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."
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.
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.
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 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.
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.