Mundoro Provides Progress on Exploration Programs and Reports $0.28 Per Share Cash Value at End of Q3-2013
December 03 2013 - 8:12AM
Marketwired Canada
Mundoro Capital Inc. (TSX VENTURE:MUN) (GR:NGU), www.mundoro.com) ("Mundoro" or
the "Company") is pleased to provide an update for its 2013 exploration programs
in southeastern Europe and reports filing of Q3-2013 financials. This press
release should be read in conjunction with the Company's unaudited Financial
Statements and the Management Discussion and Analysis for Q3-2013, which are
available on SEDAR at www.sedar.com. All dollar amounts are in Canadian dollars
unless otherwise stated.
Commenting on Mundoro's exploration results CEO & President Teo Dechev summarizes:
"As of September 30, 2013, Mundoro held just over $0.28 per share which
represents over $12.2 million of cash in treasury. This cash value puts Mundoro
in an excellent position for the next three years to continue its successful
exploration program. While the company has the ability to pursue its properties
independently, we have been approached by various parties for potential joint
ventures and are evaluating the benefits of partnership and the value that
brings to the company and its shareholders.
In Serbia, Mundoro's 2013 exploration programs have identified three key areas
for further exploration in 2014:
-- the Tilva Rosh, high grade, high sulphidation zone,
-- the Zeleznik, copper-gold mineralization skarn system outcropping on
surface, and
-- the BJ-Dubrava corridor drill intersected chalcopyrite/pyrite
mineralized clasts approximately 20m from surface.
These are all near surface mineralized areas which do not require deep drilling
and are cost effective to explore in 2014. As recently as Q4-2013, Mundoro also
identified an additional area for near surface porphyry mineralization confirmed
during a recent site visit by one of the world's leading porphyry experts.
In light of the current market conditions, Mundoro is managing its cash
conservatively to balance preservation of cash and a focused exploration program
to deliver shareholder value."
A. Serbia Exploration Summary
Tilva Rosh Highlights from 2013 Exploration Program
-- On Mundoro's southern properties' Savinac license, our trenching program
in this area has discovered a high grade, high sulphidation zone
outcropping at surface.
-- Savinac license is a well-known alteration system in the Timok Magmatic
Complex where Mundoro has identified several new areas of gold soil
anomalies and discovered high grade gold and silver mineralization from
trenching.
-- Trenching results highlight the newly discovered high grade gold and
silver zone:
-- Trench 4 - 12 m @ 30.39 g/t Au and 171.27 g/t Ag (33.03 g/t AuEq)
-- Trench 2 - 8 m @ 5.31 g/t Au and 21.07 g/t Ag (5.63 g/t AuEq)
-- Trench 1 - 18 m @ 2.21 g/t Au and 29 g/t Ag (2.66 g/t AuEq)
-- Mapping from this area shows that the high grade mineralization is
controlled by NW normal fault dipping to south-west.
-- This fault was intersected by additional trenching along strike for 200
m.
-- The soil survey Mundoro completed in 2013 was designed to fill in the
open soil anomalies along the 8.5 km long belt of alteration as well as
follow-up on the high grade gold results received from rock and trench
sampling at Tilva Rosh.
-- Throughout the year Mundoro collected: 2024 soil samples, 817 rock
samples, dug and sampled 818 line meters trenches and measured 853
spectroscopy specimens from outcrops and trenches in Savinac.
-- Results to date have highlighted further geochemical anomalies of gold
and various other indicator elements to be followed-up with trenching
and detailed mapping over the 8.5 km x 3 km area in 2014.
-- In 2014, the exploration program will focus on delineating the high
grade zone with further trenching (lateral extent) and shallow drill
testing (vertical extent), as well as following up new gold anomalies
along the 8.5 km trend.
Zeleznik Highlights from 2013 Exploration Program
-- In the southern part of the Zeleznik license, approximately 1.8 km north
of the currently producing Majdanpek porphyry copper-gold open-pit mine,
is a well-developed, coherent copper-in-soil anomalies which merit
shallow drilling to test underlying porphyry and/or skarn copper-gold
mineralization.
-- To date the Company has completed 716 soil samples as well as
initial reconnaissance mapping and rock sampling.
-- A highlight of results to date are:
-- Two Cu-Au-Mo in soil anomalies with values greater than 200 ppm
to 2000 ppm Cu;
-- The western anomaly is 600 m x 450 m and is open to the
north and south, and
-- The eastern anomaly is 300 m x 300 m dipping under limestone
cap to the north.
-- Copper-magnetite skarn outcrop sample this year returned 1% Cu
and 1.47 g/t Au
-- The two soil anomalies are considered targets for porphyry and related
skarn mineralisation. The surface dimensions of the western anomaly are
sufficiently large to be underlain by a mineralised body of potential
interest.
-- In 2014, the exploration program will focus on drill testing the two
copper-in-soil anomaly targets for porphyry copper and/or proximal
copper skarn mineralization.
BJ- Dubrava Corridor Highlights from 2013 Exploration Program
-- Mundoro's scout drill program identified a mineralized zone along the
strike continuation between the Bor Mine and Reservoir/Freeport
McMoRan's Timok JV.
-- The scout drill program totaled 3,226 m drilled in five holes; three of
them in Borsko Jezero (BJ- 01, BJ-03 and BJ-05), one in Dubrava (BJ-04)
and one in Sumrakovac (BJ-02).
-- Two drill holes (BJ-04, BJ-05) were drilled in the BJ-Dubrava corridor
area and were designed to drill test along strike continuation between
the Bor deposits and the newly discovered Timok JV (Reservoir
Minerals/Freeport McMoRan) high grade Cu-Au mineralization.
-- Drill hole BJ-04, starting from 22 m, intersected Cu-Au mineralization
of:
-- 28 m @ 0.2% Cu, 0.25 g/t Au (0.36% CuEq.)
-- including 7m @ 0.5% Cu, 0.69 g/t Au (0.94% CuEq.)
-- Drill hole BJ-05, starting from 377 m, intersected Au mineralization:
-- 1 m @ 1.69 g/t Au; and
-- 11 m @ 0.53 g/t Au,
-- including 1 m @ 1.24 g/t Au and 2m @ 1.05 g/t Au.
-- BJ-04 area of mineralization is within short trucking distance of
approximately 2 km from the Bor processing and smelting facility.
-- The other three drill holes (BJ-01, BJ-02, and BJ-03) were designed to
test audio-magneto- telluric (AMT) geophysical anomalies. These drill
holes provided valuable technical information which will guide future
exploration within the Timok licenses as a whole.
-- In 2014, the exploration program will focus on delineating the
mineralized zone of mineralized clasts.
B. Bulgaria Exploration Program
-- The Zvezda license covers an area of 161 sq.km., which is located in
southeastern Bulgaria and is designated as brownfields exploration due
to:
-- its proximity to a producing gold mine directly adjacent and north
of the license, and
-- historical mine workings in the area for lead zinc and silver
mineralization.
-- As a result, Mundoro is also completing historical data compilation for
the Zvezda license to incorporate all the results of the historical mine
workings as well as known historical resources that are not 43-101
compliant.
-- In Mundoro's 2013 exploration program, the company collected: 143 stream
sediment, 418 rock samples, and 710 soil samples. Initial results have
highlighted an area of gold and silver bearing quartz veins located in
the central part of the license.
-- The veins are up to 1 m wide over an area of 800 m x 300 m and can
be followed up discontinuously for up to 130 m.
-- The highest gold result returned from rock sampling of the quartz
veins is 5.12 g/t Au.
-- An additional 12 samples returned between 1 to 3.5 g/t Au from
different intervals of the veins.
-- Trenching has been completed over an area of hydrothermally altered
rocks containing visible copper-oxide mineralization. A total of 370 m
has been trenched with 128 channel samples collected. Results are
pending.
-- In 2014, the exploration program will focus on further mapping, sampling
and trenching the two key areas at Zvezda and Byalo licenses as well as
initial drill testing.
C. Mexico Exploration Program
In Mexico, work by Mundoro was focused on maintaining the licenses in good
standing, reducing non- strategic land holdings and preparing Centauro, Camargo
and the rest of the package for joint venture opportunities with third parties.
-- Mundoro expects minimal expenditures in 2014 as the focus will be the
Serbian and Bulgarian properties.
Sampling, Analysis and Quality Assurance and Control (QAQC)
Drillhole orientations were surveyed at approximately 50 m intervals. Drill core
was collected from drill sites by the Company's geologists and processed and
sampled at the Company's core shed according to industry best practice standard
procedures. Samples were collected as half PQ or HQ core at 1 m lengths from
mineralised intervals and 3 m lengths from none mineralised intervals. Where
necessary the sampling lengths were adjusted to reflect the geological
boundaries, occasionally with maximum length up to 5 m.
All samples are assayed using 50 gram fire assay with atomic absorption finish
and ME-ICP61 by ALS Romania. The entire sample was crushed to 2 mm, then split
off a 1 kg sample and pulverized the split to better than 85% passing 75
microns. Quality Assurance and Quality Control procedures include the systematic
insertion of standards, duplicates and blanks into the sample streams. Duplicate
core samples are taken every 25 samples and standards and blanks are inserted
after every 20th sample. All data collected from detailed logging and assay
results from the laboratories are routinely verified and entered in an Access
data base.
Copper equivalent (CuEq%) is calculated using the formula CuEq = (%Cu) + ((gAu)
x (1/31.1035) x ($/ozAu)) / ((22.0462) x ($/lbCu)). Gold Equivalent ("AuEq.") is
calculated using the formula AuEq = (gAu) + ((%Cu) x (22.0462) x ($/lbCu)) /
((1/31.1035) x ($/ozAu)). Metal prices used are: gold price of US$1300/oz,
copper price of US$3/lb, and silver price US$20/oz. All thicknesses from
intersections from drill holes are down-hole drilled thicknesses or outcrop
sample length thickness.
The technical information of this Press Release has been reviewed and approved
by Mr. G. Magaranov, P. Geo., the Qualified Person as defined by National
Instrument 43-101.
Grant Stock Options
The Board approved a grant of 852,500 stock options to directors, officers,
employees and contractors of the Company. The options will be granted December
2, 2013 at a price of $0.30 per share which is 67% premium to the closing price
on November 29, 2013. The options are exercisable for a period of five years.
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 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:
Mundoro Capital Inc.
Teo Dechev
CEO, President and Director
+1-604-669-8055
Roth Investor Relations
Michelle Roth
+1-732-792-2200
Mundoro Capital (TSXV:MUN)
Historical Stock Chart
From Dec 2024 to Jan 2025
Mundoro Capital (TSXV:MUN)
Historical Stock Chart
From Jan 2024 to Jan 2025
