10 January, 2017

Mundoro Announces Drill Results From Chuka Copper and Gold Porphyry in Bulgaria

Mundoro Capital Inc. is pleased to report 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.
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.
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.

Further drilling will be necessary to determine the extent of stockwork mineralisation, which is open in several directions and may be displaced by late faulting.
Gold Equivalent is calculated using the formula. Metal prices used are: gold price of US$1150/oz, copper price of US$2.5/lb. All thicknesses from intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness.

Drill hole CDD-001 was collared into the outcropping quartz-sulfide stockwork mineralisation defined through mapping, soil and rock sampling. The drill hole intersected significant copper – gold mineralisation related to strong quartz stockwork veining containing pyrite, chalcopyrite, covellite and chalcocite. The stockwork continues for 213.3 m and is hosted by sericitic altered latite porphyry interpreted as an early mineralising event.
At 213.3 m the latite porphyry is cut by a late mineral sanidine porphyry which is argillic altered and contains anomalous lead-zinc and gold values without significant mineralisation. At 257.5 m the hole intersected a fault contact and re-entered the latite porphyry however without the intense stockwork mineralisation which may have been shifted due to faulting. Alteration of the latite porphyry after the fault is phyllic-argillic to advanced argillic.

Drill hole CDD-002 was drilled 150 m north-east from CDD-001. The drillhole intersected the latite porphyry from 34.8 m to 103.1 m then transitioned to hydrothermal breccia to 212 m and was completed in late mineral sanidine porphyry at 257.8 m. Although no significant copper-gold intervals were intersected, the latite porphyry and the hydrothermal breccia are highly anomalous in copper-gold and especially Molybdenum. Intersected Mo grades and intervals in this drillhole are significant with single samples returning above 700 ppm Mo. Some high grade Mo intervals include:

79.9 m @ 173 ppm Mo from 36.9 m to 116.8 m;
39.2 m @ 330 ppm Mo from 129.9 m to 169.1 m; and
19 m @ 295 ppm Mo from 178 m to 197 m.
Drill hole CDD-003 was drilled as a step back 150 m north-west from CDD-001. It intersected milled hydrothermal breccia probably after latite porphyry from 17.7 m to the end of the drillhole. The breccia is cut by late mineral sanidine porphyry from 250.9 m to 270 m and from 303.7 m to 355.3 m. The breccia is carrying copper-gold-molybdenum mineralisation throughout and is also partly anomalous in lead and zinc. The drillhole was bottomed in hydrothermal breccia carrying copper-gold mineralisation after contact of post mineral sanidine porphyry.
Mundoro will continue to build a 3D model of the drilling results and further interpret the drilling database for follow up drilling that would focus on the stockwork porphyry mineralisation and vector to potentially higher grade mineralization related to potassic alteration at depth or laterally.

Chuka sits within a 4 km long alteration trend which is mapped with pervasive alteration at surface and holds potential for a number of mineralized targets for exploration, one of which is Chuka. The Company will continue to upgrade additional targets for exploration of porphyry and epithermal systems in this alteration trend as well as the broader license area identified in Figure 1.
source: juniorminingnetwork.com