Mundoro-Vale Exploration Program Expands Targeting in Timok Serbia
Mundoro-Vale Exploration Program Expands
Targeting in Timok Serbia
Vancouver, British Columbia--(Newsfile Corp. - April 6, 2021) -
Mundoro Capital Inc. (TSXV: MUN)
(OTCQB: MUNMF) (
www.mundoro.com
)
("
Mundoro
" or the "
Company
") announces update for the
Vale-Mundoro JV Program in Serbia, that includes (i) Phase 1 drill program at the Skorusa copper-gold
porphyry system ("
Skorusa
") and (ii) geophysical program at the Oblez license. Both programs are
located in the southern portion of the Timok Magmatic Complex ("
Timok
") west-southwest of the Cukaru
Peki Deposit and the Bor mining complex.
Highlights
Diamond drilling is ongoing at Skorusa copper-gold porphyry system, along with an Audio-
frequency Magneto-telluric (AMT) geophysics program at the Tilva Mare prospect.
1,800 meters have been drilled over magnetic anomalies at Skorusa in three exploratory drill holes
with an average depth of 600 meters (see
Figure 2
).
Technical Committee has expanded the drill program for an additional 1,600 meters to test three
additional targets within Skorusa at the West and East mineralized zones (see
Figure 2
).
The ongoing AMT geophysical survey at the Tilva Mare prospect will identify drill targets under the
cover units (see
Figure 3
). The prospect area is outlined by copper-in-soil geochemistry covering
approximately 5 km x 5 km in the northern portion of the Oblez license.
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Teo Dechev, CEO & President, commented: "
The geophysical targets drill tested in the first three
exploratory holes have provided valuable information to calibrate the understanding of the
geophysical responses observed to the actual lithological units and mineralogy encountered.
It is
clear from the initial three drill holes that the targets drilled are in the periphery and distal to a
porphyry system.
The Technical Committee is expanding the target testing to additional targets
focusing on depth extension at the West Zone and depth extension at a geochemical anomaly at the
East Zone and a new geophysical ground magnetic anomaly south of the East Zone."
"In addition to drilling, the AMT survey is ongoing and is expected to be completed by the end of April
with geophysical models expected by the end of May.
The exploration team is excited to review the
results to facilitate further targeting and to identify the source of the pervasive geochemical signature
at Tilva Mare which is approximately 5 km by 5 km."
"From there, the team will follow up with additional field investigation of the newly identified alteration
zone, Skorusa South target area, and the Markov Kamen East target area."
"The Vale-Mundoro JV Program is expected to continue throughout the course of the year testing this
prospective region for porphyry and related epithermal
systems.
"
Vale-Mundoro Projects
The approved exploration work program of US$1.9 million is in progress and primarily focused on two of
the four Vale-Mundoro JV Projects - Skorusa and Oblez. Both projects are located west-southwest of the
Cukaru Peki epithermal-porphyry copper gold deposit and within the Timok Magmatic Complex (
Figure
1
). Exploration completed to date over the two projects includes:
grid-based soil sampling
(1345 samples collected)
geological and alteration mapping,
rock sampling, and
ground magnetic survey
(876 line/km surveyed)
The results obtained have identified five target areas prospective for porphyry copper-molybdenum-gold
deposits for initial testing. The Skorusa porphyry system is one of the five targets ranked as prospective
for porphyry copper-molybdenum-gold deposits within the Vale-Mundoro Projects.
Skorusa Porphyry
The Skorusa copper-gold porphyry system comprises extensive phyllic alteration (2 km x 3 km)
surrounding two localized areas with potassic/inner propylitic and peripheral propylitic alteration i.e., the
Skorusa West Zone
and the
Skorusa East Zone
. The Skorusa porphyry system was partially tested in
2015 and 2016 in two separate drill campaigns, with exploration primarily concentrated in the Skorusa
West Zone.
The
current exploratory drill program with Vale
has tested 3 geophysical targets to 600 m depth at
the outer north-eastern portion of the porphyry system that have not been previously tested. Drill core
observation from recently completed drill holes suggests the elevated chargeability zones from the
historical Induced Polarization (IP) survey are related to disseminated pyrite mineralisation from the
country rock environment. Although the mineralisation observed in the first two holes was not significant
in the northern portion of the system, further assays are still pending. The Technical Committee has
expanded the drill program with an additional three targets to be tested (
see
Figure
2
):
Target A - Drill hole will test down dip of the mineralized porphyry at the West Zone;
Target B - Drill hole will test the geochemical soil anomaly at depth at the East Zone;
Target C - Drill hole will test a ground magnetic anomaly which may represent the southern
extension of the East Zone.
The Technical Committee is regularly reviewing the data and identifying further areas of testing.
Assay
results will be ongoing throughout the program.
Skorusa West Zone
Target delineation at the
Skorusa West Zone,
includes surface rock-chip sampling and geological
mapping of identified quartz stockwork-hosted mineralization in potassic altered diorite porphyry which
previously returned
23m with 0.17% copper and 0.72 g/t gold.
Follow up drilling in 2016 proved the
stockwork extends in depth and remains laterally open to west-northwest. Three main porphyry phases
have been identified: early, inter-mineral and late-mineral. The early and inter-mineral phases display
potassic alteration defined by a biotite-magnetite assemblage. The intervals of an early porphyry contain
magnetite and chalcopyrite-bearing A and B-type quartz veinlet stockworks with potassic alteration. At
depth, D-type veins with sericitic halos become more prominent and some are cut quartz-magnetite-
chalcopyrite-pyrite veinlets indicating several vein generations related to different porphyry intrusions.
Further drill testing is warranted for this target area.
Skorusa East Zone
At the
Skorusa East Zone
limited work has been carried out to date including two shallow RC drill holes
and one diamond hole completed during a 2015 exploration program. The quartz and magnetite veinlets
to stockwork mineralization found at the surface was shown to extend in depth. The Skorusa East Zone
is an annular magnetic-high anomaly coincident with copper, molybdenum, and gold anomalies in the
soil geochemistry. Like the West Zone, the East Zone has a zoned alteration pattern of phyllic
surrounding an inner propylitic/potassic alteration core.
What remains an area of open interest is the
connection between the East Zone and West Zone at depth for a potential feeder zone.
Tilva Mare Prospect
The prospect area is outlined by copper in the soil geochemistry in the northern portion of the Oblez
license (
see
Figure 3
). The upper Cretaceous cover rock of volcanic agglomerate contains a variety of
mineralized clasts with malachite, native copper and locally chalcocite. These clasts occur at the surface
along road cuts and to a depth of 250 meters through one tested drill hole. Potential exists here for
concealed epithermal and porphyry copper-gold mineralisation beneath the sediments and
agglomerates from the upper Cretaceous stratigraphy. Audio-frequency Magneto-telluric (CS-NSAMT)
geophysical surveying is in progress at the property. The survey is expected to be completed by end of
April with geophysical models expected by the end of May.
Qualified Person
The exploration work programs described herein were supervised by Y. Khrischev, the Company's
Exploration Manager in Serbia and Bulgaria who has also prepared the above technical information in
this press release in accordance with Canadian regulatory requirements as set out in National Instrument
43-101. The above technical disclosure in this press release has been reviewed, verified, and approved
by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and consultant to the
Company
.
Mundoro Capital Inc.
(
www.mundoro.com
)
Mundoro is a Canadian listed royalty generator company with a portfolio of projects focused on base
and precious metals that generate royalties and near-term revenue from mineral properties.
To drive
value for shareholders, Mundoro has generated a portfolio of mineral projects primarily focused on
copper and gold in Serbia and Bulgaria.
Value generated from our mineral properties is through near
term revenues from various forms of payments from partners and long term through the generated
royalties.
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.
Teo Dechev,
Chief Executive Officer, President and Director
+1-604-669-8055
Figure 1 - Skorusa Location Map in Timok, Serbia
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Figure 2 - Map of Skorusa Porphyry target area showing geophysical anomalies superimposed
on an alteration map with a satellite image background and drill holes. See inset on left for
position of map within northern portion of Skorusa license.
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Figure 3- Map showing location of Tilva Mare prospects in Oblez license with geology and
copper geochemistry. Skorusa Porphyry outline to the north is shown for reference.
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