December 3 (SeeNews) - Canadian mineral exploration and development company Mundoro Capital said that the drill programme at its Saje lead-zinc-copper-silver project in southeastern Bulgaria has confirmed the historically reported unmined mineralized zone, south of the old underground mine workings.
The Saje Project drill programme and related work was sole-funded by a private mining company under an option agreement from May last year. Subsequently, the private mining company decided to terminate the option agreement, leaving the project 100%-owned by Mundoro.
"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," Teo Dechev, CEO and president of Mundoro, said in a statement, published on Friday.
The completed drill program included five inclined diamond drill holes totaling 1972 meters drilled from three drill pad locations.
The Saje deposit is a brownfield area that was initially explored starting in the 1960s and exploited by a government-run company from 1984 to 1992 for lead and zinc with by-products of copper and silver.