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Mundoro Announces Results From Saje Lead-Zinc-Copper-Silver Project in Bulgaria
VANCOUVER, British Columbia, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro" or the "Company") is pleased to anno
About this update from Mundoro Capital Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to announce drilling results from the Saje lead-zinc-copper-silver project (“Saje Project”) on the Company's 100% owned Zvezda exploration 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 Project drill program and related work was sole-funded by a private mining company under an option agreement previously announced May, 2018 (“Option Agreement”). Mundoro has received notice from the private mining company to terminate the Option Agreement. The Zvezda license continues to be 100% owned by Mundoro through its Bulgarian subsidiary. Teo Dechev, CEO & President of Mundoro commented, “Mundoro has benefited from the model to seek partners to fund certain exploration licenses. The drilling and related work at the Saje Project paid for by the private mining company has met Mundoro’s property commitments and confirmed mineralization of a mineralized zone south of the old mine workings. New technical data was added without drawing down on Mundoro’s cash. The Saje Project is a non-core asset with no carrying value in the Company’s balance sheet. As a result of having a partner fund exploration work, Mundoro conserves its cash and as of the end of Q3-2018, the cash and cash equivalents were approximately $3.5 million. Mundoro will continue to seek establishing joint venture partnerships to fund certain exploration programs.” Saje Project Drill Program Results The aim of this drill program was to confirm the historically reported lead-zinc mineralisation from the Saje deposit which had not been exploited in the past. The drill results from the drill program at the Saje Project confirm the unmined mineralized zone south of the old underground mine workings. The drilling confirmed continuation of mineralisation along strike between holes SADD001 and SADD002 which are 150 meters apart and intercepted higher grade results than historical results in these sections. The completed drill program included five inclined diamond drill holes totaling 1972 meters drilled from three drill pad locatio...