Mundoro Capital Inc. 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 the Japan Oil, Gas and Metals National Corporation as part of the JOGMEC-Mundoro joint venture announced in March 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, “Following up on the 2016 drilling campaign at Zeleznik, our team has extended the copper-gold-molybdenum-in-soil anomaly an additional 500 meters along strike at the West Zone and East Zone. There are two distinct porphyry zones at the southern portion of the license comprising the drill defined, West Zone which is dominantly a copper-gold-molybdenum porphyry, and East Zone which is a copper-gold porphyry with related skarn mineralisation. Mundoro will be providing news flow in the second half of the year on the Phase III drilling program. Phase III drilling is designed to establish volume and grade for a potential inferred resource through a fence drilling program with both delineation and step-out drilling at the two porphyry systems in the West Zone and East Zone along with target testing the newly extended copper and gold soil anomalies.”
Extension of Copper-Gold-in-Soil Anomaly
In Q2-2017, Mundoro completed a soil sampling program over the southern extensions of the West Zone and East Zone targets in order to follow-up the open soil anomalies. Over 500 additional samples were collected at a 100 m x 50 m resolution grid covering an area of approximately 2.2 sq.km.
The West Zone copper soil anomaly was extended 500 m along strike outlining an area of 1170 m x 600 m grading above 200 ppm copper with a central core area of 770 m x 450 m grading above 500 ppm copper. As a result the size of the initial copper-gold porphyry related soil anomaly approximately doubled. The copper soil anomaly overlaps with a significant gold anomaly above 50 ppb gold, molybdenum anomaly above 10 ppm and is rimmed by lead-zinc soil anomalies. This geochemical zonation of elements is indicative of porphyry systems.
The East Zone copper soil anomaly was also successfully extended to the south by 300 m along strike. Most significant here is the gold-in-soil anomaly which delineates an area of 700 m x 400 m grading above 50 ppb gold. A copper-in-soil-anomaly overlaps the gold anomaly and is in the range of 100 ppm to +200 ppm copper. Lead-zinc soil anomalies of the East Zone target overlap with the gold-copper anomalies reflecting the skarn type mineralisation related to the porphyry.
The Company is currently conducting detailed mapping and rock geochemical sampling over the newly extended area of soil anomalies to the south.
Zeleznik West Zone and East Zone Drilling To-date
To date Mundoro has completed two phases of drilling at the Zeleznik East Zone and West Zone.
In Q4 2014, Mundoro conducted the Phase I drilling program comprised of six inclined diamond drill holes totaling 1000 m, three on the West Zone and three on the East Zone. These drill holes were in follow up to the mapping, trench sampling, geophysics and soil geochemical work completed throughout the year in 2014. This first pass drilling was designed to test surface copper-gold mineralization at the West Zone and East Zone targets. Three drill holes were drilled at each zone successfully demonstrating copper-gold mineralization below the respective surface geochemical anomalies at both the West and East Zones.
In Q3 2016, Mundoro conducted the Phase II drilling program comprising an additional six inclined drill holes totalling 3000 m, three on the West Zone and three on the East Zone. This program successfully intersected copper-gold mineralisation at both zones and expanded the extents of the mineralised envelopes.
Summary of West Zone Interpretation
Work to date supports the interpretation that there is a large volume of low grade halo of mineralisation hosted in gneisses with higher grades related to potassic altered diorite porphyry dikes containing stockwork veining with pyrite-chalcopyrite. The mineralisation remains open in all directions and based on interpretation of drilling results, part of the focus of further exploration work is to fence drill the higher grade bearing porphyry dikes to determine volume and grade for a potential inferred resource.
Summary of East Zone Interpretation
Work to date demonstrated that an adjacent limestone unit is thicker to the east and the best mineralised intersections remain within the upper 200 m. Controlling structures and the andesite-limestone contacts appear to dip to the west. The East Zone remains open laterally to the north and south as well as to the west under a thinner limestone cap. The widely spaced Phase I & II drilling to-date has furthered the understanding of the targets and based on interpretation of the drilling results, a follow-up program of fence drilling has been planned for the second half of 2017.
In the coming months the Company will be announcing a Phase III drill program to be conducted in the second half of 2017. The goal of the Phase III drill program will be to build on the drill hole database in an effort to establish volume and grade for a potential inferred resource through both delineation and step-out drilling, as well as target testing the strike extension of the copper-gold in soil anomaly recently delineated in Q2-2017.