VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 20, 2013) - Mundoro Capital Inc. (TSX VENTURE:MUN) (www.mundoro.com) ("Mundoro", "Company") is pleased to provide an update on the exploration activity at its 100% owned Camargo Property in Southeastern Chihuahua State, Mexico.
During November and December 2012, the Company drilled 6 diamond drill holes at Camargo for a combined total of 2870 meters (m). These holes tested a very small part of the approximate 7 to 8 square kilometer (km) geophysical target indicated.
The drilling program has discovered a shallowly-buried, blind porphyry system, with multiple evolving intrusive events, strong hydrothermal alteration and brecciation accompanied by zones of anomalous base and precious metals. These features are interpreted as the footprint of a copper-gold porphyry system.
Multi-phase quartz, pyrite, magnetite and hematite stockwork veining and disseminated sulfide mineralization overprint the host lithologies, which include porphyritic intrusive rocks, explosive hydrothermal breccias and metasomatically altered sedimentary rocks such as skarn and hornfels. The correlation between these data, i.e. lithologies, alteration, mineralization and a 6 km wide ''bulls-eye'' magnetic feature with supportive induced polarization (IP) results, suggests a very large porphyry system, requiring further work.
Assay results have identified several zones of anomalous lead-zinc-silver geochemistry which is associated with elevated arsenic. Drill hole CAM12-02 recorded an intersection of 26 m @ 2.62 ppm Silver (Ag), 712.5 ppm Lead (Pb) and 1359.7 ppm Zinc (Zn) from 219 m to 245 m with elevated arsenic values of 1 m @ 266 ppm and 1 m @ 476 ppm recorded from 219 m to 220 m and from 229 m to 230 m respectively. These zones of lead-zinc are indicative of the outer base metal halo around a copper-gold porphyry system.
Approximately 500 m south of CAM12-02 there were some broad intersections of slightly elevated gold and scattered intervals of anomalous lead-zinc-silver returned from drill holes CAM12-04 and CAM12-05. These zones were associated with the hornfelsed sediments peripheral to an intermediate intrusive dyke. In addition, a number of intervals carried 10+ ppm Ag (maximum:300 ppm Ag). Several intervals contained more than 0.5% combined Pb+Zn, with up to 0.085% Copper (Cu).
CEO and President, Teo Dechev, commented, "The assay results confirm Camargo as part of a vast hydrothermal system. The presence of broad intersections of elevated gold, as well as copper above 100 ppm supports the exploration model of a copper-gold porphyry system. These drill holes appear to have intersected above and peripheral to the center of the system. Due to the large scale of this hydrothermal system, the Company is evaluating cost effective exploration alternatives including joint ventures to further explore Camargo for the center of the system."
The drill holes targeted a strong chargeability anomaly that is at least 800 m long and 550 to 600 m wide. It was detected in the pole-dipole IP survey commissioned by the Company in May 2012. The chargeability high is associated with the eastern edge of a prominent magnetic ''bulls-eye'' anomaly, which is approximately 6 km in diameter. The feature has a high magnetic core approximately 1 km wide, a low magnetic annulus approximately 1-1.5 km wide and a high magnetic outer rim. This feature was 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 typically exhibited in porphyry-type deposits.
The linked Figure 1: Camargo Geology and Diamond Drill Hole Location Map illustrates diamond drill hole locations and horizontal traces and geology of the Camargo prospect. Recent volcanic rocks (ignimbrite, rhyolite, basalt, agglomerate, andesite) cover mineralization below. Some weakly mineralized intrusive rocks outcrop to the west (intrusive porphyry) and minor outcrops of mineralized stockworked volcanics (stockwork) occur in the south. Figure 2: Camargo Ground Induced Polarization and Diamond Drill Hole Location Map illustrates diamond drill hole locations and horizontal traces and surface projection of chargeability anomaly identified in IP survey. The chargeability anomaly is represented by sulfides at depth.
A very limited, preliminary IP and ground magnetics survey conducted by the Company consisted of a few widely-spaced East-West lines run over the center of the magnetic feature, leaving the vast bulk of the magnetic ''bulls-eye'' feature untested.
Table 1: Drill Hole Locations
|Hole ID||WGS84_E||WGS84_N||Elevation||Azimuth||Dip||Total Depth |
Table 2: Selected Anomalous Drill Hole Intersections
|Drill Hole No.||From |
Sampling and Analysis and Qualified Person
The Company uses SGS De México S.A. De C.V., the SGS managed laboratory in Durango, Mexico to assay all samples from its Mexican properties. Drill core is assayed using a combination of ICP-14B and ICP-OQ for 36 elements with fire assay method FAA515 for gold and method AAS21E for silver. In addition to the laboratory''s internal quality assurance quality control (QAQC) procedures, the Company implements its own QAQC with systematic insertion into sample streams of certified reference materials, field duplicates and blanks every 20th sample. All data collected in the field and the assay results are routinely entered in an Access data base. Strict custody of core was maintained from rig site to the laboratory and samples were analyzed in 1m intervals or in 3m composites which were prepared by SGS laboratory.
The technical information of this Press Release has been reviewed and approved by Mr. J. Ward the Qualified Person under National Instrument 43-101. Mr. Ward is the Senior Exploration Manager for the Company in Mexico and is a Member of the Australian Institute of Geoscientists (MAIG), the Australasian Institute of Mining and Metallurgy (MAusIMM) and the Society of the Economic Geologists (SEG).
On Behalf of the Company,
Teo Dechev, CEO & President, Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based, company focused on mineral acquisition, exploration, and development. Our target areas are the Tethyan Belt in Southeastern Europe and the Mesa Central Belt in Northwestern Mexico, both of which are prolific mineral belts with strong exploration and development potential. Mundoro has methodically acquired a district-scale land position in both mineral belts which host significant Gold-Copper porphyry deposits and related Gold-Copper epithermal deposits. The Company maintains an interest in the Maoling Gold Project which is a pre-feasibility stage gold deposit located in Liaoning Province, China. Our strong project pipeline is positioned to drive long-term, sustainable growth in order to attain production and shareholder return.
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.