Mundoro Doubles Size of Copper and GOLD Anomalies at Zeleznik WEST Zone and East Zone IN Serbia
MUNDORO DOUBLES SIZE OF COPPER AND GOLD ANOMALIES AT ZELEZNIK WEST ZONE AND
EAST ZONE IN SERBIA
June 27, 2017, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or
the "Company") is pleased to provide an update on exploration results at the Zeleznik Property (“ Zeleznik”)
which is one of the four subject properties currently being sole funded by the Japan Oil, Gas and Metals
National Corporation (JOGMEC) as part of the JOGMEC -Mundoro joint venture announced in March 2016
(see press release March 7, 2016). Zeleznik is located at the northern end of the Timok Magmatic Complex
in northeastern Serbia; the license is north of the state -owned Majdanpek copper -gold mine ( Figure 1:
Location Map of Timok North Projects).
Teo Dechev, CEO & President of Mundoro commented, “Following up on the 2016 drilling campaign at
Zeleznik, our team has e xtended the copper -gold-molybdenum-in-soil anomaly an additional 500 meters
along strike at the West Zone and East Zone. There are two distinct porphyry zones at the southern portion
of the license comprising the drill defined, West Zone which is dominant ly a copper -gold-molybdenum
porphyry, and East Zone which is a copper -gold porphyry with related skarn mineralisation. Mundoro will
be providing news flow in the second half of the year on the Phase III drilling program. Phase III drilling is
designed to establish volume and grade for a potential inferred resource through a fence drilling program
with both delineation and step -out drilling at the two porphyry systems in the West Zone and East Zone
along with target testing the newly extended copper and gold soil anomalies.”
Extension of Copper-Gold-in-Soil Anomaly
In Q2-2017, Mundoro completed a soil sampling program over the southern extensions of the West Zone
and East Zone targets in order to follow -up the open soil anomalies. Over 500 additional sample s were
collected at a 100 m x 50 m resolution grid covering an area of approximately 2.2 sq.km (Figure 2: Zeleznik
East Zone and West Zone - Copper in Soil Results).
The West Zone copper soil anomaly was extended 500 m along strike outlining an area of 1170 m x 600 m
grading above 200 ppm copper with a central core area of 770 m x 450 m grading above 500 ppm copper .
As a result the size of the initial copper -gold porphyry related soil anomaly approximately doubled. The
copper soil anomaly overlaps with a s ignificant gold anomaly above 50 ppb gold, molybdenum anomaly
above 10 ppm and is rimmed by lead -zinc soil anomalies. This geochemical zonation of elements is
indicative of porphyry systems.
The East Zone copper soil anomaly was also successfully extend ed to the south by 300 m along strike. Most
significant here is the gold-in-soil anomaly which delineates an area of 700 m x 400 m grading above 50 ppb
gold. A copper -in-soil-anomaly overlaps the gold anomaly and is in the range of 100 ppm to +200 ppm
copper. Lead-zinc soil anomalies of the East Zone target overlap with the gold -copper anomalies reflecting
the skarn type mineralisation related to the porphyry.
The Company is currently conducting detailed mapping and rock geochemical sampling over the newly
extended area of soil anomalies to the south.
Zeleznik West Zone and East Zone Drilling To-date
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To date Mundoro has completed two phases of drilling at the Zeleznik East Zone and West Zone.
In Q4 2014, Mundoro conducted the Phase I drilling program comprised of six inclined diamond drill holes
totaling 1000 m, three on the West Zone and three on the East Zone. These drill holes were in follow up to
the mapping, trench sampling, geophysics an d soil geochemical work completed throughout the year in
2014 (see May 1, 2014 and January 13, 2014 press releases). This first pass drilling was designed to test
surface copper-gold mineralization at the West Zone and East Zone targets. Three drill holes were drilled at
each zone successfully demonstrating copper-gold mineralization below the respective surface geochemical
anomalies at both the West and East Zones.
In Q3 2016, Mundoro conducted the Phase II drilling program comprising an additional six in clined drill
holes totalling 3000 m, three on the West Zone and three on the East Zone. This program successfully
intersected copper -gold mineralisation at both zones and expanded the extents of the mineralised
envelopes.
Table 1: Highlights From Phase I and Phase II Drilling
Drill Hole ID From
(m)
To
(m)
Interval2
(m)
Cu
(%)
Au
(g/t)
CuEq1
(%)
ZELDD_01 29.2 55 25.8 0.39 0.076 0.43
ZELDD_05 24.5 105.7 81.2 0.22 0.23 0.35
Including 26.6 29.4 2.8 2.1 1.5 2.98
ZELDD_06 137.4 142.3 4.9 0.82 1.0 1.4
ZELDD_07 0 193.1 193.1 0.18 0.036 0.20
Including 152 168 16 0.30 0.062 0.34
Including 210.6 225.8 15.2 0.27 0.082 0.32
ZELDD_08 50 67.1 17.1 0.32 0.15 0.41
ZELDD_09 32 46 14 0.20 0.035 0.22
and 76.7 80 3.3 0.35 0.046 0.38
and 135 140 5 0.30 0.050 0.33
Notes:
1. The copper equivalent (CuEq%) is calculated from the formula CuEq = (%Cu) + [(g/t/AuEq) x (1/31.1035) x ($/ozAu)] ÷
[(22.0462) x ($/lbCu)]
2. All thicknesses from intersections from drill holes are down-hole drilled thicknesses.
Summary of West Zone Interpretation
Work to date supports the interpretation that there is a large volume of low grade halo of mineralisation
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hosted in gneisses with higher grades related to potassic altered diorite porphyry dikes containing
stockwork veining with pyrite -chalcopyrite. The mineralisation remains open in all directions and based on
interpretation of drilling results, part of the focus of further exploration work is to fence drill the higher
grade bearing porphyry dikes to determine volume and grade for a potential inferred resource.
Summary of East Zone Interpretation
Work to date demonstrated that an adjacent limestone unit is thicker to the east and the best mineralised
intersections remain within the upper 200 m. Controlling structures and the andesite -limestone contacts
appear to dip to the west. The East Zone remains open laterally to the north and south as well as to the
west under a thinner limestone cap. The widely spaced Phase I & II drilling to -date has furthered the
understanding of the targets and based on interpre tation of the drilling results, a follow -up program of
fence drilling has been planned for the second half of 2017.
Next steps
In the coming months the Company will be announcing a Phase III drill program to be conducted in the
second half of 2017. The go al of the Phase III drill program will be to build on the drill hole database in an
effort to establish volume and grade for a potential inferred resource through both delineation and step-out
drilling, as well as target testing the strike extension of the copper-gold in soil anomaly recently delineated
in Q2-2017.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
About Mundoro
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 sharehol ders. 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".
About JOGMEC
The Japan Oil, Gas and Metals National Corporation (JOGMEC) was established in February 2004, following
the integration of the former Japan National Oil Corporation (JNOC) and Metal Mining Agency of Japan
(MMAJ). It is a corporation under the Japanese Min istry of Economy, Trade and Industry (METI), with a
mandate of investing in developing minerals projects worldwide to help secure a stable supply of natural
resources for Japanese industry.
Sampling and Analysis
Soil samples were collected from “B” horizon of the soil media by hand digging a hole from 0.1 to 0.5m.
Material of ~500 grams was collected, sealed and send directly to the ALS laboratory in Bor. Samples were
dried at <60°C/140F, sieve sample to -180 micron (80 mesh) and assayed using 30gram fire a ssay with
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atomic absorption finish and ME -MS41L - 51 elements by aqua regia acid digestion and a combination of
Drillhole orientations were surveyed at approximately 50 meters intervals. Drill core was collected from drill
sites by the Company’s geologists and processed and sampled at the Company’s core shed according to
industry best practice standard procedures. Samples were collected as half PQ or HQ core at one or two
meter lengths from mineralised intervals and three meter lengths from none mineralised intervals. Where
necessary the sampling lengths were adjusted to reflect the geological boundaries.
All samples are assayed for gold using 50 gram fire assay with atomic absorption finish and ME -ICP61 33
elements four acid ICP -AES by ALS Laboratories in S erbia, Romania and Ireland. The entire sample was
crushed to 2mm, then split off a 1 kg sample and pulverized the split to better than 85% passing 75 microns.
Quality Assurance and Quality Control procedures include the systematic insertion of standards, b lanks and
duplicates into the sample streams. Duplicate core samples are taken every 25 samples and standards and
blanks are inserted after every 20th sample. All data collected from detailed logging and assay results from
the laboratories are routinely verified and entered in an Access database.
Qualified Persons
The technical information contained in this Press Release has been reviewed and approved by Mr. G.
Magaranov, P. Geo., who is a Qualified Person as defined by National Instrument 43-101.
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 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 a ctual 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 forwar d-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 Servi ces Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.