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Mundoro Capital poised to get drillbits turning at Zeleznik licence

Published: 07:12 03 Nov 2017 AEDT

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Mundoro is poised to start drilling at the Zeleznik licence

Resource group Mundoro Capital Inc (CVE:MUN) is poised to start drilling at the East and West zones on the Zeleznik licence in Serbia and has mobilised rigs.

The phase III drill program is budgeted for 4,120 metres and will test the East zone with seven holes and West with nine holes.

It is aimed at following up the previous two campaigns which successfully hit copper-gold mineralization and expanded the mineralized envelopes.

At the West zone target, one assay  returned 25.8 metres at 0.39% copper and 0.076 gram per tonne (g/t) gold, showing that higher-grade porphyry mineralization exists at the West zone, which requires systematic drilling.

At the East zone target, one hole intersected 2.8 metres at 2.11% copper and 1.50 grams per ton (g/t) gold.

Zeleznik is one of the four licences currently being sole financed by the company's joint venture partner JOGMEC.

"Following up on the Q4 2016 phase II drilling program at Zeleznik, Mundoro and our partner JOGMEC are pleased to be mobilizing for the phase III fence drilling program with both delineation and stepout drilling at the West zone and East zone, said Teo Dechev, chief executive officer and president of Mundoro.

"The exploration program at Zeleznik has been advancing over the last three years to now reach phase III drilling, which will be used to determine initial volume and grade for the mineralized zones in this area of the licence.

"Mundoro is also completing drilling at the JOGMEC-Mundoro joint venture project, Borsko, with 3,000 metres over four drill holes, to further test the high-sulphidation epithermal target identified earlier this year. Drill results are anticipated for mid-December, 2017."

Mundoro shares were unchanged in Toronto at C$0.13.

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