Mundoro Drilling Results Confirm Further Mineralization at Zeleznik Project IN Serbia
MUNDORO DRILLING RESULTS CONFIRM FURTHER MINERALIZATION AT ZELEZNIK PROJECT IN SERBIA
February 28, 2018, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com )
(" Mundoro " or the " Company ") is pleased to announce drilling results from the East and West Zone on
the Zeleznik explora on license (“ Zeleznik ”) in north-eastern Serbia. Zeleznik is one of the four licenses
being sole funded under the Agreement between Mundoro and Japan Oil, Gas and Metals Na onal
Corpora on (" JOGMEC ") announced March 7, 2016. Zeleznik is located directly north of the Serbian
state-owned Majdanpek copper-gold mine and at the north end of the Timok Magma c Complex
(“ Timok ”) (see Figure 1: Location Map) .
Teo Dechev, CEO and President of Mundoro commented, "Results from the drill program in 2017 have
further demonstrated the poten al for mineralized zones. In par cular, the East Zone has demonstrated
copper and gold mineralized zones star ng from surface which remain open along strike to the south,
the east and at depth. Our technical team is incorpora ng the new drilling data into our model of the
systems and looking forward to developing a follow up drilling program for 2018. We have also
completed ground magne cs over the en re 6,774 hectares of the project. This magne c data along
with the structural interpreta on and regional soil analysis will be used to further define new target
areas over the project. ”
ZELEZNIK EAST ZONE AND WEST ZONE TARGET AREAS
The 2017 Phase III drill program on the Zeleznik East Zone and West Zone target areas comprised of 16
inclined diamond drill holes totaling 4,200 m. Nine drill holes were completed at the West Zone and
seven drill holes at the East Zone. The drilling was designed to follow up on the previous two drilling
campaigns totalling 3,200 m of drilling that successfully intersected near-surface porphyry type
mineralisa on at both the East and West Zones.
East Zone Drilling Confirms Gold and Copper Mineralization Remains Open Along Strike and Towards
East
The East Zone drill holes were designed as fences to previously completed holes ZELDD06, ZELDD05 and
ZELDD04 and to further test the carbonate-replacement type mineraliza on at the porphyry-limestone
contacts (see Figure 2: East Zone Drill Hole Location Map ).
Porphyry-marblized-limestone contacts are marked by narrow intervals of massive magne te and/or
semi-massive sulphide of carbonate-replacement origin and the previously reported copper and gold
values from the East Zone are usually associated with these contacts and structurally controlled
mineralisa on (see press release November 4, 2016). In addi on to this type of mineraliza on, the
recent drilling has also now iden fied near-surface quartz-magne te vein type mineraliza on at the
eastern part of the mapped porphyry intrusion. Drill hole 17-ZEL-23 collared to test depth extension of
the surface channel of 30 m with 0.66 g/t gold and 0.1% copper intersected 52 m with 0.32 g/t gold from
surface and sugges ve for strong correla on between the observed quartz-magne te vein type
mineralisa on and the gold.
These results from 2017 drill program now open new poten al to the East Zone target towards the
south-southwest along strike of the mapped diorite porphyry and to the east-southeast beneath the
carbonate cap as supported by the gold-in-soil anomaly (see Figure 2 ). The Company believes the East
Zone target merits a follow-up drill program of fence drilling along these two open zones. Tetratech has
been engaged to assess an ini al resource based on the drill results to date.
Table 1: Highlights from East Zone drill results
Drill Hole
ID
From
(m)
To
(m)
Thickness
(m) 3
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq 1
(%)
AuEq 2
(g/t)
17-ZEL-15 4.0 8.0 4.0 0.16 0.21 0.26 0.32 0.43
and 33.0 53.8 20.8 0.2 0.26 1.01 0.40 0.55
including 34.0 41.0 7.0 0.23 0.37 1.29 0.51 0.71
including 49.0 53.8 4.8 0.46 0.43 3.15 0.81 1.11
17-ZEL-17 No significant intercepts
17-ZEL-19 45.0 50.0 5.0 0.26 0.44 0.5 0.59 0.8
17-ZEL-21 83.0 91.0 8.0 0.08 0.35 - 0.34 0.46
17-ZEL-23 0.0 52.0 52.0 0.06 0.32 - 0.29 0.4
and 95.0 110.0 15.0 0.19 0.26 3.0 0.41 0.57
including 97.0 101.4 4.4 0.44 0.54 5.1 0.89 1.22
and 135.0 144.0 9.0 0.3 0.09 1.33 0.38 0.52
and 173.3 174.5 1.2 0.65 1.95 3.8 2.12 2.9
and 213.0 215.0 2.0 0.19 0.26 - 0.38 0.52
and 228.0 231.0 3.0 0.15 0.25 0.77 0.34 0.47
17-ZEL-25 46.0 81.0 35.0 0.29 0.32 0.1 0.52 0.72
including 61.0 71.0 10.0 0.75 0.65 1.6 1.24 1.7
including 63.0 67.1 4.1 1.22 1.02 3.2 2.00 2.74
and 170.2 178.0 7.8 0.27 0.23 1.6 0.46 0.63
including 172.5 174.0 1.5 0.4 0.55 1.5 0.82 1.12
including 176.0 178.0 2.0 0.41 0.06 3.2 0.49 0.67
17-ZEL-28 No significant intercepts
1. Cu Eq % = (Cu Eq $/t + Au Eq $/t + Ag Eq $/t)/Cu $ per lb/2204.6
2. Au Eq g/t = (Cu Eq $/t + Au Eq $/t + Ag Eq $/t)/Au $ per oz x 31.1
Price used for CuEq and AuEq calcula ons are: US$2.60/lb Cu, US$1300/oz Au, US$20/oz Ag
3. All thicknesses from intersec ons from drill holes are down-hole drilled thicknesses and not true widths. The current
explora on model has not had sufficient drill tes ng to be able to determine true thickness of mineraliza on.
West Zone Drilling Demonstrates Wide Mineralized Envelope Remains Open Along Strike South, East
and Depth
Drill holes were collared on three parallel sec ons at approximately 100 m between fences and 100 m
between holes on each fence (see Figure 3: West Zone Drill Hole Location Map ). The aim of the drill
program was to further test the West Zone copper poten al where one of the previously completed drill
holes returned an intercept of 25.8m @ 0.39% copper.
The technical team has iden fied four types of porphyry dykes according to their textural composi on
and geochemistry that are intruded into a metamorphic basement of Timok. The four phases porphyry
intrusions confirm the mul stage porphyry system at Zeleznik. Copper mineralisa on is associated with
early-mineral stage dykes containing A-type quartz veinlets and B-type quartz-pyrite-chalcopyrite veins,
as well as disseminated pyrite-chalcopyrite mineralisa on. Both the early-mineral dykes and the
surrounding wall-rock gneiss are mineralized and form an envelope of above 0.1% Cu that is widening
towards south-southeast. Within this mineralised domain narrow sub-ver cal zones with more intensive
quartz-chalcopyrite veining have been intersected and returned samples with greater than 0.3% copper.
Pyrite is the dominant sulphide mineral and chalcopyrite the principal copper mineral with lesser
chalcocite occurring in veins.
The West Zone mineralisa on remains open to the south and east supported by the extension of the
copper-gold-in-soil anomaly for an addi onal 500 metres along strike (see Figure 3 ). The Company
believes this target merits a follow-up drilling across the en re system and test depth poten al.
Table 2: Highlights from West Zone drill results
Drill Hole ID From
(m)
To
(m)
Thickness
(m) 1
Cu
(%)
Au
(g/t)
CuEq 2
(%)
AuEq 3
(g/t)
17-ZEL-13 178.0 196.0 18.0 0.2 0.06 0.24 0.33
and 228.0 254.0 26.0 0.2 0.04 0.23 0.31
including 230.0 234.0 4.0 0.41 0.08 0.47 0.64
17-ZEL-14 20.0 24.0 4.0 0.19 0.03 0.21 0.29
17-ZEL-16 0.0 71.0 71.0 0.14 0.02 0.16 0.21
17-ZEL-18 0.0 168.3 168.3 0.19 0.04 0.22 0.3
including 14.0 31.5 17.5 0.24 0.05 0.28 0.38
including 99.9 112.0 12.1 0.31 0.06 0.35 0.49
including 128.0 137.0 9.0 0.32 0.06 0.36 0.5
including 152.4 168.3 15.9 0.25 0.05 0.29 0.39
and 193.9 251.8 57.9 0.17 0.03 0.19 0.26
17-ZEL-20 0.0 67.85 67.85 0.2 0.04 0.23 0.31
and 75.8 130.0 54.2 0.17 0.04 0.2 0.27
17-ZEL-22 16.0 248.1 232.1 0.15 0.03 0.17 0.24
including 16.0 23.0 7.0 0.23 0.03 0.25 0.35
including 125.0 129.0 4.0 0.25 0.05 0.29 0.39
including 149.0 157.4 8.4 0.21 0.03 0.23 0.32
including 164.0 175.0 11.0 0.23 0.05 0.27 0.37
including 231.0 248.1 17.1 0.21 0.04 0.24 0.33
17-ZEL-24 40.0 58.0 18.0 0.2 0.01 0.21 0.28
including 46.0 48.7 2.7 0.27 0.02 0.29 0.39
including 52.0 56.7 4.7 0.25 0.01 0.26 0.35
and 185.0 302.6 117.6 0.15 0.02 0.17 0.23
and 243.0 253.0 10.0 0.22 0.04 0.25 0.34
and 279.2 288.0 8.8 0.21 0.04 0.24 0.33
17-ZEL-26 0.0 121.0 121.0 0.16 0.03 0.18 0.25
including 45.0 70.0 25.0 0.22 0.04 0.25 0.34
including 56.0 62.0 6.0 0.37 0.08 0.43 0.59
and 204.0 213.0 9.0 0.24 0.06 0.28 0.39
and 231.0 237.0 6.0 0.19 0.02 0.21 0.28
17-ZEL-27 75.0 301.0 226.0 0.18 0.03 0.2 0.28
including 109.0 115.5 6.5 0.35 0.05 0.39 0.53
including 210.0 267.0 57.0 0.22 0.05 0.26 0.35
including 219.0 228.0 9.0 0.27 0.06 0.31 0.43
including 245.6 251.0 5.4 0.33 0.09 0.4 0.54
1. Cu Eq % = (Cu Eq $/t + Au Eq $/t + Ag Eq $/t)/Cu $ per lb/2204.6
2. Au Eq g/t = (Cu Eq $/t + Au Eq $/t + Ag Eq $/t)/Au $ per oz x 31.1
Price used for CuEq and AuEq calcula ons are: US$2.60/lb Cu, US$1300/oz Au, US$20/oz Ag
3. All thicknesses from intersec ons from drill holes are down-hole drilled thicknesses and not true widths. The current
explora on model has not had sufficient drill tes ng to be able to determine true thickness of mineraliza on.
New Ground Magnetics Survey Completed for Further Targeting
To date, the systema c explora on program at Zeleznik has iden fied four main target areas: West Zone,
East Zone, Central Zone and North Zone. The Central Zone and North Zone have yet to be drill tested. To
further assist with the explora on of the project as a whole, which now includes 67.74 sqkm (6,774
hectares) over three licenses: (i) Zeleznik license (60 sqkm), (ii) Radjina license (4 sqkm), and (iii) Fresenis
license (3 sqkm), a ground magne c survey over the en re project began in October 2017 and was
completed in February 2018. The survey was designed to cover the project at 100 meter line spacing.
This magne c data along with the structural interpreta on and regional soil analysis will be used to
further define new target areas over the project.
Qualified Person
Technical informa on contained in this Press Release has been reviewed and approved by Mr. G.
Magaranov, P. Geo., Qualified Person as defined by Na onal Instrument 43-101.
Sampling, Analysis and Quality Assurance and Control (QA/QC)
Drill hole orienta ons were surveyed at approximately 30 metre intervals. Company personnel
monitored the drilling, with drill core delivered daily to the Company’s core storage facility where it was
logged, cut and sampled. Core recovery is recorded as 95-100% in most intervals. The samples were
collected in accordance with the Company’s protocols that are compa ble with accepted industry
procedures and best prac ce standards at one or two-meter lengths from mineralised intervals and
three meter lengths from non-mineralised intervals.
The samples were submi ed to ALS Laboratory in Bor, Serbia, for sample prepara on and analysis. In
addi on to the laboratory’s internal QA/QC procedures, the Company conducted its own QA/QC with
the systema c inclusion of cer fied reference materials every 20 samples, blank samples every 20
samples and field duplicates at every 25 samples. Drill core samples are assayed using 50-grams charge
for fire assay with atomic absorp on finish and mul -element method MS 61 by ALS laboratory.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian mineral explora on and development public company focused on building value
for its shareholders through directly inves ng in mineral projects that have the ability to generate future
returns for shareholders. The Company currently holds a diverse por olio 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 op on 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
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