Mundoro Capital Inc. is pleased to report the completion of drilling on the Company’s 100% owned exploration licenses, Dubrava and Zeleznik which are located at the central and northern end of the Timok Magmatic Complex in northeastern Serbia. The two exploration licences are under the Option Agreement between Mundoro and Japan Oil, Gas and Metals National Corporation. announced March 7, 2016 and as a result this drilling program was fully funded by JOGMEC. The 2016 drilling program was designed to test these target areas which had been identified through an interpretation of data collected through a systematic program completed by Mundoro comprising of detailed mapping, geochemistry, alteration mapping, ground geophysics, regional geophysics and drilling results gained from the 2014 drilling program. The company expects to announce assay results from these eight diamond drill holes in the first half of November 2016.
Further to Mundoro’s press release of July 5th, 2016, the drilling program completed a total of 3000 meters over eight drill holes. Three holes were drilled at each of the East Zone and West Zone respectively in the Zeleznik license and two holes were drilled at the Dubrava license.
Initial drilling in Q4-2014 at the West Zone and East Zone targets confirmed relation of the surface geochemical anomalies with sulphide mineralisation at depth which remains open along strike at both the West Zone and East Zone. At the West Zone drilling from Mundoro’s 2014 drilling program intersected several diorite porphyry dikes cutting basement gneiss. The porphyries are potassic altered and contain A-type quartz veins with pyrite-chalcopyrite mineralisation. The veins appear to be inclined eastwards, parallel to and presumably controlled by the gneissic foliation. At the East Zone, our prior drilling identified andesite-diorite porphyry that cross cut Jurassic limestones and confirmed at depth the presence of anomalous copper-gold values identified from initial reconnaissance surface sampling. Regional stratigraphy, preserved limestone capping and geochemical signature suggest little erosion at the East Zone and potentially a preserved copper-gold mineralised system which required further exploration drilling along strike and at depth.
Initial drilling in Q4-2013 at the Dubrava license demonstrated encouraging signs with an intersection of copper-gold mineralisation in drillhole BJ-04 of 28 m @ 0.2% Cu, 0.25 g/t Au including 7 m @ 0.5% Cu, 0.69 g/t Au as well as rock and soil surface geochemical anomalies. The license is void of outcrop and mostly covered by post-mineral Miocene and Cretaceous sediments. This predetermined reliance on structural interpretation and geophysical exploration methods. At Dubrava around drillhole BJ-04, four closely spaced IP lines were carried out in order to delineate the copper-gold sulfide mineralisation intersected at depth as well as to try to locate the controlling hydrothermal breccia structure.