VANCOUVER, British Columbia, May 12, 2014 /PRNewswire/ --
Mundoro Capital Inc. (TSXV: MUN, http://www.mundoro.com) ("Mundoro" or the "Company") is pleased to provide an update on its exploration activities at its 100% owned properties located in the Rhodopean region in the Republic of Bulgaria ("Bulgaria). The Company's two mineral exploration licenses Zvezda and Byalo, are located in a well-known mineral district that is underexplored for epithermal low sulphidation gold-silver veins, as well as disseminated, sediment hosted gold and porphyry copper-gold deposits. Exploration at Zvezda and Byalo, focused on compilation of historical data and analysis of geochemical results from soil and rock sampling programs undertaken by the Company in H2-2013.
The Zvezda license covers an area of 161 sq. km, and is designated as brownfields exploration due to its proximity to an adjacent gold mine. Historical mining and previous exploration in the area was searching for lead, zinc, and silver mineralization.
During the 2013 exploration program, the company completed stream sediment screening of the area, initial rock and soil sampling surveys, and mapping and prospecting of known mineral occurrences. The 2014 exploration program will continue to compile historical data and analyze initial field work results in order to facilitate target prioritization.
The project area boasts historical data from a total of 562 drill holes, which have been digitized and compiled. The company is in the process of integrating the data with Mundoro's earlier exploration results so that a comprehensive database may be created for target generation.
Significant results from recent field programs includes numerous multi-element anomalies (Au-Ag-Cu-Mo-Pb-Zn-Sb-As) which were partly followed-up this season. The anomalies successfully confirmed known mineral occurrences and highlighted new areas of interest. To date nine streams have returned very high Au anomalism in ranges from 0.2 to 1.04 ppm Au.
Reconnaissance soil sampling surveys were completed over the central and northern parts of Zvezda and the southern part of the Byalo licenses in order to follow-up on known mineral occurrences and selected stream sediment anomalies. A total of 917 samples were collected and results delineated several anomalous areas which require in-fill sampling and follow-up exploration. The most significant results from this work include a 3.5 km by 1 km Au and Ag anomaly which starts south of the Chala Au mine and passes through the Eplika Au vein prospect continuing to the south-east and the Intrusion area which is highlighted by a 1000 m by 800 m Cu-Mo-Ag±Au in soil anomaly. Copper anomalism ranges from 150 ppm to 489ppm, moly up to 202 ppm, silver up to 1.23ppm and elevated gold up to 0.010 ppm. The central Cu-Mo anomaly is rimmed by Pb-Zn and grades outwards to As-Sb, demonstrating zoning indicative of a porphyry target.
The Byalo license covers a 161 sq.km area and is directly adjacent to the northern area of the Zvezda license. Since acquiring the Byalo license in October 2013, the Company has compiled available historical data including a total of 97 drill holes. As with the Zvezda license, this data will be integrated with Mundoro's exploration results for target generation. The Company plans to follow-up on the existing geochemical anomalies, as well as the historical drill results on the property, starting in Q2-2014.
Mundoro has entered an agreement (the "Agreement") to purchase the Chuprene Exploration Permit (the "Chuprene") located in north-western Bulgaria close to the border with Serbia, from the current permit holder who is an arm's length private third party (the "Holder"). The Permit comprises 19,920 hectares in an area with known copper and copper-gold occurrences.
In consideration of the transfer of the Permit, the Company will make an upfront payment to the Holder of 350,000 common shares of Mundoro at a deemed price of C$0.30 per share upon closing of the transaction. In the event that the Company files a NI 43-101 compliant resource with respect to Chuprene, identifying at least 1,000,000 ounces gold-equivalent in the Measured and Indicated resource categories, the Company will have the option to either (i) issue an additional 3,500,000 common shares of Mundoro or (ii) pay one million in cash to the Holder. The Holder will retain a 10% Net Profit Interest royalty in Chuprene which can be repurchased by the Company for C$1,000,000 at any time. The transaction is subject to regulatory and TSX Venture Exchange approvals as well as customary closing conditions. The transaction is expected to close in mid-2014.
Chuprene is located in the Late Palaeozoic Belt of north-west Bulgaria which is host of numerous copper-gold, lead-zinc-silver and poly-metallic gold-silver deposits mined underground in the early twentieth century. The exploration area contains several Cu-Au occurrences which have been exploited since ancient times.
Most significant is the Chuprene Cu-Au occurrence which was explored in late 1940's and which had historical production of 30,000 t of ore at grades of 6-8% Cu.
The geology of Chuprene is made up of green schist metamorphic rocks and meta-volcanics cut by granitoids. Structural network is complex with numerous faults - normal, thrust and reverse. Recent exploration work undertaken is stream sediment sampling followed by prospecting and rock sampling. Rock grab sampling have returned encouraging high grade gold results such as 2.64 g/t Au, 2.91 g/t Au and up to 16.7 g/t Au. Quartz vein sample returned 3 m @ 2.41 g/t Au, 110 g/t Ag and 0.56% Cu.
Chuprene is underexplored by modern methods with potential for discovery of high sulphidation copper-gold, sediment hosted gold and intrusion related gold-silver deposits.
Sampling and Analysis in Zvezda and Byalo
All trench and rock intercepts were obtained from continuous channel sampling at 2 m intervals. All samples are assayed using 50 gram fire assay with an atomic absorption finish by ALS Bor, Serbia. Quality Assurance and quality control procedures include the systematic insertion of standards and duplicates into the sample streams. Field duplicate samples are taken every 25 samples and standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely verified and entered in an Access data base.
Soil samples were collected from the "B" horizon of the soil media by hand digging a hole from 0.1 to 0.5m. Material of ~500 grams was collected, sealed and send directly to the ALS laboratory in Bor. Samples were dried at <60°C/140F, sieve sample to -180 micron (80 mesh) and assayed using 30 gram fire assay with an atomic absorption finish.
The technical information contained in this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., the Qualified Person as defined by National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based, company focused on mineral acquisition, exploration, and development. Our primary focus is advancing our properties on the Tethyan Belt in Southeastern Europe. Mundoro has methodically acquired a district-scale land position on this prolific mineral belt which hosts significant Gold-Copper porphyry and related epithermal deposits. Our strong project pipeline, which also includes assets in Mexico and China, is positioned to drive long-term, sustainable growth in order to attain production and shareholder return.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference into this News Release may contain forward-looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board expects or anticipates may occur in the future. These 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. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the Company's future strategy and business plan and execution of the Company's existing plans. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, which are not a guarantee of performance and 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, 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 to reflect new information, subsequent events or otherwise, 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 http://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.
For further information:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055 or Michelle Roth, Roth Investor Relations at +1-732-792-2200.
SOURCE Mundoro Capital Inc.