Mundoro Commences Drill Program at the BHP Optioned Borsko Project in Serbia
Mundoro Commences Drill Program at the BHP
Optioned Borsko Project in Serbia
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2023) -
Mundoro Capital Inc. (TSXV: MUN)
(OTCQB: MUNMF) (
www.mundoro.com
)
("
Mundoro
" or the "
Company
") is pleased to announce
commencement of a drill program at the BHP-Mundoro option project,
Borsko
, which is located in the
central portion of the Timok Magmatic Complex
("Timok")
in eastern Serbia. The drill program is part of
the 2023 Work Program and Budget which is solely funded by BHP and for which Mundoro is the
operator.
The drill program is planned for 2,000 meters to test one target area with one deep drill hole.
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 for Timok Region, Serbia.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2408/161259_f2b08445548e0b6f_001full.jpg
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.
Overview of Target 1
Target 1 is located in the center of the Borsko Project (
Figure 2
) and represents an undercover
preserved advanced argillic alteration lithocap.
The target covers a strike length approximately 1.6 km striking NNW-SSE.
Target 1 remains open in three directions: (i) along strike to the northwest; (ii) down plunge to the
northwest, and (iii) to the east-northeast.
The Target 1 system was discovered using a combination of structural features and geophysical
anomalies from Magnetotelluric (MT) survey in 2016 and Gravity surveys completed by Mundoro
between 2018 and 2019.
Figure 2 - Location Map of Borsko Project in central Timok with drill hole location of current drill program.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2408/161259_f2b08445548e0b6f_002full.jpg
Discussion of Target 1
All of the geochemical results and well defined hydrothermal alteration are indicative of high sulfidation
epithermal type mineralization with elevated copper at the bottom of the lithocap suggesting a porphyry
environment at depth below the epithermal zone. The current drill program over Target 1 aims to test: (i)
the northwest extension of the high sulphidation epithermal alteration/mineralization intersected in drill
hole 17-BJ-11 (15m @ 1.04 g/t Au and 6.9 g/t Ag) and in drill hole 19-BJ-20 (88m @446 ppm of Cu from
891m), (ii) potassic alteration extension to the northwest and below the high sulphidation epithermal
zone, and (iii) a geophysical controlled source audio frequency MT anomaly.
When compared with the discovered copper-gold deposits in the vicinity of Target 1 (Figure 2) in the Bor
region, there is generally a shallow transition zone from the high sulphidation mineralization epithermal
zone (preserved lithocap) to the porphyry body beneath in that system. At Target 1 there is remnants of
shreddy biotite at the bottom of holes 17-BJ-07 and 17-BJ-12, with discrete occurrences of Quartz-
Magnetite veins together with elevated copper results indicate the likely occurrence of a copper-bearing
porphyry system in the vicinity of the preserved lithocap.
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
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