Mundoro Capital Inc (CVE:MUN) said its drill program at the Borsko Jezero license in Serbia has confirmed an extension of an argillic alteration.
Mundoro's stock was up 12% at C$0.14 after the company updated on the now-completed drilling program at Borsko Jezero.
The phase II drilling program was designed to further test for epithermal high-sulphidation copper-gold mineralisation stepping out from the alteration intersected in drill hole BJ-06 and BJ-07.
Mundoro said drill holes 17-BJ-11 and 17-BJ-12 confirmed the extension of the advanced argillic alteration 250 metres (m) to the northeast and 100 m to the northwest, respectively.
Both drill holes also demonstrated that the advanced argillic and argillic zone remains open down plunge to the northwest beyond the vertical depth of 1120 m.
"As a result of the drilling at Target 1 in Borsko in 2017, our exploration team has successfully found the right hydrothermal alteration environment that has the potential to host a copper-gold high-sulphidation epithermal system,” said Teo Dechev, Mundoro's president and chief executive officer.
“The drilling has now extended the alteration zone and with down-hole geophysical work to be completed by the end of this year, we will have geochemical and geophysical data as vectors to sulphide mineralization. The alteration and mineralization we have intercepted in the drill core thus far at Borsko provide support for the project's potential to host a copper-gold epithermal and porphyry system," she added.
Borsko is located directly west of the Serbian state-operated producing mines, RTB Group's Borska Reka copper-gold porphyry mine and the Veliki Krivelj copper-gold porphyry mine, all located in the central portion of the Timok Magmatic complex.
It is one of four licenses being sole funded by JOGMEC [Japan Oil, Gas and Metals National Corporation) as part of the JOGMEC-Mundoro option agreement announced last summer.
"Mundoro is also currently drilling at Zeleznik, another JOGMEC-Mundoro joint venture project, for a 45 00 meter drill program over the West Zone and East Zone to further delineate the mineralization previously intersected in these two zones. Drilling is expected to be completed around year end with drill results expected in Q1-2018," Dechev revealed.