VANCOUVER, British Columbia,
August 19, 2014 /PRNewswire/ --
Mundoro Capital Inc. (TSXV:
MUN, http://www.mundoro.com) ("Mundoro" or the
"Company") is pleased to announce drilling results from its Tilva
Rosh prospect within the Savinac exploration license in
northeastern Serbia. The Savinac license covers 90
km[2] and is located within the
Timok Magmatic Belt, approximately 20 km southeast of the Bor
mining camp.
Teo Dechev, CEO and President of
Mundoro commented, "This initial drilling program at Tilva Rosh was
designed to test step-out extensions of the mineralization down dip
and along strike. The initial drilling results have successfully
demonstrated continuation of surface mineralisation at depth, along
strike and are encouraging as management believes the results are
vectoring towards a deeper mineralisation source. The
mineralization is open to the north, south and at depth."
Six inclined diamond drill holes totaling 917.8 m were drilled
at the southern portion of Tilva Rosh system to test the vertical
extent of the gold mineralization, which was previously confirmed
by high grade trenching results of 12 m @ 33.03 g/t AuEq (30.39 g/t
Au, 171.27 g/t Ag) (see October 21,
2013 press release). The drill holes were designed to test
the down dip mineralization to a maximum of 150 m down dip. Collar
locations are shown on Figure 1 -Tilva Rosh Drill Plan. Cross
section of interpreted geology shown in Figure 2 - Tilva Rosh -
Cross Section A-A'.
Table 1: Summary of significant results from drill holes
SAV01 to SAV06.
From To Interval AuEq CuEq
Drill Hole ID (m) (m) (m) Au (g/t) Cu (%) Ag (g/t) (g/t) (%)
SAV_01
Including
Including 11 18 7 7.90 _ 46.74 8.68 _
13 15 2 24.98 _ 128.05 21.11 _
13 14 1 42.90 _ 199 46.22 _
126 133 7 0.35 _ 2.76 0.40
SAV_02 30 40 10 0.34 _ 2.16 0.38 _
67.7 71.8 4.1 0.62 _ 2.36 0.66 _
95.6 100.0 4.4 0.54 _ 6.38 0.65 _
SAV_03
Including 71.0 76.0 5.0 2.54 0.59 15.54 3.73 2.36
74.0 74.7 0.7 10.35 1.47 50.10 13.52 8.54
SAV_04
Including 42.2 51.3 9.1 1.24 0.33 9.00 1.91 1.21
43.3 47.3 3.0 1.45 0.58 14.60 2.61 1.65
SAV_05
Including
Including 29 50.2 21.2 0.25 _ 1.78 0.28 _
30.4 36.0 5.6 0.43 _ 3.30 0.49 _
46.2 50.2 4.0 0.35 0.14 3.88 0.63 0.40
SAV_06 38.50 42.90 4.4 0.59 0.21 14.95 1.17 0.74
Gold Equivalent ("AuEq.") is calculated using the formula
AuEq = (g/t/Au) + (g/t/Ag) + ($/ozAu)/65 + [(%Cu) x (22.0462) x
($/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$1300/oz, copper
price of US$3/lb, and silver price
US$20/oz.All thicknesses from
intersections from drill holes are down-hole drilled thicknesses or
outcrop sample length thickness.
The Tilva Rosh drilling program has demonstrated continuation of
surface mineralisation at depth and along strike of a north-west
structure responsible for the high grade gold. The Au-Ag
mineralization identified in the in-soil geochemistry anomaly and
confirmed in the trenching, has now been confirmed at a depth to
76m, along strike for 100 m (50 m to south and 50 m to north) and
remains open in all directions. Copper mineralisation was
intersected at depth in four of the six drill holes (SAV03-SAV06).
Management believes copper was not present at surface due to the
highly acidic nature of the lithocap in the area caused by the high
pyrite content in the system. The eastern most drill holes, SAV02
and SAV05, intersected the highest lead-zinc contents (up to 2.2 %
Zn and 0.6 % Pb) suggesting lateral zoning indicative of porphyry
style hydrothermal system.
These initial drill results at Tilva Rosh are encouraging and
are interpreted to be proximal to a Cu-Au porphyry system related
to a large area of advanced argillic lithocaps to the north,
highlighted with a central Mo anomaly rimmed by Cu and followed
outwards to zones of Pb-Zn. This is classic geochemical signatures
of porphyry deposit footprints and where the company believes exist
further porphyry drill targets.
Drill Hole Highlights of Tilva Rosh Prospect
Over the past 18 months Mundoro has conducted geochemical,
mapping, trenching, ground magnetic surveys over this license as
well as compiling historic data, targeting epithermal and porphyry
Cu-Au systems. This work has outlined the Savinac mineralised belt
(9 km by 2 km) which includes the Tilva Rosh epithermal system
expressed on the surface with a large area of advanced argillic
alteration covering 4km by 1km. Tilva Rosh prospect was explored
previously in late 1970's and early 2000's but significant gold
mineralisation and porphyry Cu-Au potential was identified by
Mundoro's exploration in Q4-2013.
SAV 01 intersected a hydrothermal breccia and veinlet zone
similar to the out-cropping high grade (69.7 m). At 102.3m the hole
cut argillic altered feldspar andesite porphyry with quartz
veinlets and pyrite content 2-5% throughout and minor chalcopyrite
mineralisation at 150.9m.
SAV 02 intersected 8.5 meters of iron oxide breccia with
silicified clasts and continued in a hydrothermal breccia with
pyrite down to 40.3 m. As in SAV 01, it then cut andesite feldspar
porphyry from 30.9 m to the end of the hole (158.7 m). SAV 02 is
characterized by more faulting and veining of the andesite porphyry
and sphalerite-galena mineralisation in the quartz veins.
SAV 03 collared in a quartz-iron oxide hydrothermal breccia
which continued down to 48.7 m. From 52.5 m to 82.6 m the drill
hole intersected a fault zone which contains semi-massive pyrite
chalcopyrite-chalcocite mineralisation from 69.9 m to 74.7 m (4.8
m). A-type porphyry veins were noted from 115.6 m to 121 m (5.4 m)
passing to gypsum/anhydrite stockwork veining and quartz-pyrite
veinlets to the end of the hole.
SAV 04 collared in hydrothermal breccia and intersected
quartz-pyrite in andesite and lithic tuff which is moderately
argillic altered with rare pyrite±chalcopyrite veinlets (from 23.8
m to 29.8 m). From 41.3 m, the drill hole intersected fault breccia
with quartz-massive pyrite-sphalerite ± galena veins containing up
to 30% pyrite. From 52.4 m the drill hole intersected andesite
feldspar porphyry, cross cut by quartz-pyrite vein and veinlets,
vuggy texture quartz-pyrite-sphalerite±galena vein with massive
pyrite up to 15%) and a hydrothermal breccia zones with
quartz-pyrite veins.
SAV 05 collared in argillic altered andesite porphyry with
quartz veinlets with disseminated pyrite and pyrite in fracture
fills 1-3% continuing to the end of hole (149.7 m). From 19.3 m to
94.5 m the drillhole cut through a fault and quartz vein zone
containing irregular pyrite-barite-sphalerite galena
mineralisation.
SAV 06 is the shortest hole drilled (116.3 m). It cut
quartz-hydrothermal breccia from 0 m to 8.6 m hosted in lithic tuff
and continued in andesitic tuff with ~1% pyrite to 38.6 m. From
38.6 m to 67.2 m it entered a fault zone containing quartz veins
with 1-2% pyrite and finished in silicified and brecciated andesite
containing pyrite and anhydrite veining.
Sampling, Analysis and Qualified Person
Drill hole 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 one meter lengths
from mineralised intervals and two meter lengths from none
mineralised 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 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.
For further information:
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.