Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce that a drill has been mobilized to the Company's Borsko Jezero license ("Borsko") where drilling is expected to commence within a week. Borsko is one of the four licenses being sole funded by JOGMEC as part of the JOGMEC-Mundoro joint venture announced August 2016. Borsko is located in the central portion of the Timok Magmatic Complex ("Timok") and is directly west of the Serbian state-operated producing mines, RTB Group's Bor copper porphyry mine and the Veliki Krivelj copper-gold porphyry mine.
- This drill program at Borsko will focus on high priority targets generated by systematic exploration completed by Mundoro in 2016 and defined various copper-gold targets.
- The current drill program will test the first of six targets with a 600 m drill hole designed to cut across an interpreted mineralised structure defined by a copper soil anomaly coincident with a mapped argillic altered andesite dyke at surface, a strong resistivity geophysical anomaly, and anomalous stream sediment and rock sampling.
- Mundoro holds approximately $5 mln in cash as of December 31, 2016 and is debt free.
Teo Dechev, CEO & President of Mundoro commented, "The geophysics in the Borsko license clearly demonstrates the NNW trending structures that have been associated with the main mineralization in the Timok district. With our partner JOGMEC, we are looking forward to drill testing this target as well as the other various targets on the license in 2017. Mundoro is committed to executing on its strategy to complete a drill program each month in 2017, part of which will be funded by our partner JOGMEC and part of which will be funded by Mundoro's approved C$2 million budget for 2017."
Overview of Borsko Drill Program
The Borsko license is located in the Timok Magmatic Complex which is one of the most prolific metallogenic domains in the Tethyan Belt. The geological units in this licence area consist of Upper Cretaceous volcano-sedimentary successions, predominantly andesite and pyroclastics. Generally considered the most prospective geological units, the Phase 1 hornblende porphyry andesite occupies the easternmost boundaries of the Borsko license and dips moderately to southwest under the pyroclastic rocks of the second phase.
The current drill program will test the first of six targets generated by the 2016 field program (Figure 1 - Location of Borsko Drill Targets). In Q2-2016 Mundoro carried out a soil sampling program over the central portion of the license to follow up on high copper-gold stream sediment anomalies which could not be explained by previous prospecting and rock sampling. The soil sampling results returned significant copper-gold anomalies which remain open to the north and south. Follow-up field work revealed association of some of the soil anomalies with altered dike contacts, discrete quartz stockwork veinlets and fine grained sulphides related to fault-fracture zones.
The Company included the Borsko license into the JOGMEC-Mundoro option agreement in August 2016 and then conducted ground magnetic and CSAMT geophysics in the second half of the year. The Company also conducted limited trenching over some of the soil anomalies. The current drill program will test the first of six targets and will be collared on a copper soil anomaly coincident with an argillic altered andesite dyke mapped on surface and a strong resistivity geophysical anomaly. The projected depth of 600 m is designed to cut across the interpreted north-northwest trending mineralised structure which is also supported by the stream sediment and rock sampling.
The Company expects to complete the drilling on the first target in February 2017 and to release the results around the end of March 2017.
Mundoro is in the process of designing the work program with JOGMEC for the second year of work under the JOGMEC-Mundoro option agreement. This work program is anticipated to begin in April 2017.