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
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
"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
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
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
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:
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.