Mundoro Provides Q2-2022 Project Portfolio Update and Outlook for H2-2022
Mundoro Provides Q2-2022 Project Portfolio
Update and Outlook for H2-2022
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2022) -
Mundoro Capital Inc. (TSXV:
MUN) (OTCQB: MUNMF) (
www.mundoro.com
)
("
Mundoro
" or the "
Company
") is pleased to
provide an update on the Company's financials and project portfolio in Q2-2022 along with the outlook
for H2-2022.
Teo Dechev, CEO and President commented:
"Mundoro will continue to generate value for its
shareholders through funded partnerships on the existing project portfolio while generating new
project areas for future partnering.
The Company has grown the fees and payments it has received
during the first half of 2022 and anticipates additional growth in the second half of the year while our
exploration team gears up for ~10,000 meters of drilling over three programs sole funded by
partners."
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and
Twitter @Mundoro
Figure 1: The Western Tethyan Belt
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2408/136931_42862d7784b27b6f_001full.jpg
Financial Highlights and Outlook
Strong Cash Position:
As of June 30, 2022, the Company held C$4.1 million in cash and cash
equivalents ("Cash Position") and no long-term debt.
Generating Cash to Cover Expenses:
In H1-2022, the Company has generated C$368k in
Fees and Payments while Corporate Expenses were C$453k for the same period.
For H2-2022
the Company anticipates receiving C$ 0.7 of fees and payments which are expected to exceed 2H
2022 corporate expenses.
As a result, the Company does not anticipate a need to raise capital for
the next twelve months.
Growing Partnerships and Drilling in Q4:
From 2016 to 2022, Mundoro's generative and
partnership business strategy has successfully negotiated 10 option and earn-in agreements with
five different major miners including: JOGMEC, Vale, Kinross, Freeport McMoRan and First
Quantum Minerals.
In H2-2022, the Company's exploration teams are preparing for ~10,000
meters of drilling over three programs sole funded by partners: ~3,000 meters at GT7 in Central
Serbia, ~4,000 meters at Bobot and Odej in South Timok, and ~3,000 meters at Dos Cabezas in
Arizona.
Project Portfolio and Transaction Highlights
New Commencement of Drill Program at Zeleznik Project:
Drill permitting approvals were
received in Q3-2022 and as a result the Company began a drill program at the Zeleznik Project at
the northern portion of the Timok Magmatic Complex ("
Timok
") in eastern Serbia. The drill
program is designed to test the southern extension of the mineralized intrusion related dykes in the
West Zone.
New Mundoro-Kinross Transaction for GT7 Property in Serbia:
Mundoro entered into an
Option Agreement with Kinross Gold Corporation
("Kinross")
setting out the commercial terms
for Kinross to earn-in to the GT7 Property in Serbia. The budgeted exploration program has
commenced and completed detailed geochemical soil sampling, mapping, and ground magnetics
over the entire license area.
In Q4-2022, the exploration program will complete further geophysics
over selected areas to advance targets for drill testing for approximately 3,000 meters of drilling
which is expected to commence in Q4-2022. For further information
see our press release dated
August 31, 2022
.
Mundoro is the operator of the work program.
New Mundoro-JOGMEC Copper Project in Bulgaria:
Mundoro and Japan Oil, Gas and Metals
National Corporation
("JOGMEC")
, announced the commencement of exploration for the recently
approved work program on the JOGMEC-Mundoro Copper Project located in Bulgaria. The
budgeted work program during this year's field season consists of: geochemical stream sediment
sampling, geochemical soil sampling and geophysics over several target areas in order to develop
drill targets.
For further information
see our press release dated September 6, 2022.
Mundoro is
the operator of the work program.
Advancing the Mundoro-Vale Dos Cabezas Project in Arizona, USA for Drill Testing:
Several porphyry copper targets have been identified for drill testing. In Q2-2022, as part of the
budgeted work program, the exploration team completed: (i) detailed mapping of 5 target areas to
further refine the understanding of alteration, lithology, and structures with the geochemistry
received to date from a broad sampling program, (ii) interpretation of the results from an
aeromagnetic and radiometric survey over the entire project area which has elevated the ranking
of several targets for drill testing, and (iii) commenced permitting for a Phase 1 drill program for
approximately 3,000 meters of drilling which is expected to commence around the end of Q4-
2022. For more information,
please see the press release dated June 13, 2022
.
Mundoro is the
operator of the work program.
Advancing the Mundoro-Vale Projects in South Timok, Serbia for Drill Testing:
Several
porphyry copper targets have been identified for drill testing. The budgeted exploration program
completed soil sampling, geological mapping and ground geophysics to cover the areas of the
licenses which were not previously surveyed.
Reprocessing and modeling were completed of the
geophysical data along with the geological data to refine the drill targets planned for drilling.
Permitting has commenced for the drill program for approximately 4,000 meters of drilling to
commence in September 2022.
For more information,
please see MD&A filed for Q2-2022
.
Mundoro is the operator of the work program.
Two Additional Copper-Gold Licenses Granted in Serbia:
The Company continues to
generate new opportunities for copper exploration.
As part of the Company's ongoing generative
programs, the Company has received approvals for two additional exploration licenses: Vitanovac
(40 sqkm) and Ponor (93 sqkm) located at the southern-end of Timok. These license areas
represent an expansion of the Company's land position along similar lithological units as in Timok,
which is one of the most prolific metallogenic domains in the western portion of the Tethyan Belt.
The Company subsequently received interest from various third parties for optioning these license
areas.
Discussions with Third Parties for Additional Property Transactions:
Mundoro continues to
receive interest in the Company's available project areas in Serbia and Bulgaria.
The Company
announced it had entered into a Letter of Intent with a third party in Q2-2022,
please see MD&A
filed for Q2-2022
. The Company continues to have ongoing discussions for these projects with
third parties.
Qualified Persons
The exploration work programs described herein for Serbia and Bulgaria were reviewed and approved
by Y. Khrischev, EurGeol, a Qualified Person as defined by NI 43-101, and the Company's Senior
Exploration Manager in Serbia and Bulgaria.
The exploration work programs described herein for the
USA has been reviewed and approved by T. Dechev, P.Eng (PEO, APEGBC), a Qualified Person as
defined by NI 43-101, and the Company's Chief Executive Officer.
Mundoro Capital Inc.
www.mundoro.com
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
+1-604-669-8055
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/136931