Mundoro Capital Inc. is pleased to report drilling has commenced on the Company’s 100% owned Byalo exploration license which is located in southeastern Bulgaria in the Rhodopean region of the Tethyan metallogenic belt.
The Chuka porphyry drill program will include 1000 m
Systematic exploration by Mundoro defined the Chuka porphyry copper-gold target with results including:
Stockwork mineralisation with banded quartz veins in an area 200 x 250 m in size outcropping at surface
A historical drill hole with reported assay interval of 18.8 m @ 0.42% Cu; 0.108 g/t Au from 25.40 m to 44.20 m
Mundoro surface rock sampling from stockwork returned values from single samples up to 0.39% Cu, 0.55 g/t Au and 580 ppm Mo with average 0.158 g/t Au, 35 ppm Mo and 267 ppm Cu from a 200 x 250 m outcrop
Mundoro holds approximately $5.5 mln in cash as of September 30, 2016 and is debt free
Teo Dechev, CEO and President of Mundoro commented, “Having closed the $1 million private placement in September 2016, we are using these funds to drill test five target areas, the first of which is the Chuka copper-gold porphyry target in Bulgaria. Given the compelling copper-gold-molybdenum soil geochemistry, stockwork viening on surface, trenching results and coincident ground magnetic bulls-eye style anomaly, we believe the current drilling program at Chuka will give us a better understanding of the scale of the porphyry and the controls of mineralization. The Company believes the historical drilling, surface sampling and mapping along with the geophysical interpretations to-date suggest the potential for discovery of bulk porphyry copper-gold mineralisation at Chuka.”
The Chuka Drill Program
This initial drilling program at Chuka is designed to test the stockwork grade at depth, and determine if there is a transition from sericitic to potassic alteration and correspondingly higher copper and gold grades . The Company plans to drill 1000 meters among three drill holes.
The Chuka target has been identified through a systematic program completed by Mundoro comprising of detailed mapping, geochemistry, alteration mapping, ground geophysics, regional geophysics and historic drill testing. This previous systematic exploration showed strong evidence for porphyry style mineralisation. Historical drill holes showed molybdenite, chalcopyrite, trace bornite mineralisation in quartz veinlets in the upper levels. Historic Drill Hole #1018 had a reported assay interval of 18.8 m @ 0.42% Cu; 0.108 g/t Au from 25.40 m to 44.20 m. It is noteworthy that none of the historical drilling reached the potassic core of the system in order to demonstrate primary mineralisation. Soil sampling and alteration mapping show well defined soil geochemical anomalies with porphyry alteration style zoning. A chargeability anomaly is consistent with upper level phyllic alteration, while a deeper defined magnetic bulls-eye anomaly could be the preserved mineralised magnetite-bearing potassic alteration.
The Chuka target is located in the Byalo license which is a 161 sq.km area located within the Rhodope mountains in southeastern Bulgaria, 250 km southeast of Sofia. Byalo is contiguous at the south end with Mundoro’s 100% owned Zvezda license. The two licenses together surround a third-party owned project which is host to an operating gold mine where Mundoro is a small shareholder.
Systematic exploration by Mundoro, and limited historic State drilling, highlighted two targets areas, the Chuka porphyry target currently being drilled, and the Angel Vyvoda epithermal gold target, to be drilled upon receipt of drilling approval which is expected in Q4/16.
At the AV, target mineralised zones are hosted in Eocene sediments and are expressed on surface as discrete fault controlled breccia and veinlets. Soil geochemical anomalies highlight an area of 2.7 x 1.5 km area anomalous in Au-Ag-Sb-As-Mo suit of elements and delineating at least three sets of E-W to NW-SE structures. Previous work identified low-sulphidation style gold mineralisation hosted in Eocene sediments resembling the Ada Tepe gold deposit. Rock and soil sampling results returned 1 to 3.3 g/t Au in rock outcrops and three gold bearing structures in soil anomalies trending NW from 1.3 km to 2.7 km long.
For the AV target, the Company believes the historical drilling, surface sampling and mapping work and geophysical interpretations to-date suggest the potential for discovery of low sulphidation vein style gold mineralisation.