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Mundoro Capital drill results from Chuka Copper and Gold Porphyry in Bulgaria

Mining News - Published on Wed, 11 Jan 2017

Image Source: SteelGuru
Mundoro Capital Inc has reported assay results from drilling on the Company’s 100% owned Byalo exploration license which is located in southeastern Bulgaria in the Rhodopean region of the Tethyan metallogenic belt


• The Chuka drill program included 1000 m in three inclined diamond drill holes.

• A porphyry unit with stockwork mineralisation and banded quartz veins outcropping at surface returned a significant copper – gold intersection at depth from drillhole CDD001:

o 146.5 m @ 0.40% Cu and 0.12 g/t Au (0.48% CuEq); from 66.8 m to 213.3 m;

o including: 80.5 m @ 0.51% Cu and 0.15 g/t Au (0.61% CuEq); from 74 m to 154.5 m;

o including: 20.9 m @ 0.72% Cu and 0.11 g/t Au (0.79% CuEq); from 74 m to 94.9 m;

Teo Dechev, CEO and President of Mundoro commented, “The Chuka porphyry system is a new discovery by the Mundoro team in this proven mineral belt. This initial 1000 meter drill program tested the stockwork porphyry mapped at surface and has identified two porphyry phases demonstrating a multiphase system. We are encouraged by the broad interval of mineralization intersected in drill hole CDD001 which intersected 146.5 m of 0.48% Cu equivalent down to 213 m which is well within typical depths for open pit operations. Further drilling will be necessary to determine the extent of the stockwork mineralisation which is open in several directions.”

The maiden Q4-2016 drill program at Chuka comprised of three diamond drill holes totaling 1000 m. This initial drilling program was designed to test the stockwork mineralisation grade at depth, and determine if there is a transition from sericitic to potassic alteration and correspondingly higher copper and gold grades (Figure 2: Location Map of Chuka drill holes).

These three drill holes were successful in cutting significant copper-gold mineralisation related to intense stockwork veining showing the Chuka system is capable of hosting higher grades. The hydrothermal breccia intersected in the drill holes was not a recognized feature at surface and therefore further drilling is required to investigate how the hydrothermal breccia relates to the porphyry environment, diatreme or milled fault breccia and if copper-gold grades related to it increase at depth. Recognition of fine grained covellite and chalcocite copper bearing minerals and argillic-phyllic style of alteration suggest the Chuka system maybe part of an epithermal system transitioning to a porphyry system.

Mundoro is a Canadian mineral exploration and development public company focused on building value and generating investment return for its shareholders through directly investing in mineral projects that have the potential for mineral resource discovery or development. The Company has a diverse portfolio of exploration projects primarily focused on gold and base metals in two European countries, Serbia and Bulgaria, as well as Mexico and potentially North America. Mundoro (TSX VENTURE:MUN) is funded to pursue its strategy, has a technical team with proven exploration success, a corporate team with established capital markets relationships and a board of directors with a breadth of corporate governance knowledge.

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Posted By : Rabi Wangkhem on Wed, 11 Jan 2017
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