VANCOUVER, British Columbia,
September 16, 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 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
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.