Devico Pee Wee
tools, the bottom of the core was marked by the drillers and this was used for marking the whole drill core
with reference lines. Company perso nnel monitored the drilling, with drill core delivered daily to the
Company’s core storage facility where it was logged, cut and sampled.
Core recovery was measured and recorded continuously from the top to the end of the hole for every drill
hole. Each ru n of 3m length was marked by plastic core block which provided the depth drilled. Core
recovery is recorded as 99.4-100% in most intervals.
The drill core was sawn into two along drill core orientation line using a core -cutter and left half looking
downhole was collected in bag and submitted for analysis, the other half is kept in tray and stored.
Samples were collected at one or two-meter lengths from mineralised intervals and every fifteen meters
one sample of two -meter lengths from non -mineralised inte rvals with brakes for major geological
changes. The samples were submitted to SGS managed laboratory in Bor, Serbia for sample preparation
and analysis. 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.
In addition to the laboratory’s internal QA/QC procedures, the Company conducted its own QA/QC with
the systematic inclusion of certified reference materials every 20 samples, blank samples every 20
samples and field duplicates at every 25 samples.
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.
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 holds a portfolio of projects in Serbia and Bulgaria as well as an
investment in a producing gold mine in Bulgaria. There are eight licenses in Serbia, four of which are
optioned to JOGMEC, two licenses are optioned to Freeport-McMoRan Exploration Corporation and two
licenses are available for joint venture. In Bulgaria, Mundoro has formed a Generative Alliance with
JOGMEC. 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
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 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 No rth 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 expressed
or implied by such forward -looking statements. These factors include general ec onomic 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 o pportunities. 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 an d 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 Drill Hole Location Map
Figure 2: 3D Alteration Model