Mundoro Announces Drill Campaign at Lead-Zinc Target in Bulgaria

VANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) — Mundoro Capital Inc. (TSXV:MUN) (www.mundoro.com) (“Mundoro” or the “Company“) is pleased to announce mobilization for drilling at the Saje Lead-Zinc Project on the Company’s Zvezda 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 Lead-Zinc Project is optioned to an arm’s length third party private company (“Private Company”) under an option agreement announced by Mundoro in May 2018.

HIGHLIGHTS

  • The drill program at Zvezda will focus on the Saje Lead-Zinc historical mine which was partly exploited through underground workings in the 1980’s and closed in the early 1990’s.
  • The drill program of 1,000 metres in 3 drill holes aims to test:
    – (i) the underground lead-zinc mineralisation at the central portion of the Saje Lead-Zinc historical mine,
    – (ii) confirm the lead-zinc grade and the by-product grades for copper and silver in the historically defined mineralised zones, and
    – (iii) attain knowledge of the style of mineralization and controls of this hydrothermal system.
  • All exploration expenses related to this drill program are being sole-funded by the Private Company. 

Overview of Saje Lead Zinc Project

The Saje Lead-Zinc deposit is located within Mundoro’s 100% owned Zvezda exploration license area. The Saje deposit is a brownfield area that was initially explored in the 1960’s and partly exploited by a government run company from 1984 to 1992 for lead and zinc with by-products of copper and silver. 

The deposit is hosted in Eocene-Oligocene andesite intruded by monzonite pluton. Several structurally controlled alteration zones with west-northwest elongation have been reported some of which are the main mineralised zones. The width of the zones vary from 1 to 17.8 m and are discontinuously followed for up to 2 km. The mineralisation is represented by galena, sphalerite and chalcopyrite. The mineralisation is hosted within the alteration zones and is of vein, vein-disseminated and breccia type.

The historical mine reserves have been estimated along three mineralised zones which were explored in detail. The remaining alteration zones have not been fully explored. Historical reserves were estimated in old Soviet style records which are found in the Bulgarian National Geological Fund.

The Saje Lead-Zinc deposit is reported to host a historical mineral reserves estimate consisting of 3.9 million tons at 1.83% Pb, 0.7% Zn and 0.16% Cu (category B + C1). The Soviet historical reserve estimate is not compliant with National Instrument 43-101 and is not being treated as a mineral reserve or mineral resource by the Company. The table below summarizes the underground production from the deposit from 1984 to 1992:

       
Period Production
(kT)
Grade Content Metals
Pb% Zn% Cu% Ag
ppm
Cd
ppm
Pb(t) Zn(t) Cu(t) Ag(kg) Cd(kg)
1984-1992 425.5 1.86 1.23 0.24 7.9 71 7909 5227 1017 3373 30000
                       

The historical mineral reserve estimate for the Saje deposit was carried out in 1998 by a Government run company “Gorubso-Kardjali EAD” using the Soviet classification scheme and the polygonal reserve estimate method. The report which documents the historical reserve estimate is held with the Bulgarian National Geological Fund, who have made it available for public review. Mr. G. Magaranov, P. Geo, a qualified person as defined by National Instrument 43-101 (the “qualified person”) has reviewed this report and verified the contents of the report. However the qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves. Nevertheless, the Company does not have access to all underlying data and information used to prepare the report, and neither the qualified person nor the Company are able to verify the reliability of the production figures or the key assumptions, methods and parameters used to prepare them. 

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”.

For further information please contact:

Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055

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.

Caution Concerning Forward-Looking Statements

This News Release contains forward-looking information and statements (“forward-looking statements”) under applicable securities laws. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, the completion of exploration work on any Projects and licenses and results of that exploration work, the prospect of one or more joint ventures on the Timok South Projects and other statements regarding activities, events or developments that the Company 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”, “promising”, “encouraging” 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 Mundoro 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.

A map accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c24ed131-4edb-428a-8d3a-7be462d237cc

Share this post