VANCOUVER, Sept. 16, 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 Bulgarian properties - Zvezda, Byalo
and Chuprene. Recent exploration results have delineated a new
porphyry copper-gold target at the Ramadanska Chuka ("RC")
project area within the southwest corner of the Byalo exploration
license, a new epithermal gold target at the Angel Voyvoda
("AV") project area within the Zvezda exploration license
and confirmed anomalous copper-gold grades in quartz veins at the
Chuprene exploration license.
Teo Dechev, CEO
and President of Mundoro commented, "The exploration work completed
to date by our exploration team to identify these new targets on
our three licenses underscores the effectiveness of our exploration
programs and ability to generate new discovery opportunities to our
shareholders. At RC, the delineation of a new porphyry
copper-gold-molybdenum system is being followed up by an Induced
Polarization/Resistivity survey in September to refine the drill
targets. At AV, rock sampling of the breccia returned grades
from 1.1 g/t gold to 3.33 g/t gold. A ground magnetic survey
is currently underway to delineate the structures."
Byalo
The Company started a systematic exploration
program comprising stream sediment sampling, rock grab sampling,
mapping, soil geochemistry and ground geophysics. The infill
soil sampling program at the RC project area has delineated a new
porphyry copper-gold-molybdenum system approximately 650m x 600m in
size which is related to a larger advanced argillic alteration
lithocap.
Rock sampling results returned anomalous
copper-gold-molybdenum up to 0.39% copper, 0.55 g/t gold and 587
ppm molybdenum related to quartz stockwork veining and hydrothermal
breccia. Soil geochemical sampling results identified a
well-defined molybdenum anomaly that haloes a copper-gold central
core anomaly and is rimmed by Bi, Te, Pb and Zn. The Company
carried out the ground magnetic survey in Q2 2014 over the RC
hydrothermal system approximately 5km² in size (2.3 x2.2 km). The
survey identified several anomalies including a well-defined
magnetic bull's-eye anomaly that overlaps with the porphyry related
copper-gold-molybdenum soil and rock anomalies (see Figure 1).
The Company has mobilised a geophysics team to
carry out an Induced Polarization/Resistivity survey over the RC
porphyry target. The survey includes four lines totalling 10 line
km designed to penetrate to 500m in depth. Current exploration at
the Byalo license also includes regional soil sampling over an area
8km x 8km (64km²) north and east of RC project area and which was
highlighted as anomalous and prospective by the Company's stream
sediment screening program.
The RC project area is located 3km west of
Chala, a producing epithermal quartz vein gold mine which is hosted
in the andesite volcanic rocks part of the Tertiary Volcanic Belt
extending from West Turkey through
to Northern Greece, Macedonia and western Serbia. The Tertiary
Belt is host to numerous producing and developing gold and
copper-gold mines and projects.
Zvezda
The systematic exploration program carried out
by the Company covering stream sediment screening, mapping, soil
and rock sampling at the Zvezda license resulted in identifying the
new Angel Voyvoda ("AV") project area as prospective for sediment
hosted epithermal gold mineralisation. Exploration at the AV
project area initially focused on following up anomalous rock-chip
samples (up to 2.6 g/t Au) that were reported by prior explorer,
Newmont. Follow up reconnaissance mapping established the
presence of mineralised quartz fault breccia which was followed
discontinuously for 1.3 km in tertiary marine sediments. Rock
sampling of the breccia along three parallel structures returned
grades from 1.1 g/t gold to 3.33 g/t gold.
Recently completed soil sampling along a focused
grid has established continuity along strike of the fault breccias,
which identified several WNW-ESE trending zones coincident with
mapped orientations of the sampled quartz breccia structures (see
Figure 2). The Company will conduct trenching which will target
areas with anomalous gold values in soils that coincide with
anomalous gold values reported from mapped quartz breccias as well
as targeting linear soil anomalies that are interpreted to be
breccia structures which are not exposed at surface. This
gold-in-soil anomaly is 2.6km x 2km and is open to the west and
southwest. A ground magnetic survey is taking place at the AV
project area in September to identify fault structures that are
interpreted to be conduits for gold mineralisation in quartz
breccias.
Another target area in the Zvezda license is the
Eplika project area where soil sampling identified a north-west
trending gold-in-soil anomaly 3.5km long with reported grades up to
1.55 g/t gold. Reconnaissance mapping identified quartz veins
related to the soil anomaly which are immediately south of the
Chala gold mine (see Figure 3). Mapping and rock samples
returned gold values up to 13.6 g/t gold along a quartz vein zone
discontinuously followed for 750 meters. Further mapping has
established that faulting across these vein systems may have offset
these structures. Prior explorers had reported values up to 8 g/t
gold. The Company will sample historical trenches in the vicinity
of the reported high grade gold samples in order to establish the
continuity and correct dip of the vein system in order to better
define drill targets.
Chuprene
Mundoro acquired the Chuprene exploration
license in July 2014. The Chuprene
license is located approximately 175km NW of Sofia and includes numerous copper-gold and
gold occurrences and mines hosted in the Palaeozoic Mineral Belt of
Bulgaria. The Company has started
reconnaissance field work and assessment of the available
historical data.
Initial work includes surveying, mapping and
channel sampling of the known Chuprene copper-gold occurrence which
has been exploited since ancient times. Several mineralised quartz
vein zones occupying an area 4,000m x 700m have been followed up by
initial prospecting in the field. The vein zones are hosted by an
NW-SE trending regional thrust fault system mapped in the northern
part of the license for 25km. Initial rock channel sampling
included 42 samples collected across the central zone starting from
the main adit. Results returned encouraging copper-gold values up
to 2.54% Cu and 2.9 g/t Au. Distribution of copper and gold values
suggests at least two mineralised pulses: one bearing copper and a
second bearing gold following the same fault-vein structures. Work
continues with mapping and sampling parallel and sub-parallel vein
zones along the fault system hosting the Chuprene occurrence as
well as other project areas within the Chuprene license.
Sampling and Analysis Procedure
All channel and rock intercepts were obtained
from continuous channel sampling intervals. All samples are assayed
using 50 gram fire assay with 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 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 minerals 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
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"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
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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
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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
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SOURCE Mundoro Capital Inc.