September 6, 2022 Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) (“Mundoro” or the “Company“) and Japan Oil, Gas and Metals National Corporation. (“JOGMEC“), are pleased to announce the commencement of an exploration program on the recently approved JOGMEC-Mundoro Copper Project located in western Bulgaria.
- The JOGMEC-Mundoro Copper Project is considered highly prospective for sediment-hosted stratiform type deposits similar to that of the Kupferschiefer in Germany and Poland and the Central African Copperbelt in Zambia and DRC.
- JOGMEC-Mundoro Copper Project has several historical mines and 60 copper-lead-zinc mineral occurrences.
- From 1953 to 1992 the total mining production from the historical mines in the license area is reported as 3,263,200 tons of ore with contained 20,611 tons of copper and 990 tons of lead and zinc.
- Historical data collection, digitization and interpretation has been completed, the work program has been approved by the local government and exploration work is expected to commence in Q3-2022.
Teo Dechev, CEO and President commented: “We are pleased to have the opportunity to expand our partnership with JOGMEC to advance the JOGMEC-Mundoro Copper Project. JOGMEC has a strong reputation as a long term, strategic investor in mineral projects globally. This Agreement represents Mundoro’s second project-level partnership with JOGMEC, which demonstrates the continued interest in the mineral prospectively of the western Tethyan belt and Mundoro’s ability to generate, partner and advance mineral projects.”
Project Location and Background
The EE1 license (“JOGMEC-Mundoro Copper Project”) is an area totaling 166 sqkm located within the West Balkan zone of northwestern Bulgaria. The JOGMEC-Mundoro Copper Project is located in the historical Iskar mining region in northwestern Bulgaria. The structural setting of the region is characterized by reverse-and-thrust fault tectonics, dominated by the overriding of the rock sequences of the West Balkan tectonic zone by the Palaeozoic basement of Srednogorie tectonic zone. More than 60 copper-lead-zinc mineral occurrences and several historical underground mines are recorded in the area.
The metallogeny of the region is defined generally by lens-like and stratiform copper-lead-zinc and copper deposits. Up to 1995, 3,194,000 tons of ore are reported to have been mined out at average copper grade of 0.75% Cu. The copper-silver mineralization formerly mined in the Iskar region is hosted mainly by early Mesozoic sedimentary rocks. The copper sulphide minerals are hosted by white quartz sandstone that was originally part of a red-bed sequence. The sulphides are finely disseminated as well as occurring as larger grains in narrow quartz ± carbonate veinlets. The sulphides observed in the dump samples are hypogene chalcocite, chalcocite and bornite, bornite, chalcopyrite, chalcopyrite and pyrite or pyrite, which are suspected to have come from a sequence of transitional zones, with chalcocite at the base and pyrite at the top. Much of the by-product silver is likely be in solid solution in the chalcocite.
The copper-silver mineralization in the Iskar region is confirmed to be of sediment-hosted stratiform type, like that in the Kupferschiefer of Germany and Poland and the Central African Copperbelt of Zambia and DRC. This copper deposit type is formed by brines expelled from sedimentary basins, probably during compression and tectonic inversion, and is unrelated to magmatic activity.
The historical mining production data are derived from reports prepared by the National Geological Survey and held in the Bulgarian National Geological Fund. The company is not currently able to confirm the dates and the tonnage of the production, extraction methods and parameters used in the historical reports. At this time, Mundoro is not able to determine the reliability of the total mining production at the project area with reference to the standards applicable to CIM-compliant.
In Q3-2022, JOGMEC will complete the Stage One Earn-in as part of the Generative Alliance between JOGMEC and Mundoro which was conducted in 2019. Upon completion of Stage One Earn-in, the Stage Two Additional Option period commences, where JOGMEC can earn-in an additional 24% interest to a total of 75% interest, in the JOGMEC-Mundoro Copper Project by completing a Preliminary Economic Assessment over 6 years. Mundoro will be the initial operator of the JOGMEC-Mundoro Copper Project and will earn an Operator Fee throughout the Operatorship period. On the completion of Stage Two Additional Option, JOGMEC will have a right, to purchase an additional 5% interest in the JOGMEC-Mundoro Copper Project from Mundoro, for a total of 80% interest. The purchase price for the 5% interest will be determined by an independent appraisal of fair market value. Mundoro will be free carried on the JOGMEC-Mundoro Copper Project through to commercial production if JOGMEC completes the Stage Two Additional Option. Mundoro’s portion of capital expenditures shall be repaid from 50% of the cash flow that Mundoro would be entitled to receive on a pro rata basis from the joint venture. If either party dilutes below 10%, their interest will convert into a 2% NSR. A management committee has been formed and is comprised of two representatives from each of Mundoro and JOGMEC.
Y. Khrischev, EurGeol, a Qualified Person as defined by NI 43-101, and the Company’s Senior Exploration Manager in Serbia and Bulgaria has verified and approved the above technical disclosure in this press release.
Mundoro Capital Inc. www.mundoro.com
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 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.
Chief Executive Officer, President and Director