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Mundoro Capital Provides Update on Exploration Results at Zeleznik Property

Mundoro Capital Inc. ("Mundoro" or the "Company") is pleased to provide an update on exploration results at the Zeleznik Property ("Zeleznik") which is one of the four subject properties currently being sole funded by JOGMEC as part of the JOGMEC-Mundoro joint venture (see press release August 2, 2016). Zeleznik is located at the northern end of the Timok Magmatic Complex in northeastern Serbia; the license is north of the state-owned Majdanpek copper-gold mine.

Teo Dechev, CEO & President of Mundoro commented, "Mundoro has delineated several gold and copper targets in Zeleznik. This license now hosts two newly discovered prospective gold zones at the northern portion of the license as well as the advanced, drill defined, West Zone copper porphyry, and East Zone massive sulphides, in the southern portion. Shareholders can expect news flow over the coming months from both the drilling program currently underway which is designed to further test and delineate the coppery porphyry in the West Zone and the massive sulphides in the East Zone; and from the trenching to follow up these prospective gold zones discovered from the spring sampling program."

Zeleznik Central Target (See Figure 1: Zeleznik Property Target Areas)

Mundoro completed further detailed mapping of the entire license area along with rock chip sampling. Several new areas demonstrating hydrothermal alteration assemblages were also discovered in the central portion of the Zelezknik property through this mapping program. The gold mineralisation appears to be hosted within EW fault zones which crosscuts the regional main NS structural trend of the orogenic gold bearing belt that runs parallel to the Timok belt and is associated with very high As, Sb and elevated Ag, Zn and Cu. The Central target area (Figure 1) returned significant gold results including:

  • a channel chip sample grading 9.44 g/t Au; 10.63 g/t Ag over 3 m including 1m @ 15.75 g/t Au; 20.80 g/t Ag
  • a channel chip sample grading 11.75 g/t Au; 10.20 g/t Ag over 1.5 m;
  • a grab sample with 1.88 g/t Au; 1.60 g/t Ag taken from the NS structure

This area will also be tested during the upcoming trenching program in the Q4-2016. These encouraging gold rock geochemical results appear to be related to quartz veins hosted within fault zones and indicate possibility for economic vein type gold mineralisation. Further exploration is necessary to reveal whether the gold mineralisation is confined to veins or also appears disseminated within the fault zone and in the host rocks.

Zeleznik North Target(See Figure 1: Zeleznik Property Target Areas)

At the northern portion of Zeleznik, Mundoro has completed a follow-up soil sampling program where previous results highlighted a gold-molybdenum-copper soil anomalous area approximately 800m x 600m in size. This follow-up soil sampling program infilled sample spacing to a 100m x 50m grid from a previous regional scale soil sampling program.

Gold Soils(see Figure 2: Zeleznik North Target - Gold Soil Results)

The soil geochemical results have delineated anomalous gold and molybdenum linear features. The highest gold soil anomaly is up to 0.92 ppm (compared to a background of 0.01 ppm) gold which occurs within a north-south elongated gold-molybdenum anomaly 600m x 300m in size. There are satellite gold-molybdenum soil anomalies around this main centre resulting in an anomalous area of 2km x 1.5km. The gold-molybdenum soil anomalies correlate well with the associated Pb-Zn soil anomalies which are from 100 ppm to 439 ppm (compared to a background of 70 ppm). These encouraging gold soil geochemical results indicate possibility to discover gold mineralisation similar to Blagoev Kamen orogenic vein type gold as it is along strike of it and hosted in the same metallogenic belt, Nereshnica Bejlanica, which borders the Timok belt to west.

Copper Soils (see Figure 3: Zeleznik North Target - Copper Soil Results

The centres of copper soil geochemical anomalies are elevated up to 111 ppm (compared to a background of 25 ppm) and follow a similar trend and distribution as to the Au-Mo-As and Pb-Zn soil anomalies. A significant arsenic ("As") anomaly up to 605 ppm (compared to a background of 16 ppm) with a NNE trend is delineated in the central part with values up to 500-600 ppm. There are two additional As soil anomalies to the east trending NW and NE. The As anomaly coincides very well with the trend of the elevated copper and gold values (see Figures 2 and 3). These very high arsenic and elevated copper soil geochemical results indicate abundance of arsenopyrite typical for the orogenic style gold bearing veins. Elevated copper and lead-zinc anomalies also support poly-metallic character of mesothermal vein mineralisation hosted in metamorphic rocks.

Next steps

Due to limited outcrop in the northern portion of the Zeleznik property, the soil geochemical results will be followed up with trenching. Mundoro has applied for a trenching permit which is expected to be granted in Q3-2016.

Zeleznik West Zone and East Zone Targets Drilling Update

Mundoro recently announced a drilling program at the southern end of the Zeleznik property at the West Zone and East Zone targets (See Figure 1: Zeleznik Property Target Areas). The drilling program will test (i) a porphyry discovery along strike at the West Zone, and (ii) massive sulphide mineralization at the diorite porphyry-limestone contact at depth and along strike at the East Zone (see press release June 5, 2016).

On behalf of the Company,

Teo Dechev, Chief Executive Officer, President and Director


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