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Mundoro Announces Drill Program at Two of Its Licenses in Timok Serbia
VANCOUVER, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce two drill rig
About this update from Mundoro Capital Inc.
[{"type":"text","content":" VANCOUVER, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to announce two drill rigs have been mobilized to commence a drill program at the Savinac and Bacevica exploration licenses. The drill program is being sole funded by Freeport-McMoRan Exploration Corporation (\"Freeport\") as part of an earn-in agreement (\"Agreement\"), in which Mundoro has granted Freeport an option to earn-in to Mundoro’s Savinac and Bacevica exploration licenses (the “Freeport-Mundoro Projects”) located within the southern portion of the Timok Magmatic Complex (“Timok”) in Serbia. In Phase I of the Agreement, Freeport has the right to earn a 51% interest in the Freeport-Mundoro Projects by sole-funding US$5 million (C$6.6 million) in expenditures by the third anniversary of the Agreement. There is no firm commitment for expenditures in Phase I and Freeport can terminate the Agreement at any time. Timok is one of the most prolific metallogenic domains in the Tethyan Belt with deposits such as the Cukaru-Peki deposit and the Serbian state-operated producing mines, the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry open-pit mine (Click Here). Highlights The Year 1, Phase I drill program, which is estimated to include up to 3,550 meters of diamond drilling in six drill holes with two drill rigs, aims to test the following four target areas: Savinac License: -- Tilva Rosh: epithermal gold target which contains 12 meters of 30 g/t gold and 171 g/t silver from rock chip sampling. Combined drill results from approximately 2,000 meters of drilling in 2014 and 2017 led Mundoro to interpret the epithermal target to be proximal to a copper-gold porphyry system related to a large area of advanced argillic alteration, highlighted with a molybdenum anomaly followed by outwards zones of lead-zinc geochemical anomalies.-- Markov Kamen: epithermal target identified by several copper-gold-in-soil geochemical anomalies related to a broad zone of argillic and advanced argillic alteration located at the southern portion of the Savinac license. Drilling from 2015, which intersected hydrothermal breccia, massive sulphides and vuggy silica, confirms a high sulphidation style epithermal system of interme...