VANCOUVER, July 14, 2014 /PRNewswire/ --
Mundoro Capital Inc. (TSXV:MUN, http://www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce an update on the Tiva Rosh drilling program in Serbia as well as the closing of the acquisition of the Chuprene Exploration Permit ("Chuprene"), located in northwestern Bulgaria approximately 65km southeast of Bor in the Timok Complex.
Serbia Drilling Program Update
Mundoro recently began drilling on its Tilva Rosh prospect in Serbia on June 28, 2014. The Tilva Rosh prospect was outlined by a gold-in-soil anomaly of 600m by 150m which was confirmed with follow up trenching in Q4-2013 and Q2-2014.
The Company is drill testing depth extension of the outcropping epithermal gold mineralization with six diamond drill holes each with a depth of approximately 150m (see Figure 1 - Tilva Rosh Drill Plan and Progress). The Company has completed the first three holes concentrating on the area of the previously reported trenching results, which returned 12m of 30.39 g/tonne gold and 171.27 g/tonne silver (see press release dated October 21, 2013).
The drill core has intersected the hydrothermal breccia hosting the mineralization which was trenched on surface as well as a feldspar porphyry which is argillic altered. The drill core has also intersected sections of (i) quartz-pyrite-chalcopyrite mineralization; (ii) pyrite-galena-sphalerite mineralization and (iii) semi-massive pyrite chalcocite-covellite-bornite mineralization.
Assay results are scheduled to be published in Q3-2014 along with further description of the drill core from the holes.
Chuprene License Acquisition
Chuprene is an underexplored area by modern exploration methods with the potential for discovery of high sulphidation copper-gold, sediment hosted gold and intrusion related gold-silver deposits.
In consideration for the transfer of Chuprene, the Company has made an upfront payment to the seller of 350,000 common shares of Mundoro at a deemed price of C$0.30 per share. The shares will be subject to a four month hold period expiring November 15, 2014. In the future, in the event that the Company files a NI 43-101 compliant resource with respect to Chuprene, identifying at least 1,000,000 ounces of 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 C$1 million to the seller. The seller also retains a 10% Net Profit Interest royalty in Chuprene which can be purchased by the Company for C$1 million at any time.
"Chuprene is located in an underexplored portion of the prolific Tethyan Gold Belt which the Company believes has potential to host further new discoveries. Mundoro will be initiating an exploration program in Q3-2014 to build upon the prior stream sediment and rock sampling program conducted by the prior operator, to cover geochemical sampling, prospecting, mapping and ground geophysics to delineate drill targets" stated Teo Dechev, President and CEO of Mundoro.
Chuprene is located in the Late Palaeozoic Belt of north-west Bulgaria which is host to 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 mineral occurrences which have been exploited since ancient times.
Most significant of the historical mineral occurrences in the Chuprene license is the Chuprene Cu-Au occurrence which was explored in the late 1940's and which had historical production of 30,000 tonnes 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 by the prior operator is:
- Data compilation, general prospecting and rock grab sampling of known mineral occurrences.
- Stream sediment sampling over an area of 87km² within the central part of the license consisted of two parts: regional and detailed. The regional sampling was done at 1km² grid with 1km between two neighboring samples along the same stream. The detailed sampling covered 12km² at a grid 0.17km² and distance between two neighboring samples less than 300m.
- Limited follow up of anomalous stream sediment catchments.
Prospecting work has covered the known mineral occurrences and partly the anomalous stream sediment catchments. A total of 279 rock samples were collected from hydrothermally altered and mineralized rocks over five areas totaling 18.7km² deemed to be prospective for discovery of Au and Cu-Au mineralization. Rock grab sampling has returned encouraging high grade gold results such as: 2.64 g/tonne Au, 2.91 g/tonne Au and up to 16.7 g/tonne Au. Quartz vein sample returned 3m @ 2.41 g/tonne Au, 110 g/tonne Ag and 0.56% Cu.
Technical information contained in this Press Release has been reviewed and approved by Mr. G. Magaranov, P. Geo., 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.
Sampling, Analysis and Quality Assurance and Control (QAQC)
The Company uses the ALS Romania and Bor Serbia managed laboratories to assay all samples from Serbian and Bulgarian properties. Soil and stream sediment samples are assayed in ALS Romania using ultra-trace level methods combination of ICP-AES and ICP-MS acid digest, 51 elements; whereas gold is assayed by low level detection fire assay method 50g, AAS finish. Preparation of samples includes drying, screening to -80#, fine crushing, split and pulverizing to 75 µm. Rock samples are assayed in ALS Romania using ME-ICP61M four acid digest 35 elements; gold fire assay 50 g, AAS finish.
Stream sediment samples were collected from optimum trap sites for heavy minerals, wet or dry sieved approximately 2kg -1mm silt in the field. Samples were taken at regular intervals of approximately 1.5km along stream, designed to represent catchment areas of approximately 3-4km². Soil sampling was carried out along grid profiles oriented perpendicular to controlling structures of the mineralisation. Samples were collected at regular 50m intervals. Rock sampling was carried out as chip-channels in outcrops on 1 to 3m intervals collecting minimum 1kg material per meter.
In addition to laboratory's internal quality assurance quality control (QAQC) procedures the Company implements its own QAQC with systematic insertion into sample streams of certified reference materials, field duplicates and blanks. Field duplicate samples are taken every 25 samples and known standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely entered into a data base.
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 please contact 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.