June 13, 2022 Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) (“Mundoro” or the “Company“) “), is pleased to report an update on initial exploration at the Dos Cabezas Property in Cochise County, Arizona. Vale is earning into the Dos Cabezas property based on a two year earn-in agreement that was signed in December 2021 (see press release here).
Teo Dechev, CEO and President commented: “We are pleased to announce the initial exploration completed at the Dos Cabezas property, which is a Mundoro generated copper-focused project in the Laramide Belt in Arizona, and under option to Vale as of December 2021. Mundoro is the operator of the exploration program which has consisted of prospecting, geological mapping, geochemical grid sampling, alteration analysis and a geophysical survey. The exploration team is excited to drill test this new target area identified through multiparameter techniques indicating the potential for a porphyry system that has no record of any modern exploration or drill testing.”
Regional Geology and Surrounding Mines
The Dos Cabezas Project lies within the Laramide Porphyry Belt, a prolific region of porphyry copper deposits extending from northern Mexico through the southwestern US. The majority of production in Arizona is related to the Laramide Porphyry Belt which hosts world class deposits such as Morenci, Safford, Miami-Inspiration, Sierrita, Silver Bell, Resolution, and others. Arizona was responsible for 66% US production of copper in 2018.
During the Laramide Orogeny (~75-50ma), numerous porphyry copper deposits formed, making this region one of the most prolific producers of copper in the world. Post laramide faulting, volcanism, and sedimentation concealed many of these systems, leaving many deposits to be discovered by today’s advanced methods of exploration.
The Dos Cabezas Project is located in southeast Arizona, USA approximately 150 km east of Tucson, see Figure 1: Location Map of the Dos Cabezas Project. Dos Cabezas Project area covers 58 sq.km. (5,800 hectares) at the Dos Cabezas Mountain range within the Laramide Porphyry Belt. The Dos Cabezas Project can be accessed via a combination of highways, secondary paved roadways, ranch roads, and ATV trails.
Figure 1: Location Map of Project
Figure 2: Dos Cabezas Alteration and Geochemistry
Historical Exploration and Exploration Targets
The Dos Cabezas Project is near the historic Teviston, Silver Camp, and Mascot mining districts. With the exception of the Spike E Hills porphyry system (located ~4 km northwest), historic mining and exploration focused on gold/silver/base metal veins and substantial amounts of high-grade copper ore shipped directly to smelters. Although USGS mapping in the 1980s determined the existence of an attractive, large Laramide volcano-igneous complex in the western Dos Cabezas Mountains, lack of access precluded serious porphyry copper exploration throughout the late 1900s.
Numerous prospects, shafts, and adits are present within the Dos Cabezas Project Area. Mining reported from the late 1800s through to the late 1900s includes production from widespread placers, numerous high-grade gold/silver veins and substantial quantities of direct-shipping base metal ore from a few larger mines.
Primary targets identified by Mundoro’s initial exploration of a small portion of the project area include:
- Mescal Canyon – Mapping has identified a zone of porphyry-style, quartz-sericite-pyrite veining (phyllic alteration) and outcropping copper mineralization within a large propylitic halo. Despite this, little evidence of any drilling or exploration beyond small scale prospecting have been identified. Geologic mapping, structural features, geochemical sampling, alteration and geophysics indicate a potential porphyry copper target at depth.
- Mineral Park – Mineral Park contains a number of historic mines and prospects. These include gold-copper-magnetite skarns, base/precious metal veins and widespread mineral occurrences near an outcropping, altered Laramide intrusive indicating potential for a larger system at depth.
- Other areas – Potential exists for additional porphyry copper targets within Mundoro’s land package in other, as-yet unexplored portions of the mountains and the adjacent buried pediment. Further exploration work is planned for the covered areas for additional targeting in 2022 to advance existing targets and develop new ones.
Mineralization and Alteration
District scale mapping and geochemical sampling has identified porphyry style veining and alteration within the Dos Cabezas Project. Veining, alteration, and copper showings, show a clear association with “Laramide aged” intrusive rocks. Alteration patterns show zonation consistent with porphyry copper models. Two target areas have been identified as possible previously unknown hydrothermal centers:
- Mescal Canyon – Sheeted quartz-pyrite-chalcopyrite-sericite veining has been exposed by erosion along the base of the canyon over an approximate 500m by 500m area. Phyllic-argillic alteration within Laramide intrusive rocks is present in this area along with sheeted quartz sulfide veining.
- Mineral Park – Magnetite skarns with retrograde overprints are present around the contact of the Laramide monzonitic intrusive with local magnetite endoskarns. Quartz-sericite veining and sericite alteration is present within the monzonite.
The geology of the property consists primarily of “Laramide aged” volcanic and intrusive rocks. These have been uncomfortably deposited on Cretaceous aged sedimentary rocks and Proterozoic aged metamorphic and granitic rocks. Intruding into the volcanic rocks are a number of granodiorite to monzonite intrusives with one published age date of 64.3ma. The volcanics are truncated to the south by a major west-northwest striking structure known as the Apache Pass Fault Zone. This structure places Cretaceous and Paleozoic sedimentary rocks and Proterozoic metamorphic and granitic rocks against the Laramide volcanics. “Basin and Range” style normal faults are inferred on published maps south of the Apache Pass Fault Zone with relatively shallow pediment cover occurring along the range front in contact with the Laramide volcanics.
The above technical disclosure in this press release has been reviewed and verified, by T. Dechev, P.Eng, PEO, APEGBC, the CEO of the Company, a Qualified Persons as defined by NI 43-101.
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused on primarily base metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro from partners and creates royalties attached to each mineral property. The portfolio of mineral properties is currently focused on predominately copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.
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, options and completion of a definitive 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 Company’s projects, 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.
Neither the 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.
For further information, please visit Mundoro Capital’s website www.mundoro.com
Chief Executive Officer, President and Director