Mundoro Mobilises Drill to Gold Target in Bulgaria
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 6, 2017) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce a drill rig has been mobilized to the Angel Vyvoda ("Angel") gold target on the Company's Zvezda license ("Zvezda"). Zvezda is one of two large and contiguous exploration licenses located in south-eastern Bulgaria in the Rhodopean Region and is part of the Tethyan metallogenic belt.
HIGHLIGHTS
- The drill program at Zvezda will focus on the Angel gold target generated by systematic exploration completed by Mundoro in 2015 and 2016.
- This drill program aims to test a gold-in-soil geochemical anomaly coincident with mapped structural trends and covering an area of 2.7 km by 1.5 km.
- Mundoro holds approximately $5 mln in cash as of December 31, 2016 and is debt free
Teo Dechev, CEO & President of Mundoro commented, "We are looking forward to drill test the Angel gold target which our geological team discovered through soil geochemistry, mapping and structural analysis. Based on the data compiled to date, we believe the Angel gold target may be geologically analogous to the nearby Ada Tepe deposit at the Krumovgrad Project currently under construction by Dundee. We expect to complete drilling by the end of April 2017 and to release assay results around the end of May 2017."
Overview of Angel Gold Target
The current drill program will test the gold-in-soil geochemical anomalies in the Zvezda license. A soil geochemical survey highlights a 2.7 km x 1.5 km area anomalous in Au-Ag-Sb-As-Mo suit of elements (epithermal) and delineating at least three sets of E-W to NW-SE structures (Figure 1: Angel Target Gold-in-Soils Geochem Anomaly: http://media3.marketwire.com/docs/7991m.jpg).
The targeted mineralised zone is hosted in Eocene sediments and expressed on surface as discrete fault controlled breccia and veinlets. Gold mineralisation appears to be of low-sulphidation style hosted in Eocene sediments. Rock and soil sampling results returned 1 to 3.3 g/t Au in rock outcrops along three gold bearing structures delineated by soil Au anomalies trending NW from 1.5 km to 2.7 km long.
The apparent trend of the anomalies is coincident with the known structural trend in the region. Follow-up fieldwork and interpretation suggests that the broad nature of the anomaly is a result of steep structures which have transported gold and the associated epithermal suite of elements from a deeper source at the unconformity contact of the Tertiary sediments and host metamorphic basement unit.
Stratigraphy analysis of the area suggests that the Angel gold target is located at the contact zone of a basal conglomerate unit with the exhumed metamorphic complex. This is analogous to the nearby Ada Tepe deposit at the Krumovgrad Project owned by Dundee Precious Metals. The Krumovgrad Project is approximately 60 km away and hosts 478,900 ozs in Measured and 381,000 ozs in Indicated categories (NI 43-101 compliant).
The targeted contact between the eocene rocks and basement is projected to be relatively flat-lying and at approximately 150 to 250 meters depth. This geometry prompted the Company to use RC drilling to rapidly test a broad area cost effectively. The Company has budgeted approximately 1,700 metres for this drill program.
Next Steps
The Company expects to complete the drilling on the Angel gold target in April 2017 and to release the results in May 2017.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian mineral exploration and development public company focused on building value for its shareholders through directly investing in mineral projects that have the ability to generate future returns for shareholders. The Company currently holds a diverse portfolio of projects in two European countries as well as an investment in a producing gold mine in Bulgaria and a feasibility stage gold project in China. The Company holds eight 100% owned projects in Serbia, the four Timok North Projects are in option to JOGMEC, and the four Timok South Projects are being advanced by Mundoro. Mundoro's common shares trade on the TSX Venture Exchange under the symbol "MUN".
Qualified Person
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.
Sampling and Analysis
All rock samples are assayed using 50-gram fire assay with atomic absorption finish and ME-MS61 by ALS Romania. 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 database.
Soil samples were collected from "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 30gram fire assay with atomic absorption finish and ME-MS41L - 51 elements by aqua regia acid digestion and a combination of ICP-MS and ICP-AES.
Caution Concerning Forward-Looking Statements
This News Release contains forward-looking statements. 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, and include the following: completion of the earn-in expenditures and options by JOGMEC; and completion of a definitive joint venture agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Timok North Properties, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they 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, exploration results, commodity prices, 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, 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.
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