October 9, 2012, Vancouver, BC – Mundoro Capital Inc. (TSX–V: MUN) (“Mundoro” or the “Company”) (www.mundoro.com) is pleased to provide an update on its exploration activity in Mexico. The Company is currently conducting exploration on three of its exploration concessions: Camargo, Centauro, and Cuencame.
CEO & President, Teo Dechev commented, “Geophysics and geochemistry are proven tools for identifying deposits in this region. The geophysics and surface work results warrant mobilizing a drill rig to test the main target at Camargo. At Centauro, the Company has started the field exploration program which will compile prior drilling and surface exploration work and will plan out a drill program to target higher grade mineralization at depth.”
Camargo (100% owned exploration concession in southern Chihuahua State)
The Company has received a drilling permit from the Secretary of Environment and Natural Resources of Mexico (SEMARNAT) to commence a drilling program at its Camargo property. A drilling program comprising 4 drillholes totaling approximately 1600 meters has been planned to test a strong IP chargeability anomaly and associated resistivity anomalies that can be traced over a strike length of approximately 800 meters with widths between 550 meters to 700 meters. The chargeability anomaly remains open to the north and south and is associated with a prominent magnetic ‘bulls-eye’ feature and prospective geology.
Drill targets have been identified by ground magnetics and induced polarization (IP) programs conducted by the Company over and area of approximately 5.74 square kilometers on the Camargo property during the first half of 2012.
The ground geophysical surveys were conducted over a prominent magnetic anomaly which was identified in Mexican government airborne geophysical data that is coincident with prospective geology. The magnetic anomaly shows a large, circular ”bulls-eye” feature approximately 6 kilometers in diameter. The feature has a high magnetic core approximately one kilometer wide, a low magnetic annulus approximately 1-1.5 kilometers wide and a high magnetic outer rim. This feature is interpreted as a possible zoned alteration halo around a stock-like dioritic intrusion, with a magnetite rich core, a sulphide-rich, magnetite depleted halo, and a high magnetic outer zone. This type of feature is typical of a classic alteration zonation exhibited by porphyry-type deposits.
The IP survey was conducted over this magnetic anomaly, with measurements taken taken using a pole-dipole electrode array which allows a theoretical depth of penetration of approximately 600 meters. A chargeability anomaly interpreted to be stronger at greater than 200 meters in depth has been detected at the edge of the high magnetic core. A slight low resistivity feature has been identified on the western side of the chargeability anomaly and represents a priority drill target as low resistivity anomalies are often associated with disseminated sulphides.
Geological mapping and geochemical sampling conducted by the company has shown that while the central magnetic core and IP anomalies are overlain by post mineral volcanic rocks and alluvial cover, elevated to moderately anomalous gold, silver, lead and zinc values have been returned from altered volcanic rocks peripheral to the geophysical anomalies. These volcanics outcrop in few places and exhibit narrow stockwork quartz veinlets containing jarosite, hematite and limonite resulting from the oxidation of sulfides.
The Company is encouraged by the presence of a strong magnetic anomaly, high chargeability and low resistivity and elevated to anomalous geochemistry and considers Camargo a priority drill target.
Centauro (option agreement to acquire 100% exploration concession in southern Chihuahua State)
A field program of geological mapping, sampling and re-logging and sampling of drill core commenced at the Centauro project on Thursday 27th September and is currently underway. The program will involve two months field work and will include:
- Detailed geological sampling on traverses of 100m, and in some cases 50m, spacing;
- Re-logging of drill core to focus on alteration and structural features;
- Establishing the attitude of the andesite – conglomerate contact;
- Terra Spec analysis of surface samples and drill core;
- Compilation and re-interpretation of all available data; and
- Plan the drill program to target higher grade mineralization at depth.
The property has previously been optioned to several companies and the prior operator on the property conducted geological mapping and sampling, soil geochemistry and twenty-seven (27) diamond drillholes totaling 5,824 meters from 2008 to 2010. This exploration target was a bulk tonnage Carlin type system and the depth of the deepest drill hole was less than 200m vertically below surface.
The best precious metals intersections from these drillholes included:
- 1.5m @ 919 ppm Ag from 271 to 272.5m from drillhole CEN -08 — 04;
- 2.0m @ 4,340 ppb Au and 13.4ppm Ag from 55.2 to 57.2m from drillhole CEN -08- 07;
- 3.1m @ 2,490 ppb Au and 104.0ppm Ag from 3.0 to 6.1m from drillhole CEN-08-10;
- 0.8m @ 4,550 ppb Au and 96.1 ppm Ag from 9.7 to 10.5m from drillhole CEN- 08-10;
- 1.2m @ 1050 ppb Au and 15.2 ppm Ag from 15.8 to 17.0m from drillhole CEN-09-27; and
- 2.8m @ 800ppb Au and 1.5 ppm Ag from 33.3 to 36.1m from drillhole CEN-09-27
The Company believes the Centauro Property to be a large, high level epithermal system with the potential to host a significant precious metal resource.
Cuencame (100% owned exploration concession in Durango State)
A field program has been planned consisting of geological mapping, trenching and geochemical sampling will focus on following up the anomalous samples collected during reconnaissance work and the parallel structure to the south, including excavating trenches to map and sample prospective rocks beneath alluvial cover.
The Velardena Mining District is located 5-20 kilometres to the south of Cuencame in similar geology. Most of the operations in this district are owned by Penoles and other junior exploration companies.
Recent assays from rock chip samples collected at the Cuencame tenement during geological reconnaissance work have returned elevated geochemical results from a gossanous outcrop in the north of the tenement. The collected samples comprise strongly gossanous calcareous breccia with carbonate veining and strong hematite and limonite coatings. A continuous representative 1 m wide chip sample from this outcrop returned values of 608 ppm zinc, 851 ppm arsenic, 583 ppm manganese and 25.7% iron and a nearby grab sample returned 675 ppm zinc, 1082 ppm arsenic, 452 ppm manganese and 24.5% iron. The arsenic and zinc anomalism is associated with slightly elevated molybdenum values up to 16 ppm. This outcrop occurs along a prominent NW — SE trending structure which outcrops in the north of Cuencame tenement and continues for 15km to the south east beneath alluvial cover before outcropping again in the south eastern corner of the tenement. Gossanous carbonate breccias were also mapped along a parallel structure 6 km to the SW of this structure which dips to the north east, beneath the Cuencame tenement. The arsenic-zinc-lead-molybdenum-iron-manganese geochemical signature is indicative of upper levels of skarn, carbonate replacement or intermediate sulphidation epithermal mineralization.
Qualified Person – This technical content of this press release has been reviewed and approved by Mr. G. Magaranov, P.Geo. the Qualified Person under National Instrument 43-101.
On Behalf of the Company,
Teo Dechev, CEO & President, Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based company which operates as a mineral acquisition, exploration, development and investment company. The Company has exploration properties in the Tethyan Belt in South Eastern Europe and the Mesa Central Belt in Northwestern Mexico, both of which are prolific mineral belts the Company believes have strong exploration and development potential. In Serbia, Mundoro has seven mineral exploration licenses covering 499 sq. km. within the well-known Timok Magmatic Complex which hosts significant Au-Cu porphyry deposits and related Au-Cu epithermal deposits. In Mexico, Mundoro has thirteen mineral concessions covering 1,541 sq. km. in the Meso Central belt, of which Centauro is the furthest advanced exploration property. The Company maintains an interest in the Maoling Gold Project through its 5% interest in Mundoro Mining Inc.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference into this News Release may contain forward looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board 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” 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 the Board 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.
Contact Information
For further information please contact Mundoro Capital Inc. at +1-604-669-8055.
