Mundoro Capital (MUN-V) to drill 4,000 m over seven holes at Borsko
April 15, 2013 - News Release
Mundoro Capital Inc. has completed the NI 43-101 technical report for the company's 100-per-cent-owned Borsko Jezero copper-gold property located in Bor, Serbia. The Borsko Jezero property is within the Timok magmatic complex, and is situated directly west of the Bor mine and directly north of the Reservoir/Freeport McMoran joint venture Timok project. Teo Dechev, chief executive officer and president of Mundoro, commented: "The exploration program on Borsko Jezero has identified seven anomalies, starting at approximately 200 metres in depth and are well defined up to 800 metres. We are following up these anomalies with induced polarization to test for a chargeability response related to a mineralized body at depth. We anticipate generating our first drill targets at Borsko Jezero by the end of May, 2013. Our initial drill program will total 4,000 metres to test the seven targets. The results detailed in our technical report are another example of the importance of the TMC and how prospective the region is."
Borsko Jezero property (100 per cent owned) audio-frequency magneto-telluric geophysical survey completed and IP continuing
The Borsko Jezero licence is located two kilometres west of the Bor copper-gold porphyry/epithermal deposit and approximately 3.4 kilometres northwest from the recently reported drilling activity on the Reservoir/Freeport McMoran joint venture Timok project. Geology at Borsko Jezero consists mainly of pyroclastic volcanics of second and third phases of the Timok volcanic complex. Prospective first phase andesite volcanics (host to the Bor deposit) crop out in the eastern parts of the licence and dip to the west under the pyroclastic rocks. The second and third volcanic phases are considered cover rocks.
The company has completed a denser audio-frequency magneto-telluric geophysical survey over the previously defined anomalous areas at its Borsko Jezero licence. A total of 192 stations were surveyed, collecting readings over the full licence area (45 square kilometres).
Processing and analysis of the collected data delineated seven low-resistivity (high-conductivity) anomalies prospective for follow-up with the IP geophysical method. The anomalies start at around 200 metres and are well defined up to 800 metres in plan and 2-D cross-sections. The strongest responses are at 200 metres below sea level (600 metres depth). Relation to the controlling northwest and east-west structures and regional targets defined by the interpretation of the magnetic and gravity data is clearly expressed.
Seven reconnaissance IP lines totalling 8.8 line kilometres have been planned. Depending on initial results the IP survey grid will be extended and detailed as required to cover the prospective areas.
Topla and Dubrava-Ostrelj properties (100 per cent owned) AMT survey continuing
At the Topla and Dubrava-Ostrelj licences, located east and southeast of Bor mine, respectively, an AMT survey is continuing. First-pass reconnaissance stations are designed along east-west profile lines spaced 1,000 metres apart. Measurements are being taken every 500 metres along the profile lines. Selected areas which show promising anomalies will be filled in at 500-metre profiles and 250-metre measurements. A total of 121 stations have been planned for the first phase, with 35 collected to date.
Southern Timok properties exploration results
Simultaneous with the current geophysical surveys at Borsko Jezero, Topla and Dubrava-Ostrelj, the company continued with its data compilation and field exploration at the recently granted southern Timok properties.
At Sumrakovac, initial prospecting and rock channel chip sampling of altered and mineralized andesite outcrops yielded:
- 23 metres of 0.72 gram per tonne gold and 0.1 per cent copper, including three metres of 1.21 g/t gold;
- 20 metres of 0.2 g/t gold and 0.1 per cent copper.
At Savinac, single rock samples from silicified andesite breccia returned 8.19 g/t gold with anomalous silver and lead. Mapping and trenching are under way in an area of approximately 1,000 metres in strike by 600 metres in width to follow up the high-grade gold sample. The area was defined by a previous owner, but never drill tested.
At the company's Bacevica licence, the company completed a soil sampling program over an area of 2,100 metres by 1,800 metres, which centred on outcropping pyrite-chalcopyrite mineralization. A total of 349 soil samples have been collected and dispatched for analysis. Rock sampling of mineralized outcrop returned 55 metres of 0.28 g/t gold and 0.21 per cent copper. The mineralized zone is hosted in altered andesite.
The stream sediment sampling program is under way over all four southern Timok properties. A total of 115 samples have been dispatched for analysis from both the Bacevica and Savinac properties.
Zvezda property in Bulgaria
The company recently won through tender and signed an exploration contract for the Zvezda property in Bulgaria (see press release dated March 14, 2013). The company anticipates commencing the field exploration program at the end of April, 2013.
The technical information of this press release has been prepared and approved by G. Magaranov, PGeo, the qualified person as defined by NI 43-101. The technical review of the Borsko Jzero copper-gold property in Sor, Serbia, was prepared by D. Power-Fardy, PGeo, EurGeol, and senior geologist with Watts, Griffis and McOuat Ltd., consulting geologists and engineers of Toronto, Canada, and Mr. Magaranov, PGeo, EurGeol and senior exploration manager, southeast Europe, for Mundoro Capital. Mr. Power-Fardy is independent of Mundoro. Their review and report are in compliance with Canadian Securities Administrators' NI 43-101, and definitions of the Council of Canadian Institute of Mining, Metallurgy and Petroleum standards.
We seek Safe Harbor. |
