Mundoro Capital Inc (CVE:MUN) says follow-up drilling is expected to begin this month (August) on its Borsko Jezero licence in Serbia.
It expects to complete the drilling in the fourth quarter of 2017 and to release the results around year-end, the firm said.
Borsko is one of the four licences being sole financed by JOGMEC (Japan Oil, Gas and Metals National Corporation) as part of the JOGMEC-Mundoro option agreement announced last summer.
The program will test 'Target 1' with four diamond drill holes totalling around 3000 m (meters) and the main aim is to further test for epithermal high-sulphidation copper-gold mineralisation stepping out from the alteration intersected in two previous holes which began at approximately 580 meters depth.
The Phase I drill program was completed in May and tested two of the six generated drill targets.
Teo Dechev, Mundoro's chief executive, said the firm was looking forward to the step-out drill program to test Target 1 with 200 m step-out holes to the north, south, west and east.
Mundoro will have an active H2-2017 field season, she said, comprising of the two JOGMEC funded drill programs - at Borsko, and the Zeleznik Phase III fence drill program in order to further delineate mineralized zones.
"As of Q1-2017, Mundoro had approximately $4.2 mln in cash and is debt free," the company boss added.