Mundoro’s Maoling serves up more gold

Vancouver – Little more than half-a-year since becoming a public company, Mundoro Mining (MUN-T) has been feverously drilling its 79% controlled Maoling gold project located in Liaoning province, northeastern China, with significant results.

The latest eight holes from its 20,000 metre drill program identified further gold both within and outside the Zone 1 resource area at the project.

Wide intercepts of gold mineralization were encountered including:

• Hole MLD073 An infill hole intersected 187.2 metres (from 91.8 metres) grading 1.25 grams gold per tonne, including 60.2 metres of 1.5 grams gold;
• Hole MLD075 The infill section of the core returned 86.8 metres (from 38.4 metres) averaging 1.32 grams gold, including 52.8 metres of 1.7 grams; a further, deeper 46 metres of the core, denoted as extension drilling, cut 0.62 grams;
• Hole MLD077 Another infill hole delivered 171.5 metres (from 62.5 metres) assayed at 1.25 gram, including a 43.5 metre section of 2.1 grams;
• Hole MLD080 This section of infill core returned 213 metres (from 116 metres) at 1.12 grams, including 87.8 metres grading 1.69 grams gold.

Gold at Maoling is defined as orogenic or mesothermal, disseminated mineralization occurs in wide areas of sheeted quartz vein sets along with associated sulphides in meta-sedimentary rocks.

A NI 43-101 compliant resource estimate conducted on Zones 1 and 4 by AMEC, has outlined an indicated resource of 25.9 million tonnes (within Zone 1) grading 1.3 grams gold for a contained 1.1 million oz. gold. A further inferred resource of 117 million tonnes (in both Zones 1 and 4) averaging 1.2 grams gold adds 4.4 million oz. gold to the contained metal count. A 0.75 grams gold cut-off grade was used.

The company envisions the project as a potential open pit-heap leach operation.

Mundoro raised over $13 million last November through its IPO-listing on the TSX, priced at $1.25 per share.

As of the latest figures, the company has 25.7 million shares outstanding. The issue trades in the $1.70 per share range, having seen a high of $3.25 a share soon after its trading commencement last fall.