Mundoro Commences 2023 Drill Program at the Vale Optioned Projects in Timok, Serbia
Mundoro Commences 2023 Drill Program at
the Vale Optioned Projects in Timok, Serbia
Vancouver, British Columbia--(Newsfile Corp. - April 3, 2023) -
Mundoro Capital Inc. (TSXV: MUN)
(OTCQB: MUNMF) (
www.mundoro.com
)
("
Mundoro
" or the "
Company
") is pleased to announce
commencement of the 2023 drill program at the Vale-Mundoro Option Projects located in the southwest
portion of the Timok Magmatic Complex
("Timok")
in Serbia. The drill program is part of the 2023 Work
Program and Budget which is solely funded by Vale
and for which Mundoro is operator.
The drill program has planned 8,000 meters to test five (5) target areas with nine (9) drill holes.
The five
main target areas for drill testing during the 2023 drill program are: (i) Tilva Rosh, (ii) Markov Kamen, (iii)
Bacevica North, (iv) Orlovo, and (v) Prekostenski. These five areas have been selected out of several
target areas ranked as prospective for porphyry copper-molybdenum-gold deposits within the Vale-
Mundoro Option Projects.
Regional Setting
The Timok region in eastern Serbia is known as a mining district with more than 100 years of mining
comprising approximately 4 billion tons in porphyry systems over 5 known mines. The Timok Magmatic
Complex is host to the largest copper-gold porphyry deposits in the western portion of the Tethyan Belt
such as (i) Cukaru-Peki, a high sulphidation epithermal copper-gold and porphyry copper deposit, (ii)
Bor underground mine which is a copper-gold porphyry ("Bor Mining Complex"), (iii - iv) Veliki Krivelj and
Majdanpek open-pit mines which are both copper-gold porphyries and (v) the recently re-opened Cerovo
porphyry copper-gold open-pit mine (see
Figure 1
).
Figure 1 - Location Map of Vale-Mundoro Projects in Timok, Serbia with drill hole locations of the 2023
drill program.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2408/160889_f26a87a134be3b90_001full.jpg
Highlights of the Targets
In the Tilva Rosh and Markov Kamen target areas, the current drill program is a follow up drilling
campaign utilizing vectors to a potential porphyry system identified from interpretation of previous
drill results and geophysical surveys.
At the Bacevica North target, a strong and near surface Induced Polarization (IP) anomaly is
confirmed and will be further tested as a result of recently received encouraging drilling results from
the 2022 drill campaign.
At the Orlovo target, the drilling campaign is designed to test continuation to the NNW and NE of
the porphyry copper-gold system with quartz veining within the potassic alteration as vectors to a
potential porphyry system identified from interpretation of previous drill results and geophysical
surveys followed by the surface geochemistry copper-gold-molybdenum anomalies.
At Pekostenski target, a follow up drilling campaign will test the western extension of copper-gold
bearing diorite as well as the potential for an alkali porphyry system.
Discussion of Target Areas
The five target areas are within zoned hydrothermal alteration which can be traced at surface for 20 km
along strike and contains gold epithermal and copper-gold porphyry style mineralization. The north-south
striking alteration corridor correlates with a regional scale strong magnetic anomaly interpreted as a
magnetite destructive zone of advanced argillic alteration that comprises a broad lithocap at the north
targets area as well as argillic and phylic alteration at the south targets.
Tilva Rosh
- exploration mapping and drilling to date confirmed advanced argillic alteration within a
broad lithocap with epithermal gold mineralization and copper-gold-molybdenum geochemical
anomalies at surface extending over an area of 3.6 km x 1.2 km in size. Alteration was identified down
dip of alteration to the west in the drill core from the prior drilling campaign in Q4-2019. High-
temperature advanced argillic alteration identified at the bottom of one of the nearest drill holes indicates
a potential hydrothermal fluid up-flow zone. Three drill holes were designed to test the northern portion of
Tilva Rosh, targeting: (i) the west and north extension from recently completed drill holes in the 2022 drill
campaign which intersected quartz and quartz-magnetite banded veins suggestive of the base of the
lithocap, and (ii) mineralized porphyry beneath the lithocap supported by both recent geophysics
interpretation of IP,
a magentotelluric (MT) survey and magnetics survey, and (iii) potassic alteration
identified in a prior drill hole in this target area.
Markov Kamen
- located directly south of Tilva Rosh, Markov Kamen is a large area of silicification
covering 3.2 km x 500 m, hosts a significant hydrothermal breccia with anomalous gold grades, and is
open to the west and at depth.
High-grade copper and gold grades received from sampling old workings
contain hypogene chalcocite at the southern edge of the target area.
Based on geophysics, the target to
be drill tested is interpreted as a root of an advanced argillic alteration zone.
Two drill holes are planned
to test the southern portion of Markov Kamen, targeting (i) a deeper root of a MT anomaly as the
continuation of surface hydrothermal alteration and (ii) a surface IP anomaly indicating potential for
shallower porphyry beneath a copper-in-soil anomaly as follow up drilling from drill holes in the 2019 drill
campaign.
Bacevica North
- located south-southwest of the Markov Kamen target area, this target was recently
identified comprising a strong IP anomaly and intense quartz-sericite-pyrite (QSP) altered andesite at
surface. One reconnaissance drillhole is planned to further test the IP anomaly confirmed by a
completed
drill hole from the 2021 drill campaign which is supported by the encouraging geochemical sampling
results from 2019 and surface mapping completed.
Orlovo
- located south-southeast of the Bacevica North target area, this target is a broad zone of phyllic
alteration of 3 km x 700 m with elevated gold and copper in soil samples. Two drillholes are planned to
test: (i) the
quartz vein stockwork mineralization related to potassic altered diorite, returning 26 m of
0.10% copper and 0.23 g/t gold, overlain by phyllic alteration from surface, identified in the 2019 drilling
campaign, (ii) intermediate magnetic, IP and CSAMT anomalies followed by the encouraging gold-
bismuth-molybdenum geochemical anomalies.
Prekostenski
- located west of the Orlovo target, this target area is a copper-gold porphyry target as
well as potential alkali porphyry target identified by mapping and surface sampling which resulted in 55
m of 0.28 g/t gold and 0.21 % copper.
The exploration work identified chalcopyrite-magnetite
mineralisation hosted in potassic altered diorite to a depth of 68.6 m which was confirmed by a previous
drilling campaign in 2018. One drillhole is planned to test (i) the quartz-pyrite-chalcopyrite veins hosted in
potassic altered diorite porphyry which returned an intercept of 39 meters of 0.17 g/t gold and 0.17 %
copper from 61 m and 49.8 meters of 0.14 g/t gold and 0.13 % copper from surface, and (ii) geophysics
IP and MT anomalies which correspond well with intersected mineralization.
Qualified Person
The scientific and technical information in this news release was reviewed and approved by, R.
Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the
Company.
About Mundoro Capital Inc.
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of
mineral properties focused primarily on base and precious metals.
To drive value for shareholders,
Mundoro's asset portfolio generates near-term cash payments to Mundoro from partners and creates
royalties attached to each mineral property.
The portfolio of mineral properties is currently focused on
predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide
Belt in the southwest USA.
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
earn-in expenditures, options and completion of a definitive 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 Company's projects, 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 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 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.
For further information, please visit Mundoro Capital website
www.mundoro.com
.
Teo Dechev, Chief Executive Officer, President and Director
+1-604-669-8055
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/160889