Vancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to summarize key achievements from 2024 and outline strategic priorities for 2025.
Key Highlights from 2024:
Advanced Exploration at BHP-Mundoro Projects, Serbia:
Completed ground AMT survey, rock sampling, and soil sampling programs at South Timok.
Conducted IP and bulk density measurements at Borsko.
Developed and approved a drilling proposal for the Trstenik project.
Vectoring in on Large-Scale Porphyry Targets within Mundoro controlled South Timok Portfolio in Serbia:
Announced five prospective porphyry exploration targets at the Trstenik project.
Identified four highly prospective porphyry exploration targets at the Tilva Rosh prospect area.
Dos Cabezas, Arizona: Drill Results Confirm Porphyry Potential, Partnership Opportunities:
Announced drill results from two drill holes, intersecting Cu-Au-Mo and Cu-Mo-Ag mineralization.
Conducted site visits with potential partners to advance exploration and drilling.
Advancing Exploration of the Arizona Projects:
Commenced fieldwork to generate new drill targets at Copperopolis.
Refined the drill targets at Mescal Canyon and Mineral Park while generating new targets for drill testing at Elma, all which are within the extensive land package of the Dos Cabezas project.
2025 Outlook
Mundoro's primary focus in the coming year will be on advancing high-potential targets across our wholly-owned projects with the objective of securing additional joint venture partnerships and concurrently the execution of exploration programs for our partners, BHP and JOGMEC. A key element of our strategy involves ongoing generative exploration to identify and develop compelling copper and/or gold targets for drill testing. This will expand our portfolio and attract a broader range of potential partners, thereby increasing exploration and enhancing the opportunity for discovery. We remain committed to building a robust pipeline of projects, leveraging our expertise in generative exploration, and creating value through partnerships. Furthermore, we will continue to review strategic opportunities that align with our core strengths and enhance shareholder value.
Advancing Exploration at the BHP-Mundoro Projects in Serbia to Drill Testing
South Timok Mundoro has advanced exploration activities across the Ponor, Lipovica, Orlovac and Vitanovac licenses through a comprehensive program that included a project-scale ground Audio-Magnetotelluric (AMT) survey, targeted rock and soil sampling, and reconnaissance mapping. These efforts were designed to enhance the geological understanding of the project area. In 2025, the company plans to extend the magnetic, gravity and AMT surveys over an addition to the project area while simultaneously conducting follow-up geophysical surveys on anomalies identified during the initial project-wide survey.
Borsko To facilitate target refinement, the company conducted geochemical analysis, Induced Polarization (IP) surveys, and bulk density measurements on drill core from Target 1. Additionally, structural interpretation of the Borsko target area was initiated. In 2025, the company plans to conduct Green Rock analysis, further AMT geophysical surveys, and a reinterpretation of the targets. To date, Target 1 remains a compelling prospect for a porphyry deposit.
Trstenik Results from the 2024 exploration program at the Trstenik Project identified five porphyry exploration targets. These targets are the Southwest, Southeast, North-Central, Central, and North zones, that each represent exploration potential for porphyry intrusions. The Company has submitted drill permit applications for each target, marking the next step towards unlocking their value through future drilling. The exploration team is actively advancing the North-Central zone to drill-ready status in order to drill test in Q1-2025. A planned 4,700-meter, four-hole drilling program will be the first phase of testing in this prospective area, focused on testing for a porphyry intrusion.
Figure 1 Plan View of the North, North-Central and Central Target Area
Vectoring in on Large-Scale Porphyry Targets within Mundoro controlled South Timok Portfolio in Serbia
During 2024, Mundoro's exploration team recompiled and analyzed the exploration data collected from two previous partnerships which collectively had spent C$14.4 million over the project area which is a total of approximately 417 sq km. As a result, the analysis identified highly prospective porphyry exploration targets at the Tilva Rosh prospect area within Mundoro's 100%-owned licenses in Timok, Serbia. As the work continues, targeting and analysis continues over the Markov Kamen area which has also resulted in additional targets. The targets exhibit geological features, mineralization styles, and alteration patterns characteristic of porphyry and related high-sulphidation epithermal systems known in the region such as the Bor deposit and the Cukaru Peki deposit. Over the course of the year, the Company has presented the project to potential partners for the purpose of joint venturing.
Dos Cabezas, Arizona: Drill Results Confirm Porphyry Potential, Partnership Opportunities
Exploration to date has identified three target areas with outcropping alteration and mineralization potentially associated with Laramide-age porphyry copper systems: Mescal Canyon, Mineral Park, and Elma. Two additional undercover target areas, the Northwest Pediments and Southeast Pediments, were identified along the apparent west-northwest trend of the Apache Pass Fault Zone.
Two drill holes were successfully completed at the project. The first hole, targeting the Mineral Park area, reached a depth of 598 meters and encountered anomalous Cu-Au-Mo mineralization. The second hole, in the Mescal Canyon area, reached a depth of 743.7 meters and intersected multiple zones of anomalous Cu-Mo-Ag mineralization, with logged alteration and veining.
The Company is presenting the Dos Cabezas Project to potential partners for the purpose of joint venture. Ongoing mapping and sample collection are planned in the Elma area to establish further drill targets.
Picacho, Arizona: Focused on Partnering to test Porphyry Target
The Company intends to advance the identified porphyry targets to a drill-ready stage by securing the necessary permits and presenting to potential partners. Once a partner is secured for this project, further exploration plans would include expanding geophysical surveys, conducting follow up geochemical analyses, and initiating targeted drilling programs to test the identified porphyry copper prospects.
Copperopolis, Arizona: Advancing Early Stage Exploration for Drill Targets
Fieldwork to generate target areas for drill testing has been underway since the second half of 2024 as part of a reconnaissance exploration program. Exploration plans for 2025 include magnetic survey, high-resolution photogrammetry, detailed mapping and soil sampling over areas of interest to identify potential drill targets.
Leadership Transition in CFO
Mundoro is pleased to announce that Ms. Mireia Cervera, who has served as the Company's Controller since April 2022, has been appointed to the role of Chief Financial Officer ("CFO"), effective January 31, 2025. Ms. Cervera is a Chartered Professional Accountant (CPA), Certified Management Accountant (CMA) with 15+ years experience in the accounting field with 8 years in the minerals sector. Ms Cervera brings extensive knowledge of Mundoro's financial systems. We are confident she will continue to provide strong financial acumen and support the Company's growth objectives. Mr. James Scott, the current CFO, will transition to a consulting role with the Company and continue to provide accounting services to the Company. We thank Mr. Scott for his contributions to the Company during his time as the CFO.
Grant under Equity Incentive Plan
Demonstrating prudent capital management and a commitment to minimizing shareholder dilution, the Board of Directors has, after a two-year period of no grants, approved the grant of 3,080,000 stock options and 500,000 restricted share units (RSUs) under the Company's Equity Incentive Plan. These grants are made to eligible participants, including employees, contractors, officers, and directors. The stock options and the RSU carry an exercise price of C$0.175 per common share, reflecting the closing price on the TSX Venture Exchange on January 31, 2025. The Stock options are exercisable for a period of five years from the date of grant and shall vest one third after one year from the grant date, one third after two years from the grant date and one third after three years from the grant date. The RSUs vest in three equal annual installments: one-third on the grant date and one-third on each of the next two anniversaries.
Qualified Persons
The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this press release has been reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company.
About Mundoro Capital Inc.
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro's asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.
For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, or Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro's websitewww.mundoro.com.
Caution Concerning Forward-Looking Statements
This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company's projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
