Mundoro Announces Drill Campaign at Lead-Zinc Target in Bulgaria
Mundoro Capital Inc. announce mobilization for drilling at the Saje Lead-Zinc Project on the Company’s Zvezda license . 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 Lead-Zinc Project is optioned to an arm’s length third party private company under an option agreement announced by Mundoro in May 2018.
The drill program at Zvezda will focus on the Saje Lead-Zinc historical mine which was partly exploited through underground workings in the 1980’s and closed in the early 1990’s.
The drill program of 1,000 metres in 3 drill holes aims to test:
– (i) the underground lead-zinc mineralisation at the central portion of the Saje Lead-Zinc historical mine,
– (ii) confirm the lead-zinc grade and the by-product grades for copper and silver in the historically defined mineralised zones, and
– (iii) attain knowledge of the style of mineralization and controls of this hydrothermal system.
All exploration expenses related to this drill program are being sole-funded by the Private Company.
Overview of Saje Lead Zinc Project
The Saje Lead-Zinc deposit is located within Mundoro’s 100% owned Zvezda exploration license area. The Saje deposit is a brownfield area that was initially explored in the 1960’s and partly exploited by a government run company from 1984 to 1992 for lead and zinc with by-products of copper and silver.
The deposit is hosted in Eocene-Oligocene andesite intruded by monzonite pluton. Several structurally controlled alteration zones with west-northwest elongation have been reported some of which are the main mineralised zones. The width of the zones vary from 1 to 17.8 m and are discontinuously followed for up to 2 km. The mineralisation is represented by galena, sphalerite and chalcopyrite. The mineralisation is hosted within the alteration zones and is of vein, vein-disseminated and breccia type.
The historical mine reserves have been estimated along three mineralised zones which were explored in detail. The remaining alteration zones have not been fully explored. Historical reserves were estimated in old Soviet style records which are found in the Bulgarian National Geological Fund.
The Saje Lead-Zinc deposit is reported to host a historical mineral reserves estimate consisting of 3.9 million tons at 1.83% Pb, 0.7% Zn and 0.16% Cu (category B + C1). The Soviet historical reserve estimate is not compliant with National Instrument 43-101 and is not being treated as a mineral reserve or mineral resource by the Company. The table below summarizes the underground production from the deposit from 1984 to 1992:
The historical mineral reserve estimate for the Saje deposit was carried out in 1998 by a Government run company “Gorubso-Kardjali EAD” using the Soviet classification scheme and the polygonal reserve estimate method. The report which documents the historical reserve estimate is held with the Bulgarian National Geological Fund, who have made it available for public review. Mr. G. Magaranov, P. Geo, a qualified person as defined by National Instrument 43-101 (the “qualified person”) has reviewed this report and verified the contents of the report. However the qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves. Nevertheless, the Company does not have access to all underlying data and information used to prepare the report, and neither the qualified person nor the Company are able to verify the reliability of the production figures or the key assumptions, methods and parameters used to prepare them.
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