Mundoro Capital Inc. ("Mundoro" or the "Company") is pleased to announce the completion of the NI 43-101 technical report for the Company's 100% owned Borsko Jezero copper-gold property, located in Bor, Serbia.
The Borsko Jezero property is within the Timok Magmatic Complex (TMC) and is situated directly west of the Bor Mine and directly north of the Reservoir/Freeport McMoran JV Timok Project.
Teo Dechev, CEO and President of Mundoro commented, "The exploration program on Borsko Jezero has identified seven anomalies starting at approximately 200 m in depth and are well defined up to 800 m. We are following up these anomalies with Induced Polarization (IP) 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 meters 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% owned) AMT Completed and IP ongoing
The Borsko Jezero license is located 2 km west of the Bor Cu-Au porphyry/epithermal deposit and approximately 3.4 km Northwest from the recently reported drilling activity on the Reservoir/Freeport McMoran JV 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 Bor deposit) crop out in the eastern parts of the license and dips 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 (AMT) geophysical survey over the previously defined anomalous areas at our Borsko Jezero license. A total of 192 stations were surveyed collecting readings over the full license area (45 sq.km).
Processing and analysis of the collected data delineated seven low resistivity (high conductivity) anomalies prospective for follow-up with the IP geophysical method (Figure 1). The anomalies start at around 200 m and are well defined up to 800 m in plan and 2D cross-sections. The strongest responses are at 200 m below sea level (600 m depth). Relation to the controlling NW and EW structures and regional targets defined by the interpretation of the magnetic and gravity data is clearly expressed.
Seven reconnaissance IP lines totaling 8.8 line km 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% owned) AMT Survey Ongoing
At the Topla and Dubrava-Ostrelj licenses, located east and south-east of Bor mine (see Figure 1) respectively, an AMT survey is ongoing. First pass reconnaissance stations are designed along east-west profile lines spaced 1000 m apart. Measurements are being taken every 500 m along the profile lines. Selected areas which show promising anomalies will be filled in at 500 m profiles and 250 m measurements. Total of 121 stations have been planned for the first phase with 35 collected to date.
Southern Timok Properties Exploration Results
Simultaneous to 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 m @ 0.72 g/t Au; 0.1% Cu including 3m @ 1.21 g/t Au,
- 20 m @ 0.2 g/t Au; 0.1% Cu.
At Savinac, single rock samples from silicified andesite breccia returned 8.19 g/t Au with anomalous Ag and Pb. Mapping and trenching is underway in an area approximately 1000 m strike by 600 m width to follow up the high grade Au sample. The area was defined by a previous owner but never drill tested.
At our Bacevica license, the Company completed a soil sampling program over an area of 2100 m by 1800 m, which centered 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 m @ 0.28 g/t Au and 0.21% Cu. The mineralized zone is hosted in altered andesite.
The stream sediment sampling program is underway 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.