Mundoro Identifies Copper Porphyry Target for Drill Testing in Arizona in Option to Vale
Mundoro Identifies Copper Porphyry Target for
Drill Testing in Arizona in Option to Vale
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2022) -
Mundoro Capital Inc. (TSXV: MUN)
(OTCQB: MUNMF) (
www.mundoro.com
)
("
Mundoro
" or the "
Company
") "), is pleased to report an
update on initial exploration at the Dos Cabezas Property in Cochise County, Arizona.
Vale is earning
into the Dos Cabezas property based on a two year earn-in agreement that was signed in December
2021 (
see press release here
).
Teo Dechev, CEO and President commented:
"We are pleased to announce the initial exploration
completed at the Dos Cabezas property, which is a Mundoro generated copper-focused project in the
Laramide Belt in Arizona, and under option to Vale as of December 2021.
Mundoro is the operator of
the exploration program which has consisted of prospecting, geological mapping, geochemical grid
sampling, alteration analysis and a geophysical survey. The exploration team is excited to drill test
this new target area identified through multiparameter techniques indicating the potential for a
porphyry system that has no record of any modern exploration or drill testing."
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Regional Geology and Surrounding Mines
The Dos Cabezas Project lies within the Laramide Porphyry Belt, a prolific region of porphyry copper
deposits extending from northern Mexico through the southwestern US. The majority of production in
Arizona is related to the Laramide Porphyry Belt which hosts world class deposits such as Morenci,
Safford, Miami-Inspiration, Sierrita, Silver Bell, Resolution, and others. Arizona was responsible for 66%
US production of copper in 2018.
During the Laramide Orogeny (~75-50ma), numerous porphyry copper deposits formed, making this
region one of the most prolific producers of copper in the world.
Post laramide faulting, volcanism, and
sedimentation concealed many of these systems, leaving many deposits to be discovered by today's
advanced methods of exploration.
Project Location
The Dos Cabezas Project is located in southeast Arizona, USA approximately 150 km east of Tucson,
see Figure 1: Location Map of the Dos Cabezas Project. Dos Cabezas Project area covers 58 sq.km.
(5,800 hectares) at the Dos Cabezas Mountain range within the Laramide Porphyry Belt. The Dos
Cabezas Project can be accessed via a combination of highways, secondary paved roadways, ranch
roads, and ATV trails.
Figure 1: Location Map of Project
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2408/127394_446a5c5bf487b991_001full.jpg
Figure 2: Dos Cabezas Alteration and Geochemistry
To view an enhanced version of Figure 2, please visit:
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Historical Exploration and Exploration Targets
The Dos Cabezas Project is near the historic Teviston, Silver Camp, and Mascot mining districts. With
the exception of the Spike E Hills porphyry system (located ~4 km northwest), historic mining and
exploration focused on gold/silver/base metal veins and substantial amounts of high-grade copper ore
shipped directly to smelters.
Although USGS mapping in the 1980s determined the existence of an
attractive, large Laramide volcano-igneous complex in the western Dos Cabezas Mountains, lack of
access precluded serious porphyry copper exploration throughout the late 1900s.
Numerous prospects, shafts, and adits are present within the Dos Cabezas Project Area. Mining
reported from the late 1800s through to the late 1900s includes production from widespread placers,
numerous high-grade gold/silver veins and substantial quantities of direct-shipping base metal ore from
a few larger mines.
Primary targets identified by Mundoro's initial exploration of a small portion of the project area include:
Mescal Canyon
- Mapping has identified a zone of porphyry-style, quartz-sericite-pyrite veining
(phyllic alteration) and outcropping copper mineralization within a large propylitic halo. Despite
this, little evidence of any drilling or exploration beyond small scale prospecting have been
identified. Geologic mapping, structural features, geochemical sampling, alteration and
geophysics indicate
a potential porphyry copper target at depth.
Mineral Park
- Mineral Park contains a number of historic mines and prospects. These include
gold-copper-magnetite skarns, base/precious metal veins and widespread mineral occurrences
near an outcropping, altered Laramide intrusive indicating potential for a larger system at depth.
Other areas
- Potential exists for additional porphyry copper targets within Mundoro's land
package in other, as-yet unexplored portions of the mountains and the adjacent buried pediment.
Further exploration work is planned for the covered areas for additional targeting in 2022 to
advance existing targets and develop new ones.
Mineralization and Alteration
District scale mapping and geochemical sampling has identified porphyry style veining and alteration
within the Dos Cabezas Project. Veining, alteration, and copper showings, show a clear association with
"Laramide aged" intrusive rocks. Alteration patterns show zonation consistent with porphyry copper
models. Two target areas have been identified as possible previously unknown hydrothermal centers:
Mescal Canyon
- Sheeted quartz-pyrite-chalcopyrite-sericite veining has been exposed by
erosion along the base of the canyon over an approximate 500m by 500m area. Phyllic-argillic
alteration within Laramide intrusive rocks is present in this area along with sheeted quartz sulfide
veining.
Mineral Park
- Magnetite skarns with retrograde overprints are present around the contact of the
Laramide monzonitic intrusive with local magnetite endoskarns. Quartz-sericite veining and
sericite alteration is present within the monzonite.
Property Geology
The geology of the property consists primarily of "Laramide aged" volcanic and intrusive rocks. These
have been uncomfortably deposited on Cretaceous aged sedimentary rocks and Proterozoic aged
metamorphic and granitic rocks. Intruding into the volcanic rocks are a number of granodiorite to
monzonite intrusives with one published age date of 64.3ma. The volcanics are truncated to the south by
a major west-northwest striking structure known as the Apache Pass Fault Zone. This structure places
Cretaceous and Paleozoic sedimentary rocks and Proterozoic metamorphic and granitic rocks against
the Laramide volcanics. "Basin and Range" style normal faults are inferred on published maps south of
the Apache Pass Fault Zone with relatively shallow pediment cover occurring along the range front in
contact with the Laramide volcanics.
Qualified Persons
The above technical disclosure in this press release has been reviewed and verified, by T. Dechev,
P.Eng, PEO, APEGBC, the CEO of the Company, a Qualified Persons as defined by NI 43-101.
About Mundoro
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of
mineral properties focused on primarily base metals.
To drive value for shareholders, Mundoro's asset
portfolio generates near-term cash payments to Mundoro from partners and creates royalties attached to
each mineral property.
The portfolio of mineral properties is currently focused on predominately copper
in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest
USA.
Caution Concerning Forward-Looking Statements
This News 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 thereof, and include the following: completion of
earn-in expenditures, options and completion of a definitive agreement by the parties. The material
assumptions that were applied in making the forward-looking statements in this News Release include
expectations as to the mineral potential of the Company's projects, the Company's future strategy and
business plan and execution of the Company's existing plans. We caution readers of this News Release
not to place undue reliance on forward-looking statements contained in this News Release, as there can
be no assurance that they will occur and they are subject to a number of uncertainties and other factors
that could cause actual results to differ materially from those expressed or implied by such forward-
looking statements. These factors include general economic and market conditions, exploration results,
commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial
condition, actions of competitors and the ability to implement business strategies and pursue business
opportunities. The forward-looking statements contained in this News Release are expressly qualified in
their entirety by this cautionary statement. The forward-looking statements included in this News Release
are made as of the date of this News 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 such risks and
other factors that could cause actual results to differ materially from those expressed or implied by such
forward-looking statements, refer to the Company's filings with the Canadian securities regulators
available on
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 further information, please visit Mundoro Capital's website
www.mundoro.com
Teo Dechev,
Chief Executive Officer, President and Director
+1-604-669 D-8055
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/127394