VANCOUVER,
May 12, 2014 /CNW/ - Mundoro
Capital Inc. (TSXV: MUN, 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.
Zvezda
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.
Byalo
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.
Chuprene
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 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.
SOURCE Mundoro Capital Inc.