VANCOUVER, July 14, 2014 /PRNewswire/ --
Mundoro Capital Inc.
(TSXV:MUN, http://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
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 please contact 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.