Program Commences At The Vale Optioned Projects

VANCOUVER - Mundoro Capital Inc. announced the commencement of the 2023 drill program at the Vale-Mundoro Option Projects located in the southwest portion of the Timok Magmatic Complex in Serbia. The drill program is part of the 2023 Work Program and Budget which is solely funded by Vale and for which Mundoro is operator.

The drill program has planned 8,000 meters to test five (5) target areas with nine (9) drill holes. The five main target areas for drill testing during the 2023 drill program are: (i) Tilva Rosh, (ii) Markov Kamen, (iii) Bacevica North, (iv) Orlovo, and (v) Prekostenski. These five areas have been selected out of several target areas ranked as prospective for porphyry copper-molybdenum-gold deposits within the Vale-Mundoro Option Projects.

The Timok region in eastern Serbia is known as a mining district with more than 100 years of mining comprising approximately 4 billion tons in porphyry systems over 5 known mines. The Timok Magmatic Complex is host to the largest copper-gold porphyry deposits in the western portion of the Tethyan Belt such as (i) Cukaru-Peki, a high sulphidation epithermal copper-gold and porphyry copper deposit, (ii) Bor underground mine which is a copper-gold porphyry ("Bor Mining Complex"), (iii - iv) Veliki Krivelj and Majdanpek open-pit mines which are both copper-gold porphyries and (v) the recently re-opened Cerovo porphyry copper-gold open-pit mine.

In the Tilva Rosh and Markov Kamen target areas, the current drill program is a follow up drilling campaign utilizing vectors to a potential porphyry system identified from interpretation of previous drill results and geophysical surveys. The Bacevica North target, a strong and near surface Induced Polarization (IP) anomaly is confirmed and will be further tested as a result of recently received encouraging drilling results from the 2022 drill campaign. At the Orlovo target, the drilling campaign is designed to test continuation to the NNW and NE of the porphyry copper-gold system with quartz veining within the potassic alteration as vectors to a potential porphyry system identified from interpretation of previous drill results and geophysical surveys followed by the surface geochemistry copper-gold-molybdenum anomalies. Pekostenski target, a follow up drilling campaign will test the western extension of copper-gold bearing diorite as well as the potential for an alkali porphyry system.