VANCOUVER, July 14, 2014 /CNW/ - Mundoro Capital Inc.
(TSXV:MUN, 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 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.