2022-05-30 | TSXV:MUN | Press release
Vancouver, British Columbia–(Newsfile Corp. – May 30, 2022) – Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (“Mundoro“or the”Company“)”), is pleased to announce its quarterly update on exploration and corporate activity for the three months ending March 31, 2022. The Company has filed its quarterly consolidated financial statements and management’s report on SEDAR at www.sedar.com and published on the Company’s website at www.mundoro.com.
Teo Dechev, CEO and President commented: “Mundoro’s copper-gold exploration properties in Serbia, Bulgaria and the United States are now all subject to participation agreements, option agreements or letters of intent to enter into transactions with leading third-party mining companies. Mundoro’s business model brings value to both of our shareholders. and partners to participate in copper and gold-focused exploration opportunities for new discoveries in well-established mineral regions that remain underexplored. »
Q1-2022 Program Highlights
- Solid cash position: As of March 31, 2022, the Company held cash and cash equivalents totaling $3,082,041 (December 31, 2021 – $3,587,477) and held $390,474 in receivables from partners as well as no long-term debt.
- Exploration funded by partners: Exploration expenditures, the majority of which are funded solely by partners, were higher at $948,776 in Q1-2022 compared to $839,503 in Q1-2021 due to higher budgeted expenditures and including the United States. United in Q1-2022. Recoveries from option partners in Q1-2022 were higher compared to Q1-2021 and were $774,330 (82%) and $631,634 (73%) respectively, resulting in exploration costs net of $174,446 in Q1-2022 and $207,869 in Q1-2021.
Q1-2022 Exploration Portfolio Highlights
- New Letter of Intent signed for 6 of Mundoro’s copper properties in Serbia and Bulgaria: Mundoro has been approached by third parties regarding its various copper-focused exploration licenses in Serbia and Bulgaria. The Company set up an online data room, some of which included Leapfrog 3D models for the properties, which was open to interested third parties who had signed confidentiality agreements with the Company. The Company signed a Letter of Intent (“LOI”) covering 6 license areas with a new third party in May 2022.
- Vale-Mundoro project in Arizona: In Q4-2021, Vale and Mundoro entered into an option agreement on a copper porphyry property in Arizona. An exploration program and budget were approved in Q1-2022. Bureau of Land Management (“BLM”) land staking was completed in the first quarter of 2022. The project area consists of a combination of Arizona State Department of Lands mineral exploration permits and claims to BLM lands. A field program of soil sampling and detailed mapping of the exploration area has begun and is ongoing. The Company conducted an airborne magnetic and radiometric survey in May 2022.
- Vale-Mundoro Generative Alliance in the Southwest United States: Mundoro entered into a generative alliance with Vale (“Alliance Generative Vale“), focused on generating new projects in Arizona and New Mexico. For more information see our press release of December 23, 2021.
- JOGMEC-Mundoro copper exploration program, Bulgaria: The first designated project of the JOGMEC 2019 Generative Alliance has received an exploration contract signed by the Ministry of Energy of Bulgaria. The work program for the exploration area is in the final stages of the review process by relevant government agencies. 3D geological models based on historical data have been completed and mapping and field sampling are expected to begin after receipt of government approvals. JOGMEC alone will fund the work program for the exploration of sediment-hosted stratiform-type copper deposits in the region.
- GT7 exploration program in Central Serbia: In February 2022, the Company entered into a Letter of Intent (“LOI”) with a third-party mining company to gain into the GT7 property. The GT7 property, located in central Serbia (see press release of March 30, 2021) is a copper-gold zone totaling 98 km2 located in the northern part of the Serbo-Macedonian metallogenic province, which is part of the Tethyan belt. The area is considered very prospective for copper porphyry and related epithermal mineralization. The GT7 copper property contains exposures of copper-gold porphyry diorite-type quartz stockwork mineralization and is related to precious and base metal veins in the surrounding sedimentary rocks. The third party alone will finance an exploration work program in the project area which will include: (i) soil sampling and (ii) weathering and geological mapping and (iii) a ground magnetic survey which will include 968 linear km. All three programs will cover the entire license area to provide comprehensive data collection for later interpretation and targeting. The exploration program should be able to test by drilling by the end of the year in the southern zone.
- Vale-Mundoro exploration programs in Timok, northeast Serbia: As of the second quarter of 2022, the four Vale-Mundoro projects in Serbia are financed solely by Vale and have a budget that covers approximately 4,000 meters of total drilling in 2022 to test copper porphyry targets. Soil sampling, geological mapping and ground geophysics are underway to cover permit areas not previously surveyed. To date, 378 linear kilometers of ground magnetic surveying have been completed. Reprocessing and modeling of geophysical and geological data is underway to refine planned drill targets for drilling in the second half of 2022.
The European exploration work programs described herein were supervised by Y. Khrischev, EurGeol, a Qualified Person as defined by NI 43-101, and the Company’s Exploration Manager in Serbia and Bulgaria. Y. Khrischev has prepared the technical information contained in this press release in accordance with the Canadian regulatory requirements set forth in National Instrument 43-101.
Mundoro is a publicly traded Canadian royalty-generating company with a portfolio of base and precious metals-focused projects that generate near-term royalties and mining revenue. To generate shareholder value, Mundoro has generated a portfolio of mining projects primarily focused on copper and gold in Serbia, Bulgaria and the United States. The value generated from our mineral properties comes from short-term revenues from various forms of partner payments and long-term from royalties generated.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements. 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 form thereof, and include the following: completion of acquisition expenditures, options and completion of a definitive agreement by the parties. Important assumptions that have been applied in making forward-looking statements in this press release include expectations regarding the mineral potential of the Company’s projects, the Company’s future strategy and business plan and the execution of existing plans for the society. We caution readers of this press release not to place undue reliance on any forward-looking statements contained in this press release, as there can be no assurance that they will occur and are subject to a number of uncertainties and other factors. that could lead to real results. differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, legislative changes, regulatory processes, the state of Mundoro’s assets and financial condition, the actions of competitors and the ability to implement business strategies and seize business opportunities. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release, and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of those risks and other factors that could cause actual results to differ materially from those expressed or implied by such statements forward-looking statements, refer to company filings. with Canadian securities regulators available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please visit the Mundoro Capital website www.mundoro.com
CEO, President and Director
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