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Mundoro Commences Drill Program on Chuka Copper and Gold Porphyry in Bulgaria
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2016) - Mundoro Capital Inc. (TSX VENTURE:MUN)(www.mundoro.com) ("Mundoro" or the "Company") is pleased to
About this update from Mundoro Capital Inc.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2016) - Mundoro Capital Inc. (TSX VENTURE:MUN)(www.mundoro.com) (\"Mundoro\" or the \"Company\") 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. HIGHLIGHTS 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...