Mundoro Provides Third Quarter Exploration Programs Update and Financial
MUNDORO PROVIDES THIRD QUARTER EXPLORATION PROGRAMS UPDATE AND FINANCIAL
HIGHLIGHTS
November 25, 2019, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com)
("Mundoro" or the "Company"), announces filing unaudited consolidated financial statements and
Management’s Discussion and Analysis on SEDAR at www.sedar.com and posting on the Company’s
website at www.mundoro.com. All amounts are in Canadian dollars unless otherwise stated.
HIGHLIGHTS FROM Q3-2019
Financial Update
● Earn-in parties funded exploration costs totaled $0.7 million and operator fees earned totaled $0.07
million. Mundoro funded exploration costs for generative programs totaled $0.2 million.
● Corporate expenses totaled $0.2 million, which includes $0.05 million in corporate governance, $0.01
million in administ rative costs, $0.05 million in corporate communication, and $0.0 8 million in
accounting and audit.
● Total cash used in operations before changes in non -cash working capital was $0.4 million. Changes
in non-cash working capital items totaled $0. 3 million, of which a significant component was cash
advances of $0.2 million received from earn-in parties.
● Working capital at June 30, 2019 was $ 1.6 million with cash comprising $ 1.8 million. The Company
has no debt.
Exploration Programs Update
JOGMEC-Mundoro Project in Serbia
On May 1, 2019, the Company announced it had been notified by Japan Oil, Gas and Metals National
Corporation (“JOGMEC”), on the Borsko-Jezero (“Borkso”) license of its decision to undertake the Stage
Two Earn-In on the Bo rsko license under the Earn -In Agreement between Mundoro and JOGMEC (see
Mundoro’s press release dated May 1, 2019, at www.mundoro.com). Mundoro has been re-appointed as
the Operator for the JOGMEC -Mundoro Project and will receive an operator fee for operating the
program. The Year 1 exploration program for the Stage Two Earn -In at Borsko commenced in May 2019
has been focused on completing a gravity survey over the remainder of the Borsko license and drill testing
geophysical targets.
Borsko
● Borsko is a 35 sq.km area located near the central portion of the Timok Magmatic Complex
(“TMC”). Borsko is directly adjacent and to the west of the producing Bor copper porphyry mine
which is directly west of the Veliki Krivelj copper-gold porphyry mine.
● The work completed to date at Borsko identified a CSAMT geophysical anomaly over 1.6 km in
areal extent which has been partially tested. Drilling has identified that this CSAMT geophysical
anomaly appears to be related to advanced argillic alteration (“lithocap”) under cover. The drill
tested hydrothermal alteration system extends 400 m by 800 m with a thickness of 500+ meters
and 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 indicative of high su lphidation type
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mineralization, while weak potassic alteration was identified at the bottom of the lithocap
suggesting a porphyry source beyond the immediate area drill tested to date.
● Approximately 2,000 m to the south drill hole 18 -BJ-19 identified a fau lt zone bearing pyrite-
kaolinite alteration with elevated Au-As, indicating an active structure possibly related to another
Borsko hydrothermal system.
● Under the Stage Two Earn-In at Borsko, the Year 1 exploration program commenced in May 2019,
and is focused on completing further geophysics consisting of a gravity survey over the remainder
of the Borsko license and further drill testing.
● During Q3 2019, a total of 2,163 stations for gravity were measured on a 100m x 100m grid with
interpretation models completed. Several geophysical anomalies have been identified, prioritized
and selected for follow up drilling.
● Next Steps: Drilling of newly identified targets commenced in September 2019 and is anticipated
to be completed in Q4-2019.
Freeport-Mundoro Projects in Serbia
The Freeport-Mundoro Projects are currently in the Second Year of Phase 1 of the earn-in. The First Year
under Phase I commenced in October 2018 and included a drill program of 4,778 m of diamond drilling
in seven drill holes, which tested four target areas. During Q3-2019 a summary of the work completed is
as follows:
Tilva Rosh (Savinac License)
• This target is a large area of 2.5 km by 1 km of advanced argillic alteration containing epithermal
gold mineralization cropping out at surface as observed through trench sampling by Mundoro in
2013 which returned 12 m of 30 g/t gold and 171 g/t silver. Interpretation of drill results suggests
the epithermal mineralization is proximal to a copper-gold porphyry system.
• Induced Polarization (“IP”) and Resistivity geophysics for a total of 59.2 line/km in twelve surveyed
profiles were completed at Tilva Rosh.
• Controlled Source Audio -Magnetotelluric (“CSAMT -NSAMT”) geophysics for a total of 3 2.7
line/km in twelve surveyed profiles were completed.
• Next steps: Interpretation models from both the IP -Resistivity and CSAMT/NSAMT are being
completed and several geophysical anomalies were identified and used along with other layers of
information to select targets for follow up drilling in Q4-2019 which commenced in October 2019.
Markov Kamen (Savinac License)
• This area is another epithermal target identified by several copper -gold-in-soil geochemical
anomalies related to 4 km by 1.2 km zone of argillic and advanced argillic alte ration. It is located
2 km south of the Tilva Rosh target.
• Five holes drilled during a previous program at Markov Kamen intersected hydrothermal breccia,
massive sulphides and vuggy silica, suggesting high -sulphidation type epithermal mineralisation
controlled by dominantly northwest structures.
• Induced Polarization (“IP”) and Resistivity geophysics for a total of 35.2 line/km in eleven surveyed
profiles were completed.
• Controlled Source Audio -Magnetotelluric (“CSAMT -NSAMT”) geophysics for a total of 26.4
line/km in eleven surveyed profiles were completed.
• Next steps: Interpretation models from both the IP -Resistivity and CSAMT/NSAMT are being
completed and several geophysical anomalies were identified and used for selection and
prioritising targets for follow up drilling in Q4-2019.
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Prekostenski (Bacevica License)
• This area is a copper-gold porphyry target identified from geochemical analysis surface sampling
which resulted in 55 m of 0.28 g/t gold and 0.21 % copper located in the western portion o f the
Bacevica license. The exploration work identified chalcopyrite-magnetite mineralisation hosted in
potassic altered diorite.
• One drill hole from a previous program confirmed the extension of the surface mineralisation to
a depth of 68.6 m. Quartz -pyrite-chalcopyrite veins were observed hosted in potassic altered
diorite porphyry and returned an intercept of 49.8 metres of 0.14 g/t gold and 0.13 % copper from
surface.
• Detailed mapping was completed for an area of approximately 9 sq.km. and surface extension of
the mineralised porphyry was found further to the west.
• Next steps: CSAMT/NSAMT survey total of 12 line/km along five profiles and IP -Resistivity
geophysics of 24 line/km along five profiles were completed to better define the lateral and
vertical extension of the mineralised porphyry. Follow up drilling is planned for Q4-2019.
Orlovo Brdo (Bacevica License)
• This target is a broad zone of phyllic alteration of 3 km by 700 m with gold and copper anomalism
located at the central portion of Bacevica license.
• One drill hole from a previous program, was completed to a depth of 837 m. The drill hole
intersected a zone of quartz vein stockwork mineralization related to potassic alt ered diorite at
depth of 458 m , returning 26 m of 0.10% Cu and 0.23 g/t Au, overlain by phyllic alteration from
surface.
• Alteration mapping was completed during Q3-2019 and a zoned alteration pattern was identified
at the Orlovo target.
• Next steps: CSAMT/NSAMT survey total of 7.2 line/km along three profiles and IP -Resistivity
geophysics of 14.4 line/km along three profiles were completed to better define the controls of
the mineralised system. Follow up drilling is planned for Q4-2019.
D-Vein (Bacevica License)
• “D-Vein” target represents an area containing several Cu -Au quartz veins hosted in propylitic
altered andesite, located at the south-eastern part of Bacevica license.
• Mapping and rock sampling of the veins returned high grade of up to 2% Cu and 7.2 g/t Au. The
veins area is interpreted to be related to a porphyry Cu -Au system. Detailed alteration mapping
of the area highlighted a zoned alteration pattern.
• Next Steps: CSAMT/NSAMT survey total of 7.2 line/km along three profiles and IP -Resistivity
geophysics of 14.4 line/km along three profiles were completed to better define the controls of
the quartz veins and its relation to the zoned alteration system. Follow up drilling is planned for
Q4-2019.
Vale-Mundoro Projects in Serbia
On October 7, 2019, Mundoro announced it had entered into an earn-in agreement with Vale Canada
Limited in which Mundoro had granted to Vale an option to earn-in to four of Mundoro’s exploration
licenses: Sumrakovac, Osnic, Dubrava and Padina (the “Vale-Mundoro Projects”) located within the TMC
in Serbia. See press release dated October 7, 2019.
JOGMEC Generative Alliance
In March 2019 Mundoro entered into a Generative Program Agreement (the “Generative Alliance”) in
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the Republic of Bulgaria with JOGMEC. The purpose of this Generative Alliance is to establish a generative
program between Mundoro and JOGMEC, whereby Mundoro will carry out mineral exploration activities
in Bulgaria under the direction of a joint Technical Committee with the view to identify ing areas of
interests that merit additional exploration and/or development work. Upon JOGMEC determining that
one or more properties merit additional exploration and/or development work, JOGMEC has the right to
establish a joint venture on that property with Mundoro. JOGMEC is sole funding the Generative Alliance.
The generative work-in 2019 has identified several prospective regions for Cu -Au and for Pb -Zn for data
compilation and assessment. The Company initiated compilation of mineral occurrences, geological maps,
satellite imagery, mineral deposits, occurrences, reserves and resources, as well as geophysics, and
structural interpretation. Simultaneously, data compilation, field visits and sampling of generated target
areas was carried out. The exploration and targeting work are in progress and will continue with further
interpretation of the target areas using the compiled layers of information and data from the field
observations. The generative program will conclude in Q4-2019 with a decision from JOGMEC in Q1-2020.
Mundoro Generative Programs and Outlook for Projects Available for Option or Joint Venture
The Company has an ongoing target generation program where we evaluate both existing and new target
areas. Several target areas in Serbia are curren tly under review. The Company has made a number of
applications in 2019 for further exploration areas. Mundoro continues to have discussions with interested
third parties seeking options on our available projects, confirming the growing interest in explo ring in
Timok, Serbia as well as in Bulgaria.
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 diverse 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, one of is optioned
to JOGMEC, indirect interests in two licenses are optioned to Freeport -McMoRan Explorat ion
Corporation, four licenses are optioned to Vale and one license, Zeleznik available for third parties to
option. In Bulgaria, Mundoro has formed a Generative Alliance with JOGMEC. Mundoro’s common shares
trade on the TSX Venture Exchange under the symbol “MUN”.
Sampling, Assaying, QA/QC, and Qualified Person
Mundoro’s samples related to the reported results in this press release were collected in accordance with
industry best practice standards and the Company’s internal QA/QC procedures which includes systematic
inclusion of certified reference materials every 20 samples, blank samples every 20 samples and field
duplicates at every 25 samples. All data collected in the field and assay results f rom the laboratories are
routinely verified and entered into an Access database.
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.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
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Caution Concerning Forward-Looking Statements
This News Release contains forward-looking information and statements (“forward-looking statements”)
under applicable securities laws. All statements, other than statements of historical fact, included or
incorporated by reference in this News Release are forward-looking statements, including, without
limitation, the completion of exploration work on any projects and licenses and results of that exploration
work, the prospect of one or more joint ventures and other statements regarding activities, events or
developments that the Company expects or anticipates may occur in the future. These forward -looking
statements can be identified by the use of forward -looking words such as “will”, “expect”, “intend”,
“plan”, “estimate”, “anticipate”, “believe”, “promising”, “encouraging” or “continue” or similar words or
the negative thereof. The material assumptions that were applied in making the forward -looking
statements in this News Release include expectations as to the Company’s future strategy and business
plan and execution of the Company’s existing plans. There can be no assurance that the plans, intentions
or expectations upon which these forward -looking statements are based will occur. We caution readers
of this News Release not to place undue reliance on forwa rd-looking statements contained in this News
Release, which are not a guarantee of performance and 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, 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 Mundoro undertakes no obligation to publicly update such forward-looking statements
to reflect new information, subsequent events or otherwise, except as required by law. Shareholders are
cautioned that all forward -looking statements invo lve 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.