Mundoro Provides Update on Serbia Exploration Programs and Commences Geophysics
November 12 2012 - 12:36PM
Marketwired
Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro"
or the "Company") is pleased to provide an update on its
exploration activity in Serbia. The company has completed first
phase exploration program over its seven exploration licenses, five
of which are summarized below. As a result, the Company is focusing
efforts on conducting detailed exploration and mobilizing a
geophysical team on its Timok Belt exploration licenses, Borsko
Jezero and Topla.
Teo Dechev, CEO and President of Mundoro, commented, "The
Company believes the Timok Belt is under explored and has strong
prospectivity for further deposit discoveries and mine development.
An announcement in September by Reservoir Minerals and
Freeport-McMoRan Exploration at their Timok Project, stated they
have intercepted high grade copper and gold mineralization in their
drill hole FMTC 1213, including 160 metres grading an average of
6.92% copper and 5.40 grams per tonne gold from depth 461 to 621
metres. This intersection illustrates the potential for further
discoveries which can be also deeper, high-grade targets in the
Timok Magmatic Complex. Mundoro's Borsko Jezero property is
directly adjacent to the north of the Timok Project and directly
adjacent to the west of the Bor Mine."
Borsko Jezero and Topla (Timok Licenses)
Stream sediment sampling at Borsko Jezero (directly west of the
Bor Mine) and Topla (directly east of the Bor Mine) properties have
been completed. Results highlighted numerous gold (Au) and
multi-element anomalies which are currently being following up with
rock sampling and mapping. At Borsko Jezero gold anomalies ranged
from 50 ppb to 470 ppb and copper anomalies ranged from 150 ppm to
371 ppm. Detailed 1:10 000 scale geological and structural mapping
is underway at both areas. Additional 52 rock samples have been
collected and dispatched for analysis.
Assessment of government airborne and gravity geophysical data
combined with prospective geology and location of the Timok
licenses, Borsko Jezero and Topla, suggest that potential for deep
copper-gold (Cu-Au) mineralisation exists. The Company is
mobilizing a geophysical team to conduct reconnaissance and
detailed Controlled-Source Audio-Frequency Magneto-Telluric (CSAMT)
geophysical surveys. The reconnaissance survey will be conducted
over the whole 55 km2 of the Borsko Jezero license while detailed
surveys will target an area of 5 km2 at Borsko Jezero and 7 km2 at
Topla. CSAMT surveys will be followed up with Induced Polarization
(IP) surveys where data interpretation and results require doing
so.
Zeleznik and Glozana
At the Zeleznik and Glozana licenses, Mundoro is continuing with
a follow-up exploration program over the gold anomalous areas.
Initial work consists of prospecting, mapping and rock sampling of
altered and mineralized rocks identified. More than 50 rock samples
have been collected from the southern portion of the Zeleznik
license where an alteration zone 250 meters wide was identified.
The zone is currently being mapped and followed up along
strike.
At the Glozana license, single rock sample from silicified zone
returned 12.2 ppm Au. The silicified zone was picked up by stream
sediment sampling program. The highlighted anomalous area is
2000x1500 meters and falls within afforested and soil covered area.
The field team has started a reconnaissance soil sampling program
to confirm the extent of the anomaly. Samples are collected at a
100x50 meter grid. Sixty-four (64) samples were collected along
four (4) profiles and dispatched for analysis.
Osanica
At Mundoro's Osanica license area, the Company is conducting a
sampling program around historical workings to test a veinlet
system which previously had not been sampled for gold bearing
system. The Company has taken twelve (12) reconnaissance rock
samples from the Osanica occurrence aiming to check if any gold is
present in the system. Eleven (11) samples returned anomalous
results, three samples returned greater than 0.5 ppm Au with the
highest being 1.13 ppm Au. The highest gold values were returned
from excavated massive Sb mineralisation, while the elevated values
are associated with surface quartz vein sampling.
Sampling, Analysis and Qualified Person
The Company uses the SGS managed laboratories at Chelopech,
Bulgaria and Bor Serbia to assay all samples from Serbian
properties. Soil and stream sediment samples are assayed in SGS
Chelopech using a combination of ICP-OES and ICP-MS 4 acid digest,
49 elements; whereas gold is assayed by low level detection fire
assay method 50g, AAS finish. Preparation of samples includes
drying, screening to -80#, fine crushing, split and pulverizing to
75 micrometres. Rock samples are assayed in SGS Bor using ICP-MS 2
acid digest 52 elements; gold fire assay 50 g, AAS finish.
Stream sediment samples were collected from optimum trap sites
for heavy minerals, wet or dry sieved approximately 2kg -1mm silt
in the field. Samples were taken at regular intervals of
approximately 1.5km along stream, designed to represent catchment
areas of approximately 3-4km2. Soil sampling was carried out along
grid profiles oriented perpendicular to controlling structures of
the mineralisation. Samples were collected at regular 50m
intervals. Rock sampling was carried out as chip-channels in
outcrops on 1 to 3m intervals collecting minimum 1kg material per
meter.
In addition to laboratory's internal quality assurance quality
control (QAQC) procedures the Company implements its own QAQC with
systematic insertion into sample streams of certified reference
materials, field duplicates and blanks. Field duplicate samples are
taken every 25 samples and known standards and blanks are inserted
after every 20th sample. All data collected in the field and assay
results from the laboratories are routinely entered into a data
base.
The technical information of this Press Release has been
prepared 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 which operates
as a mineral acquisition, exploration, development and investment
company. The Company's target areas are the Tethyan Belt in South
Eastern Europe and the Meso Central Belt in Northwestern Mexico,
both of which are prolific mineral belts the the Company believes
have strong exploration and development potential. Mundoro has
methodically acquired a district-scale land position with 13
mineral concessions covering 1,541 sq. km. in the Meso Central
belt. We have successfully acquired 8 mineral exploration licenses
covering 589 sq. km. in Serbia within the well-known Timok-Bor
Magmatic Complex which hosts significant Au-Cu porphyry deposits
and related Au-Cu epithermal deposits. The Company maintains an
interest in the Maoling Gold Project through its 5% interest in
Mundoro Mining Inc. Maoling is a pre-feasibility stage gold deposit
located in Liaoning Province, China.
Caution Concerning Forward-Looking Statements
Investors are encouraged to review 'Risk Factors' as outlined in
the Company's disclosure documents and other regulatory filings,
available on the SEDAR website at www.sedar.com.
The statements herein that are not historical facts are
forward-looking statements. These statements address future events
and conditions and so involve inherent risks and uncertainties, as
disclosed under the heading "Risk Factors" in the company's
periodic filings with Canadian securities regulators. Actual
results could differ from those currently projected. The Company
does not assume the obligation to update any forward-looking
statement.
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.
Contacts: Mundoro Capital Inc. Teo Dechev CEO, President and
Director +1-604-669-8055 +1-604-669-8056 (FAX)info@mundoro.com
www.mundoro.com