November 30, 2018, Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company“) is pleased to announce drilling results from the Saje lead-zinc-copper-silver project (“Saje Project”) on the Company’s 100% owned Zvezda exploration license (“Zvezda”). Zvezda is one of two contiguous exploration licenses located in south-eastern Bulgaria in the Rhodopean Region which is part of the Tethyan Metallogenic belt. The Saje Project drill program and related work was sole-funded by a private mining company under an option agreement previously announced May, 2018 (“Option Agreement”). Mundoro has received notice from the private mining company to terminate the Option Agreement. The Zvezda license continues to be 100% owned by Mundoro through its Bulgarian subsidiary.
Teo Dechev, CEO & President of Mundoro commented, “Mundoro has benefited from the model to seek partners to fund certain exploration licenses. The drilling and related work at the Saje Project paid for by the private mining company has met Mundoro’s property commitments and confirmed mineralization of a mineralized zone south of the old mine workings. New technical data was added without drawing down on Mundoro’s cash. The Saje Project is a non-core asset with no carrying value in the Company’s balance sheet. As a result of having a partner fund exploration work, Mundoro conserves its cash and as of the end of Q3-2018, the cash and cash equivalents were approximately $3.5 million. Mundoro will continue to seek establishing joint venture partnerships to fund certain exploration programs.”
Saje Project Drill Program Results
The aim of this drill program was to confirm the historically reported lead-zinc mineralisation from the Saje deposit which had not been exploited in the past. The drill results from the drill program at the Saje Project confirm the unmined mineralized zone south of the old underground mine workings. The drilling confirmed continuation of mineralisation along strike between holes SADD001 and SADD002 which are 150 meters apart and intercepted higher grade results than historical results in these sections.
The completed drill program included five inclined diamond drill holes totaling 1972 meters drilled from three drill pad locations (see Figure 1). Drill holes 18_SADD001, 18_SADD004 and 18_SADD_002, 18_SADD005 are “scissor” holes at approximately 180 degrees drilled sub-vertically from the same drill pads (see Figure 2). Drill hole 18_SADD003 is located 260m north-west of 18_SADD002 from the third drill pad location to northwest.
The orientation of the mineralized zone is interpreted to be northwest-southeast strike and dips to the southwest along the contact between the basement metamorphic unit and the volcanic units. First four drill holes confirmed the historical mineralisation while drill hole 18_SADD003 did not intersect significant mineralisation perhaps due to late faulting and shifting of the mineralised zone at this part of the deposit.
Table 1. Saje Project Summary of 2018 Drill Hole Assay Results
|18_SADD001 (Az 30°; dip-75)
|18_SADD002 (Az 20°; dip-75)
|18_SADD003 (Az 40°; dip-70)
|No significant intersections.
|18_SADD004 (Az 240°; dip-85)
|18_SADD005 (Az 200°; dip-87)
Note 1: All thicknesses from intersections from drill holes are down-hole drilled thicknesses and not true widths. The current exploration model has not had sufficient drill testing to be able to determine true thickness of mineralization.
Geology and Mineralization
The deposit is hosted in Eocene-Oligocene andesitic volcanics intruded by monzonite pluton and subsequently intruded by micro-dioritic sub-volcanic dike-like intrusions. Northwest, dipping southwest normal faults appear to be the main structures related to the mineralisation. Northeast faults are also present and seem to cut the northwest faults however do not displace it significantly. The intersections between the north-west and north-east faults are interpreted to be localizing the mineralisation.
Quartz-sericite-pyrite hydrothermal alteration of the andesite is widespread in the central portion of the deposit. The sericitic alteration is overlain by argillic to advanced argillic at the upper levels while at depth transitions to quartz-epidote-chlorite-magnetite alteration related to the micro-diorite.
Saje Project mineralisation is hosted in hydrothermal breccia bodies controlled by structures and intrusion contacts. The mineralisation consists of galena-sphalerite-chalcopyrite and forms massive breccia bodies, disseminated mineralisation in breccia matrix or vein-disseminated in the host rock. Most significant mineralisation which constitutes the best intersections is massive hydrothermal breccia bodies intersected in drill holes 18_SADD001, 18_SADD002 and 18_SADD004.
Figure 1. Saje Project Geology Map and Drill Hole Locations
Figure 2. Cross-section A-A’ of 2018 Drill Holes and Historical Drill Holes
For further information on the historical resource of the mine at Sage, please refer to the Company’s press release May 8, 2018.
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 has earn-in agreements with: Japan Oil, Gas and Metals National Corporation for the Serbian Timok North Projects, and Freeport-McMoRan Exploration Corporation for the Serbian Freeport-Mundoro Projects. Mundoro’s common shares trade on the TSX Venture Exchange under the symbol “MUN”.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
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, Analysis and Quality Assurance and Control (QA/QC)
Drill hole orientations were surveyed at approximately 60 metre intervals. Company personnel monitored the drilling, with drill core delivered daily to the Company’s core storage facility where it was logged, cut and sampled. Core recovery is recorded as 95-100% in most intervals. The samples were collected in accordance with the Company’s protocols that are compatible with accepted industry procedures and best practice standards at one or two-meter lengths from mineralised intervals and three meter lengths from non-mineralised intervals.
The samples were submitted to ALS Laboratory in Izmir, Turkey, for sample preparation and analysis. In addition to the laboratory’s internal QA/QC procedures, the Company conducted its own QA/QC with the systematic inclusion of certified reference materials every 20 samples, blank samples every 20 samples and field duplicates at every 25 samples. Drill core samples are assayed using 50-grams charge for Au-fire assay with atomic absorption finish and multi-element method ME-ICP 41 aqua regia with ICP-AES finish by ALS laboratory. Samples returned above 1% Pb, Zn, Cu were additionally analysed with methods OG-46 or OG-46h.
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 earn-in expenditures and options by any of 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 any property, project, license or asset, 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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