The Zvezda license continues to be 100-percent owned by Mundoro through its Bulgarian subsidiary.
Mundoro Capital (TSXV: MUN) has announced drilling results from the Saje lead-zinc-copper-silver project on the Company’s Zvezda exploration license in Bulgaria.
The company said the Saje project drill program and related work was sole-funded by a private mining company under an option agreement previously announced May, 2018. Mundoro has received notice from the private mining company to terminate the option agreement. The Zvezda license continues to be 100-percent owned by Mundoro through its Bulgarian subsidiary.
President and CEO of Mundoro, Teo Dechev said:
“Mundoro has benefited from the model to seek partners to fund certain exploration licenses. The drilling and related work at the Saje project paid for by the private mining company has met Mundoro’s property commitments and confirmed mineralization of a mineralized zone south of the old mine workings. New technical data was added without drawing down on Mundoro’s cash. The Saje project is a non-core asset with no carrying value in the Company’s balance sheet. As a result of having a partner fund exploration work, Mundoro conserves its cash and as of the end of Q3-2018, the cash and cash equivalents were approximately $3.5 million. Mundoro will continue to seek establishing joint venture partnerships to fund certain exploration programs.”
The completed drill program included five inclined diamond drill holes totaling 1972 meters drilled from three drill pad locations.