Business
Mundoro Commences Drilling on Borsko Jezero License in Serbia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 8, 2017) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to
About this update from Mundoro Capital Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 8, 2017) - 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. HIGHLIGHTS 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...