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.
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
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.