VANCOUVER, May 12, 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 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.
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
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
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.
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.
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
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
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
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.
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.