VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2012) - Mundoro Capital Inc. (TSX VENTURE:MUN) ("Mundoro" or the "Company") is pleased to announce that it has executed, through its 100%-owned subsidiary Mundoro de Mexico S.A de C.V, a definitive option agreement for the Centauro Gold Property ("Centauro") located in Chihuahua State, Mexico.
The option agreement provides Mundoro an option for a five year term to acquire 100% interest in Centauro upon payment of US$4,000,000 within 5 years, subject to a 3% Net Smelter Return royalty ("NSR") with the right to buyback two-thirds (i.e. 2% NSR) of the 3% NSR for US$2,000,000 and annual payments over five years as follows: (i) US$20,000 on signing, (ii) US$50,000 on the first anniversary, (iii) US$75,000 on the second anniversary, (iv) US$100,000 on the third anniversary, (v) US$125,000 on the fourth anniversary. The Company has no minimum expenditure requirements and can terminate the option agreement at any time. The offer is subject to all necessary and regulatory approvals, including any necessary acceptance of the TSX Venture Exchange.
Teo Dechev, CEO and President commented, "Our technical team believes this Property hosts a long-lived high-level auriferous epithermal system with excellent potential for better mineralization at depth. In the last 20 years, this large-scale, advanced project, has had detailed mapping, soil geochemistry survey, six reverse circulation drill holes and twenty-seven diamond drill holes. The drilling was usually shallow with only few holes reaching the vertical depth of 200 meters below surface. While the prior operator was actively exploring for a large tonnage/low grade Carlin type deposit, it was recognized the system could be a high level epithermal environment."
The Centauro Property is located in the Sierra Madre Occidental, in southern portion of Chihuahua State, Mexico, about 280 km south of Chihuahua City. It consists of 9 easily accessed, adjacent exploration licenses covering 33.1 sqkm. Centauro's area of interest is a series of gently rolling hills, covering 2.5 km by 1.5 km, about 100 meters to 200 meters above the surrounding flat plain. The hills are mainly made of Cretaceous conglomerates, with few occurrences of andesite and associated diorite/monzonite volcanic plugs and dykes. Three conglomerate units were recognized from the base of, to the top of, the hills as shown in the attached "Centauro Property - Plan View" map.
- Basal: monomictic, calcareous and carbonatized, sub- rounded limestone fragments, less than 1% chert and jasper fragments locally;
- Middle: polymictic, strongly argilitized and variably silicified, sub-angular fragments, up to 10% chert and/or andesite fragments;
- Top: polymictic very strongly silicified and irregularly argilitized, angular fragments of various composition including 5 to 30% chert, 5 to 10% andesite and/or diorite and occasional chalcedony
A late stage alteration event has cross-cut all units. It is expressed as black silica impregnations with lots of iron-oxide and manganese-oxide forming narrow NNW-SSE ridges and escarpments. The epithermal nature of the alteration was first recognized in 1992. Over the years, the Property has been optioned to several companies. Silver Spruce, the last operator, performed detail geological mapping and sampling, soil geochemical survey, plus twenty-seven (27) diamond drill holes for a total of 5,824 meters. See attached map of Cross Section 295N.
A soil geochem survey from 2008 revealed three NNW-SSE anomalous zones with mercury values up to 28,700 ppb, antimony up to 428 ppm and arsenic up to 4,020 ppm. Gold anomalies are between 25 and 84 ppb while silver is up to 3.3 ppm. Assays for the indicators elements in drill holes are high: 5,000 to 100,000 ppb Hg, 200 to 1,550 ppm As and 40 to 713 ppb Sb. The best precious metals intersection of the prior drilling campaigns are shown in the following table:
From the compilation of the 2008-2009 mapping, geochemical surveys and drilling data, and the field mapping and sampling performed in July 2012, Mundoro concluded:
- very strong silicification of the upper conglomerate unit was made by silica flooding in the vadose zone; this unit is exposed on topographic highs over an area of 2.5 km x 1.5 km;
- strong clay alteration, carrying the Hg, As, Sb, Ag and Au, was produced by hydrothermal fluids circulating within the middle conglomerate unit which was capped by the silica-sealed upper unit;
- black quartz and chalcedony ridges are the expression of a late stage fumarolic event traversing all lithologies, and most likely using the same plumbing system as the previous alteration/mineralization events;
- this describes a low sulfidation epithermal environment that was telescoped by higher temperature intermediate or high sulfidation fluids;
- the presence of chalcedony and of numerous high to very high mercury, arsenic and antimony anomalies in soil, rocks and core indicates the present surface is high relative to this Cretaceous epithermal system;
- gold and silver core intersections close to surface demonstrate that the epithermal system was capable of concentrating precious metals;
- the extend (2.5X1.5km) and the intensity of the silica and the clay alteration, with the fact that we are observing at least two telescoped epithermal alteration events, demonstrate that this was a long-lived epithermal system, the type potentially capable of producing large volumes of mineralization;
- in a typical high-level epithermal environment, economic intersections and volumes could be expected at greater depths than the actual surface which is very close to the paleo-surface - usually between 200 and 600 meters below the paleo-surface;
- elsewhere in the world, in that type of systems, majority of the economic deposits are close to the contact between the altered upper lithologies and an underlying andesitic unit.
Detailed work will be conducted on the Property in order to define the epithermal model and localize the feeders and plumbing system that could lead to better gold intersections at depth. Mundoro will conduct an exploration program in the second half of this year in preparation for a deep drilling program in the first half of 2013. This year's field program will include but not limited to: detailed geological mapping and sampling on traverses on at least 100 meters spacing, re-logging of drill core to focus on alteration and structural features, establishing the andesite-conglomerate contact attitude, TerraSpec analysis of surface samples and the drill core, trenching and compilation, and re-interpretation of all available data.
This technical information of this Press Release has been reviewed and approved by Mr. J. Gauthier, P. Eng., P. Geo., the Qualified Person as defined by National Instrument 43-101.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian based company which operates as a mineral acquisition, exploration, development and investment company. The Company's target areas are 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. The Company maintains an interest in the Maoling Gold Project through its 5% interest in Mundoro Mining Inc.
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