VANCOUVER, May 1, 2014 /PRNewswire/ --
Mundoro Capital Inc. (TSXV:
MUN, http://www.mundoro.com) ("Mundoro" or the
"Company") is pleased to provide an update on its exploration
activities at its 100% owned properties in Serbia. The Company
completed Ground Magnetic Surveys over three license areas:
Savinac, Sumrakovac and Zeleznik, all located in the Timok Magmatic
Belt.
Teo Dechev, President and CEO
commented, "We are very pleased to provide investors with this
exploration update. On the Savinac license, trenching continued at
Tilva Rosh, where we previously reported high grade gold results
near surface. The follow up trenches identified continued extension
of the mineralization while the geochemical sampling around the
area identified new parallel zones. Our next step at Tilva Rosh
will be to drill test the targets. Work at our Zeleznik license,
which sits along the same geological and structural setting as the
Majdanpek Mine, highlighted two areas with significant Cu-Au-Mo
anomalies which are slated for trenching and drill testing.
Mundoro has quickly progressed from compiling an extensive
property package in the TMC area within the past two years, to
defining a number of near surface mineralized zones, to now drill
testing."
Ms. Dechev continued, "As a result of the successful targets
identified and future exploration potential in Serbia, we have been
approached by various producers and are evaluating joint venturing.
We are in active discussions with potential partners for our
projects in Serbia. A successful joint venture would provide
non‐dilutive access to capital and generate further exploration
value. Concurrent to our exploration efforts, we continue to
evaluate developed assets closer to production."
Savinac
A detailed ground magnetic survey totaling 178 km was completed
over an area of 18 sq.km. The survey lines had an east-west
orientation and were largely spaced 100 meters (m) apart, with some
select lines spaced 50 m apart. The survey was designed to cover
the previously confirmed mineralized structural zone (identified by
soil and rock geochemical surveys) extending over a strike length
of more than 7 km.
Analysis of the ground magnetic data defined five anomalous
areas of interest. The north-northwest trending magnetic lows are
characteristic of the ore controlling structures within the Timok
Magmatic Complex.
Further analysis suggests that three of these magnetic lows
could potentially host mineralization, meriting further
exploration. This interpretation is supported by geological mapping
of the property. All three of these zones trend north-northwest
(and occasionally north-south) and demonstrate demagnetized zones
that extend down to between 200 m and 500 m depth.
Exploration work continues with detailed mapping, trenching and
rock sampling over identified anomalous areas. Follow-up drill
testing of selected targets as defined by systematic and multiple
exploration data is planned later in the year.
Zeleznik
The Zeleznik License covers 60 sq.km. and is located at the
northern part of the Timok Magmatic Complex. The southern portion
of this license continues along strike and shares the same
geological and structural setting as its neighbor, the Majdanpek
Copper-Gold porphyry mine, which has a reported resource of 1000
million tonnes @ 0.4-0.8% Cu, 0.25-1 g/t Au (Jelenkovic, 2007). The
anomalies in our license lie directly north of the latest, ongoing
northerly extension of the Majdanpek Mine, which has is now some
1,600 meters from our property boundary.
Mundoro completed a ground magnetic survey program over the two
areas highlighted by significant Cu-Au-Mo in the soil anomalies
located at the southern part of the project (see press release from
January 13, 2014 for details).
Interpretation of the results highlighted that the zone of
hydrothermal alteration is characterized by a 600 m to 700 m long,
by 600 m wide, magnetic high. Several other local magnetic highs
appear to define a ring at the margins of the zone of alteration.
The zone is interpreted to extend down from the surface. The
company is following up with trenching in Q2-2014 and follow on
drill testing in H2-2014.
Sumrakovac
The Sumrakovac License covers 103 sq.km in the southern portion
of the Timok Magmatic Complex. The property contains a cluster of
underexplored occurrences with the potential for gold-copper
porphyry style mineralization. The Company has completed stream
sediment screening, rock and soil geochemical sampling and
partially competed the reconnaissance mapping.
A ground magnetic geophysical survey was completed over 1.5
sq.km area coincident with Cu-Au-Mo geochemical soil anomalies. The
results highlighted additional anomalous centers to the east of the
known Skorusa Cu-Au porphyry and have been interpreted as possible
stockwork related mineralisation. Interpretation of the geophysical
survey results shows:
- The existence of a major north-south to north-west linear
magnetic low defined at the contact between tuffs and argillic
altered rocks. The anomaly is 400 to 500 meters deep and dips to
the west. In general, north-west magnetic lows are a characteristic
feature of the ore controlling structures in the Timok Magmatic
Complex.
- A north-northwest trending magnetic high interpreted as a
previously unknown stockwork zone needs additional follow-up, as do
the "bullseye" type magnetic anomalies at the eastern end of the
known diorite intrusion, which overlap with an area of hydrothermal
alteration. This area is highlighted by Cu-Au-Mo soil and stream
sediment anomalies.
Follow up work on these areas has already begun with detailed
mapping of the anomalies in order to better understand them while
work continues to identify additional porphyry mineralisation. Rock
channel sampling of promising outcrops has also begun. Planned
trenching activities over covered areas will be undertaken once the
necessary permissions are attained.
Sampling and Analysis
Ground magnetic surveys were carried out by the Department of
Applied Geophysics at the University of Mining and Geology "St.
Ivan Rilski", Sofia, Bulgaria.
Geomagnetic data was collected using two magnetometers, created by
GEM Systems Inc. The GSM-19T magnetometer model was used as a base
station, the GSM-19 model was used as a walking magnetometer,
collecting readings continuously along the profiles. Data quality
control, analysis and interpretation were carried out by a
qualified independent consultant using the MAG3D program for the 3D
inversion modeling developed by the University
of British Columbia (UBC). The topography was accurately
incorporated by using smaller model cells at the surface. The 3D
models were visualized as contour maps of magnetic susceptibility
along vertical and horizontal slices. This type of presentation
facilitates the comparison between geology and geophysics.
All trench and rock intercepts were obtained from continuous
channel sampling at 2 m intervals. All samples are assayed using 50
gram fire assay with an atomic absorption finish by ALS Bor,
Serbia. Quality Assurance and quality control procedures include
the systematic insertion of standards and duplicates into the
sample streams. Field duplicate samples are taken every 25 samples
and standards and blanks are inserted after every 20th sample. All
data collected in the field and assay results from the laboratories
are routinely verified and entered in an Access data base.
Soil samples were collected from the "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 30 gram fire assay with an
atomic absorption finish.
The technical information contained in this Press Release has
been reviewed and approved by Mr. G. Magaranov, P. Geo., the
Qualified Person as defined by National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive
Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based, company focused on
mineral acquisition, exploration, and development. Our primary
focus is advancing our properties on the Tethyan Belt in
Southeastern Europe. Mundoro has
methodically acquired a district-scale land position on this
prolific mineral belt which hosts significant Gold-Copper porphyry
and related epithermal deposits. Our strong project pipeline, which
also includes assets in Mexico and
China, is positioned to drive
long-term, sustainable growth in order to attain production and
shareholder return.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference
into this News Release may contain forward-looking statements. All
statements, other than statements of historical fact, included or
incorporated by reference in this News Release are forward-looking
statements, including, without limitation, statements regarding
activities, events or developments that the Board 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" 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 forward
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 the Board 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
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
http://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.
SOURCE: Mundoro Capital Inc.
For further information:
please contact Teo Dechev, CEO,
President and Director of Mundoro Capital Inc. at +1-604-669-8055
or Michelle Roth, Roth Investor
Relations at +1-732-792-2200.
(MUN.)