Investor Alert

London Markets Open in:

May 22, 2020, 4:10 p.m. EDT

Mundoro Announces Q1-2020 Exploration and Corporate Report

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Mundoro Capital Inc. (MUN)

or Cancel Already have a watchlist? Log In

Vancouver, British Columbia, May 22, 2020 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - May 22, 2020) - Mundoro Capital Inc. ( /zigman2/quotes/208151121/delayed CA:MUN 0.00% www.mundoro.com ) (" Mundoro " or the " Company "), is pleased to report its quarterly update for exploration and corporate activity for the three months ending March 31, 2020. The Company has filed its quarterly Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR at www.sedar.com and posted on the Company's website at www.mundoro.com .

Mundoro's Objectives for 2020

  • Commence exploration on the Vale-Mundoro JV Projects in the second half of 2020.

  • Add partner(s) for Mundoro's projects available for optioning.

  • Enter into exploration contract for the Svoboda project with the local government.

Corporate and Business Development

Mundoro continues to have discussions with interested third parties regarding Mundoro's projects which are available for optioning, confirming the continued interest in exploring in Timok, Serbia as well as Bulgaria.

Savinac and Bacevica

The two licenses, Savinac and Bacevica, previously part of the Freeport earn-in from October 2018 to April 2020, have reverted 100% to Mundoro for no consideration. Freeport informed Mundoro that it is restructuring its exploration programs and accordingly terminated their earn-in. Mundoro has since then set up a data room, signed confidentiality agreements and engaged in due diligence with third parties. Freeport sole funded a total of US$3.2 million (C$4.5 million) on these two licenses, therefore the current term work commitments for the licenses have been met. No further exploration expenditures are required to maintain the licenses while Mundoro continues discussions with third parties.

Vale-Mundoro Projects

For the Vale-Mundoro Projects, compiled data sets are being reviewed for targeting and exploration planning. The parties await government approvals before exploration activity can be commenced.

JOGMEC-Mundoro JV Project

To date, JOGMEC has sole funded a total of US$5.8 million (C$8.2 million) for the JOGMEC-Mundoro JV Project, and has completed the earn-in for a 51% interest in the project. All work commitments have been met for the JOGMEC-Mundoro JV Project during this term. The joint venture is now at a proportionate funding stage, with Mundoro entitled to exercise an option to acquire a 2% interest in the joint venture from JOGMEC (taking Mundoro to 51%) for nominal consideration and maintain its role as the operator. The JV Partners are discussing alternatives for further funding and exploration at Borsko. A data room for the project has been opened for interested third parties which have signed a confidentiality agreement with the Company.


A data room for the Zeleznik project has been opened for interested third parties which have a confidentiality agreement signed with the Company.


The Company has several areas under application in Serbia and Bulgaria as a result of the Company's generative programs in these two jurisdictions.

Financial Highlights and Initiatives to Manage Costs

  • Earn-in parties funded exploration costs totaled $1,230,158 and operator fees earned totaled $108,636. Mundoro funded exploration costs for generative programs totaled $136,916.

  • Corporate expenses totaled $98,839, versus $120,346 in 2019.

  • At March 31, 2020, Mundoro had a treasury position of $3.1 million and no debt.

  • During ongoing global impacts to commerce as a result of the COVID-19 health pandemic, the board of directors and management considers it prudent for the Company to take steps to reduce non-essential expenditure pending a return to normal business conditions. The initiatives below are expected to result in cash preservation for 2020 whilst they are in effect:

Summary of Completed Drill Programs in Q1-2020

Savinac and Bacevica, Timok, Serbia (Available for Option)

In Q1-2020, Mundoro completed the target testing drill program at the Savinac and Bacevica exploration licenses in the Timok Magmatic Complex ( "Timok" ) in eastern Serbia. The two licenses are located within the southern portion of Timok, one of the most prolific metallogenic domains in the Tethyan Belt with deposits such as the Cukaru-Peki, the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry open-pit mine ( Figure 1 and 2 ).

Following the results from the initial drilling program carried out between October 2018 - February 2019, as well as based on results from the completed alteration mapping and geophysical surveys, a second drilling campaign was initiated in October 2019. Total drilling was originally planned for a 3,500-meter program and increased to a total of 8,735 meters. The three-drill rig program tested four of the five target areas between October 2019 and February 2020 (see Figure 3 and 4 ). The fifth target to be tested, Markov Kamen, was scheduled to commence in March 2020 but the program was suspended due to restrictions related to the COVID-19 pandemic.

Tilva Rosh (Savinac License)

  • The Tilva Rosh target is a large area of zoned argillic to advanced argillic alteration containing epithermal gold mineralization cropping out at surface as observed through trench sampling by Mundoro in 2013 which returned 12 m of 30 g/t gold and 171 g/t silver (see Figure 3) . Interpretation of prior drilling suggests the epithermal mineralization is proximal to a copper-gold porphyry system.

  • The target is characterized by: a large 3.5 km x 1 km alteration zone at surface, which correlates laterally with an Induced Polarization ("IP") chargeability-high. Beneath the IP chargeability high and resistivity high, remains an untested intermediate to low CSAMT/NSAMT resistivity anomaly.

  • Interpretation models from both the IP-Resistivity and CSAMT/NSAMT were combined with additional layers of data to select targets for follow up drilling.

  • Drilling commenced in October 2019 which drilled a total of 2,980 meters over 4 drill holes. Results of note are in Table 1 .

  • Signs of nearby porphyry system were found in the drill holes through observations of: minor banded quartz-specularite, center parting quartz-pyrite "B" veins, and pyritic "D" veins.

  • Zoned alteration pattern was recognized in drill holes FMSC19008 and FMSC20018 completed in the central portion of the target.

  • Broad zone of alteration and veining over several kilometers suggest that the Tilva Rosh target has potential to host a significant porphyry system.

Markov Kamen (Savinac License)

  • The Markov Kamen target is an epithermal target identified by several copper-gold-in-soil geochemical anomalies related to 4 km x 1.2 km zone of argillic and advanced argillic alteration located 2 km south of the Tilva Rosh target ( see Figure 3 ).

  • Five drill holes completed from previous programs at Markov Kamen intersected hydrothermal breccia and vuggy silica, signs of high-sulphidation type epithermal mineralisation controlled by northwest structures. Measured contacts to the country rock suggest the epithermal mineralization remains open towards the west.

  • Markov Kamen target is characterized by narrow IP anomalies that coincide spatially with narrow magnetic susceptibility low and intermediate resistivity anomalies. At depth, beneath the IP high anomaly, large intermediate resistivity CSAMT/NSAMT anomalies are observed associated with altered volcanic rocks.

  • The priority target for drill testing is around drill hole FMSC19007, which is located in Markov Kamen South. This drill hole returned 36.0 m of 0.19% copper, 0.25 g/t gold starting at 65 meters, related to quartz-pyrite-sphalerite-galena-chalcopyrite veins, and 35.6 m of 0.17% copper, 0.16 g/t gold starting at 138.4 meters, related to black sulfides and chalcopyrite, among silicified breccia bodies.

  • During this drill program, drilling did not commence at this target as the Company was awaiting permits from the Forestry Department and thereafter the decision was made to terminate drilling due to the COVID-19 related restrictions.

  • The Markov Kamen target requires further drill testing.

Prekostenski (Bacevica License)

  • Copper-gold porphyry target identified by mapping and surface sampling which resulted in 55 m of 0.28 g/t gold and 0.21 % copper . The exploration work identified chalcopyrite-magnetite mineralisation hosted in potassic altered diorite at surface ( see Figure 2 and 4 ).

  • One drill hole from 2018 confirmed the extension of the surface mineralisation to a depth of 68.6 m. Quartz-pyrite-chalcopyrite veins were observed hosted in K-Feldspar altered diorite porphyry and returned an intercept of 49.8 meters of 0.14 g/t gold and 0.13 % copper from surface.

  • Drilling commenced in November 2019 which has drilled a total of 2887 meters over 6 drill holes. Best results were obtained from drill hole FMSC19013 that returned:

CA : Canada: TSX Venture
$ 0.16
0.00 0.00%
Volume: 41,454
Sept. 21, 2020 1:53p
P/E Ratio
Dividend Yield
Market Cap
$12.62 million
Rev. per Employee
1 2
This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.