VANCOUVER, Jan. 12, 2015 /CNW/ - Mundoro Capital Inc.
(TSXV: MUN, www.mundoro.com) ("Mundoro" or the
"Company") is pleased to announce the drilling results from its
100% owned Zeleznik license, located at the northern portion of the
Timok Magmatic Complex in northeastern Serbia.
The Zeleznik license covers 60km² and is located 1.8km directly
north of, and adjacent to, the Majdanpek open pit copper-gold
mining operation (see Zeleznik Location Map) and 45km
northwest of the Bor Mine Complex.
Teo Dechev, CEO and President of
Mundoro commented, "The Zeleznik drill program has demonstrated
that the previously defined surface mineralization remains open at
depth and along strike at both the West Zone and East Zone
targets. At the East Zone, drilling returned a number of high
grade intersections such as 2.8m @ 2.98% CuEq in massive
sulphides from hole ZELDD05 and bottomed with 4.9m @ 1.40% CuEq in
hole ZELDD06. These initial drill results are encouraging as
they confirm the presence of a mineralized porphyry and related
epithermal systems with higher copper-gold grades. The West
Zone's long intersections were in porphyry style copper-gold
mineralization in all three drillholes. They contained higher
grade zones such as 25.8m @ 0.43% CuEq from hole ZELDD01. The
results are very promising as they demonstrate the potential for
discovery of new near surface copper-gold mineralization with open
pit minable grades."
Interpretation of Drill Results
This first pass drilling of the Zeleznik property is follow up
to the mapping, trench sampling, geophysics and soil geochemical
work completed throughout the year in 2014 (see May 1, 2014 and January
13, 2014 press releases). Six inclined diamond drill
holes totaling 1000m were drilled to test the vertical extent of
the previously defined encouraging surface copper-gold
mineralization at the West Zone (see Zeleznik West
Zone Drill Hole Location Map) and East
Zone (see Zeleznik East Zone Drill Hole Location
Map) targets. Three drill holes were drilled at each zone in
order to test the down dip mineralization to approximately 150m as
well as gain additional information about the geological and
structural controls.
Table 1: Summary of significant results from drill holes
ZELDD01 to ZELDD06.
Drill
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Au
(g/t)
|
CuEq
(%)
|
AuEq
(g/t)
|
ZELDD_01
Including
|
0.0
|
230.3
|
230.3
|
0.16
|
0.025
|
0.17
|
0.30
|
29.2
|
55.0
|
25.8
|
0.39
|
0.076
|
0.43
|
0.74
|
ZELDD_02
|
0.0
|
164.7
|
164.7
|
0.14
|
0.017
|
0.15
|
0.26
|
ZELDD_03
including
including
|
0.0
|
176.0
|
176.0
|
0.18
|
0.029
|
0.20
|
0.34
|
2.0
|
32.0
|
30.0
|
0.23
|
0.037
|
0.25
|
0.43
|
161.5
|
166.7
|
5.2
|
0.26
|
0.045
|
0.29
|
0.49
|
ZELDD_04
Including
Including
Including
|
12.0
|
133.1
|
117.0
|
0.11
|
0.17
|
0.21
|
0.36
|
33.0
|
39.0
|
6.0
|
0.48
|
0.46
|
0.75
|
1.28
|
90.0
|
91.0
|
1.0
|
0.52
|
1.09
|
1.16
|
1.98
|
100.0
|
101.0
|
1.0
|
0.74
|
1.22
|
1.45
|
2.49
|
ZELDD_05
Including
|
24.5
|
105.7
|
81.2
|
0.22
|
0.23
|
0.35
|
0.61
|
26.6
|
29.4
|
2.8
|
2.1
|
1.5
|
2.98
|
5.10
|
ZELDD_06
Including
Including
|
4.0
|
12.0
|
8.0
|
0.11
|
0.40
|
0.34
|
0.59
|
77.0
|
77.6
|
0.6
|
0.35
|
0.63
|
0.72
|
1.23
|
90.0
|
142.3
|
52.3
|
0.18
|
0.22
|
0.31
|
0.53
|
115.0
|
116.0
|
1.0
|
0.61
|
0.67
|
1.00
|
1.72
|
137.4
|
142.3
|
4.9
|
0.82
|
1.00
|
1.40
|
2.41
|
Gold Equivalent ("AuEq.") is calculated using the formula
AuEq = (g/t/Au)+[(%Cu) x (22.0462) x ($/lbCu)] ÷ [(1/31.1035) x
($/ozAu)]. Copper equivalent (CuEq%) is calculated using the
formula CuEq = (%Cu) + [(g/t/AuEq) x (1/31.1035) x ($/ozAu)] ÷
[(22.0462) x ($/lbCu)]. Metal prices used are:
gold price of US$1200/oz, copper
price of US$3/lb. All
thicknesses from intersections from drill holes are down-hole
drilled thicknesses or outcrop sample length thickness.
At the West Zone, Mundoro's geological team believes the
mineralized porphyry dykes and chalcopyrite bearing veins are
surface expressions of a mineralization source which remains to be
defined in future drilling programs. The West Zone target
mineralization is related to diorite porphyry dikes intruded into
the basement gneiss unit. Quartz-diorite porphyry was intersected
in drillhole ZELDD01 from 30.6m to 35.5m striking north-northeast
(see Individual Drill Hole Sections for ZELDD01, ZELDD02, ZELDD03).
Mineralization related to it consists of A-type and B-type
quartz-chalcopyrite-pyrite veins hosted in the porphyry and in the
surrounding wall rock. It is associated with k-feldspar veins and
has well defined copper-gold-moly geochemical signatures. The
intersected quartz-diorite porphyry outcrops at surface and was
sampled in trench ZELCH001. The outcropping porphyry is a
small portion of the overall copper-moly-gold in-soil and rock
anomaly which remains open in all directions and is a target for
further drill testing.
At the East Zone (see Cross Section of ZELDD04, ZELDD05 and
ZELDD06), regional stratigraphy, preserved limestone capping and
epithermal geochemical signature suggest little erosion and a
potentially preserved copper-gold mineralised system which needs
further exploration/drilling along strike and at depth. The
East Zone target mineralization is related to andesite-diorite
porphyry intruded into a basement gneiss and limestone cap on top.
A sub-vertical to east dipping north-northeast striking fault is a
major controlling structure. The East Zone target is characterized
with skarn mineralization at the limestone-andesite contacts and
massive sulphide veins of high-sulphidation affinity which our
geological team believes is probably overprinted on, or related to,
the porphyry. The skarn and massive sulphides are bearing high
grade copper-gold mineralization up to 2.65% Cu and 7.57 g/t
Au.
At the East Zone target, drillhole ZELDD05 intersected
2.8m @ 2.11% Cu; 1.50 g/t Au which we believe is related to
magnetite skarn mineralisation from 26.6m to 29.4m while drillhole
ZELDD06 ended in mineralization of 4.9m @ 0.8% Cu; 1.00 g/t
Au at a depth of 142.3 m. Locally intersected high grade
zinc values and carbonate-pyrite-chalcopyrite stockwork veining
suggest proximal location to a mineralised porphyry center with
related skarn and massive sulphide high sulphidation
mineralization. This is similar to the Majdanpek orebody
which is currently being mined approximately 2000m to the south of
this hole. The Majdanpek operation is reported to be mining ore
grading 0.30% Cu and 0.26 g/t Au.
Drill Hole Description Highlights
West Zone
ZELDD 01 (AZ 266°; -60) starts in propylitic altered gneiss with
quartz-iron oxide-magnetite veinlets and disseminated copper oxides
(copper wad) up to 26.7m. From 26.7m to 29.2m the hole is cutting
diorite dike with quartz-chalcopyrite veinlets (B-type) and
disseminated chalcopyrite. After 1.4m of brecciated gneiss,
quartz-chalcopyrite veins and massive chalcopyrite the drillhole
cuts potassic altered quartz-diorite porphyry dike from 30.6m to
35.5m containing quartz-chalcopyrite B-veins and stockwork veining.
Up to 55 m the chalcopyrite veining is relatively intensive
with an average sulphide content of 5-10%. By the end of the
drillhole (230.3m) several quartz diorite and diorite porphyry
dikes are intersected. B-type quartz-chalcopyrite-pyrite veining
continues to the end of the drillhole (230.3m) with appearance of
A-type quartz veining from 187.1m and a decrease of sulphide
content to 3-5%. The length of the drillhole is anomalous in
copper, gold and molybdenum with the best intersection reporting
25.8m @ 0.43% CuEq or 0.74 g/t AuEq related to quartz-diorite
porphyry.
ZELDD 02 (AZ 266°; -60) was drilled 100m north of ZELDD01.
The main objective was to test the continuity of Cu mineralisation
encountered in ZELTR1 and ZELTR14 (Figure 2). The drillhole
intersected propylitic altered gneiss from top to bottom (164.7m)
cut by two thin diorite dikes at 55.35m and 131.8m. Week potassic
alteration started from 131.8m to the end of the hole.
Quartz-pyrite-chalcopyrite vein and disseminated mineralization and
magnetite veining was encountered throughout the whole drillhole.
Average sulphide content varied from 1% to 3%.
ZELDD 03 (AZ 86°; -60) was drilled 140m south of ZELDD01 and
inclined to the east in order to test the continuity of Cu
mineralisation encountered in ZELCH004. The drillhole intersected
diorite dikes from 45.8m to 47.7m and from 82.6m to 90.5m in
overall propylitic altered gneiss lithology. Although vein and
disseminated chalcopyrite is present from the top to the bottom of
the drillhole, structural analysis showed that the surface
mineralisation changes dip direction at depth and the drillhole cut
under it.
East Zone
ZELDD 04 (AZ 112°; -60) intersected brecciated and faulted
diorite stock intruded into limestone. The diorite is propylitic
altered and contains quartz-carbonate-pyrite-chalcopyrite veinlets
throughout as well as pyrite-chalcopyrite veins. The higher
copper-gold grades are related to massive pyrite-chalcopyrite veins
with anomalous arsenic and zinc controlled by faults. The drillhole
is characterized by higher average gold content as reported in
Table 1.
ZELDD 05 (AZ 115°; -60) cut through propylitic altered diorite
from top to bottom (0-131.7m). The diorite contains
quartz-carbonate-pyrite-chalcopyrite veinlets throughout as well as
pyrite-chalcopyrite veins. The higher copper-gold grades are
related to magnetite-chalcopyrite-pyrite endo-skarn mineralisation
and massive sulphides with high arsenic and elevated zinc
contents.
ZELDD 06 (AZ 297°; -60) is the last drillhole of this first pass
exploration drilling program in the East Zone. It tests for
the continuation of the encouraging copper-gold results at depth
and seeks to confirm the strike and dip of the mineralised possible
feeder structure controlling it. The drillhole intersected
brecciated and faulted diorite, propylitic altered, and containing
quartz-carbonate-pyrite-chalcopyrite veinlets at upper levels with
an increase of massive sulphides and copper-gold grades at depth as
reported in Table 1. The drillhole ended in brecciated fault zone
bearing massive and disseminated pyrite-chalcopyrite mineralization
of 4.9m @ 0.8% Cu; 1.00 g/t Au.
Sampling, Analysis and Qualified Person
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 two meters length
intervals. Where necessary the sampling lengths were adjusted to
reflect the geological boundaries.
All samples are assayed using 50 gram fire assay with atomic
absorption finish and ME-ICP61 by ALS Romania. 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 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 data base.
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.
On behalf of the Company,
Teo Dechev, Chief Executive
Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian based company with the mandate to generate
value for its shareholders through the acquisition, exploration,
development and investment of mineral projects. Mundoro has
methodically acquired and is now exploring a district-scale land
position on the prolific Tethyan mineral belt which hosts
significant Gold-Copper deposits. Our strong project pipeline in
Serbia and Bulgaria, as well as
our mineral interest in the Maoling Gold Project in China, is positioned to drive long-term growth
to attain production related 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 www.sedar.com.
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SOURCE Mundoro Capital Inc.