Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce a drill rig has been mobilized to the Angel Vyvoda ("Angel") gold target on the Company's Zvezda license ("Zvezda"). Zvezda is one of two large and contiguous exploration licenses located in south-eastern Bulgaria in the Rhodopean Region and is part of the Tethyan metallogenic belt.
- The drill program at Zvezda will focus on the Angel gold target generated by systematic exploration completed by Mundoro in 2015 and 2016.
- This drill program aims to test a gold-in-soil geochemical anomaly coincident with mapped structural trends and covering an area of 2.7 km by 1.5 km.
- Mundoro holds approximately $5 mln in cash as of December 31, 2016 and is debt free
Teo Dechev, CEO & President of Mundoro commented, "We are looking forward to drill test the Angel gold target which our geological team discovered through soil geochemistry, mapping and structural analysis. Based on the data compiled to date, we believe the Angel gold target may be geologically analogous to the nearby Ada Tepe deposit at the Krumovgrad Project currently under construction by Dundee. We expect to complete drilling by the end of April 2017 and to release assay results around the end of May 2017."
Overview of Angel Gold Target
The current drill program will test the gold-in-soil geochemical anomalies in the Zvezda license. A soil geochemical survey highlights a 2.7 km x 1.5 km area anomalous in Au-Ag-Sb-As-Mo suit of elements (epithermal) and delineating at least three sets of E-W to NW-SE structures (Figure 1: Angel Target Gold-in-Soils Geochem Anomaly: http://media3.marketwire.com/docs/7991m.jpg).
The targeted mineralised zone is hosted in Eocene sediments and expressed on surface as discrete fault controlled breccia and veinlets. Gold mineralisation appears to be of low-sulphidation style hosted in Eocene sediments. Rock and soil sampling results returned 1 to 3.3 g/t Au in rock outcrops along three gold bearing structures delineated by soil Au anomalies trending NW from 1.5 km to 2.7 km long.
The apparent trend of the anomalies is coincident with the known structural trend in the region. Follow-up fieldwork and interpretation suggests that the broad nature of the anomaly is a result of steep structures which have transported gold and the associated epithermal suite of elements from a deeper source at the unconformity contact of the Tertiary sediments and host metamorphic basement unit.
Stratigraphy analysis of the area suggests that the Angel gold target is located at the contact zone of a basal conglomerate unit with the exhumed metamorphic complex. This is analogous to the nearby Ada Tepe deposit at the Krumovgrad Project owned by Dundee Precious Metals. The Krumovgrad Project is approximately 60 km away and hosts 478,900 ozs in Measured and 381,000 ozs in Indicated categories (NI 43-101 compliant).
The targeted contact between the eocene rocks and basement is projected to be relatively flat-lying and at approximately 150 to 250 meters depth. This geometry prompted the Company to use RC drilling to rapidly test a broad area cost effectively. The Company has budgeted approximately 1,700 metres for this drill program.
The Company expects to complete the drilling on the Angel gold target in April 2017 and to release the results in May 2017.