Nov 30 2016
Mundoro Capital Inc. ("Mundoro" or the "Company") is pleased to announce two key milestones in its current drilling campaigns in Serbia and Bulgaria: (i) commencement of drilling on the Skorusa porphyry target on the Company's 100% owned Sumrakovac exploration license located in the southern half of the Timok Complex in northeastern Serbia (Figure 1: Location Map - Timok South Properties), and (ii) the completion of drilling on the Chuka porphyry-epithermal target on the Company's 100% owned Byalo exploration license in southeastern Bulgaria. Assaying of the Chuka drill core is ongoing and is expected to be completed around the beginning of January 2017.
HIGHLIGHTS
- Mundoro holds approximately $5.3 mln in cash, cash equivalents and short term investments as of September 30, 2016 and is debt free
- The Skorusa porphyry drill program will include 1000 m in three planned drill holes
- The Skorusa porphyry copper-gold target sampling to date highlights:
- A zone of well-developed stockwork veining at surface returned a channel sample interval of 23m @ 0.17% Cu and 0.72 g/t Au.
- Drill results from SDD002 intersected 36m @ 0.19% Cu and 0.21 g/t Au from 291 m depth are consistent with the outcropping stockwork veining.
Teo Dechev, CEO and President of Mundoro commented, "Given the copper-gold-molybdenum soil geochemistry, channel sampling results from the stockwork veining on surface, and positive results from drilling in H2-2015, we believe the untested core of the Skorusa porphyry remains an attractive target for copper-gold mineralization. Commencement of drilling at the Skorusa target in November and completion of drilling at the Chuka target in October represents steady execution of Mundoro's strategy to systematically develop, prioritise and drill test the targets on our 100% owned projects."
The Skorusa Drill Program
The Company has organised to drill 1000 meters over three drill holes in order to improve the understanding of the system and test the target at depth, to the northeast and southwest (Figure 2: Skorusa Target Drill Hole Locations).
Table 1 - Summary of proposed drill holes
The Skorusa target has been identified through systematic work completed by Mundoro which resulted in the location of a zone with potassic alteration and associated stockwork mineralisation at surface, extending NE-SW for about 210 m along strike, and remaining laterally open to the NE. Highlighted result include 23m @0.72g/t Au and 0.17% Cu obtained from a continuous rock-chip channel sample along the central mineralised zone. The historical drilling on this portion of the system has not been systematically sampled. The planned drilled program aims to clarify the currently limited understanding of the controls and depth continuation of the stockwork mineralisation as well as copper-gold grade associated with the potassic alteration.
Drill hole STDD002 drilled in H2-2015, collared 250 m to the southwest of the exposed stockwork zone intersected a discrete interval of veined porphyry which assayed 36m @ 0.19% Cu and 0.21 g/t Au from 291 m depth. This intercept, if linked to the main stockwork zone, could represent the southwestern edge of the mineralised zone. Part of the aim of this drill program is to confirm this interpretation.
Further Exploration on the Sumrakovac License
Exploration work to date on the Sumrakovac license demonstrates two mineralized centers: Skorusa and Skorusa East. Prior shallow reverse-circulation holes in Skorusa East intersected hydrothermally altered andesite volcanics interpreted to be part of the larger footprint of a porphyry system. Trace disseminated chalcopyrite and quartz-chalcopyrite-pyrite B-veins were encountered throughout the STRD005 drill hole suggesting existence of a different mineralized center to the east which requires to be followed up.
Additional Drill Targets in H1-2017
Having closed the $1 million private placement in September 2016, we are using these funds to drill test five target areas. The first target at Chuka has been completed, the second target at Skorusa has now commenced and the Company plans to drill approximately an additional 2000 m on two targets at the Timok South Properties in Serbia and approximately 1000 m at the Angel Vivoda epithermal gold target in Bulgaria.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director