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."
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.
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.
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.