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Mundoro Capital kicks off drilling at Tilva Rosh gold target

Last updated: 03:53 19 May 2017 AEST, First published: 20:53 18 May 2017 AEST

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The gold target lies on Mundoro's wholly owned Savinac licence in Serbia

Mundoro Capital Inc (CVE:MUN)  has kicked off its drilling program at the Tilva Rosh gold target on its wholly owned Savinac licence in Serbia in a bid to define the extent of near surface mineralisation.

The 2017 drill program is budgeted for 1,500 meters of shallow drilling in 14 holes. Savinac is one of the firm's four Timok South exploration licences.

"The prior drilling results at Tilva Rosh successfully followed the surface trench results of high grade gold-silver mineralisation down dip along the structure.

"The current program aims at defining the extent of near surface mineralisation along a 400 meters strike length and up to 100 meters depth," said chief executive and president Teo Dechev.

"To date the mineralisation is open to the north, south and at depth. Mundoro is focused on drill testing select target areas in the Timok South Projects in parallel to furthering the JOGMEC funded Timok North Projects programs.

"We believe this parallel strategy of testing and advancing assets, through either partnerships or our own treasury, provides continuous opportunities to shareholders for creating value."

Tilva Rosh was explored in the late 1970's and early 2000's but significant gold mineralisation and porphyry copper- gold potential was identified by Mundoro in 2013.

As part of a 2014 program, six diamond drill holes totaling 917.8 m were drilled at the southern portion, and copper mineralisation was intersected at depth in four of the six holes.

Intercepts included 0.7 metres at 10.35 g/t (grams per ton) gold and 1.47% copper and 50.10 g/t silver.

Initial results from Tilva Rosh are encouraging  and the firm reckons there is potential for a copper-gold porphyry system.

Mundoro today also updated on other drill programs.

At the Borsko license in Serbia, which is being sole funded by JOGMEC as part of an option deal, assays  are expected in June.

The start of drilling at the Angel gold target in the Zvezda license in southeastern Bulgaria has been moved back due to mechanical problems with the drilling equipment.

It is expected to begin around the end of May with assays earmarked for August.

The work is testing the large gold-in-soil geochemical anomaly that is also associated with the gold-silver- antimony, arsenic, molybdenum suit of elements.

The firm holds eight 100% owned projects in Serbia, the four Timok North Projects are in option to JOGMEC, and the four Timok South Projects are being advanced by Mundoro.

Shares are unchanged at $0.275.

 

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