Mundoro Capital Inc (CVE:MUN) announced today that it has mobilized for drilling at its Borsko project in Timok, Serbia.
Borsko is one of four projects which are being completely funded by Japan Oil, Gas and Metals National Corporation (JOGMEC).
The drilling program is expected to be completed by September 2018 with results released in November 2018.
Borsko is located in the central portion of the Timok Magmatic Complex (Timok) directly west of Bor copper-gold system. Timok is one of the most prolific metallogenic domains in the Tethyan Belt.
Phase III drill program
The Borsko phase III drill program is a follow up to the phase II drill program completed in November 2017, which confirmed extension of advanced argillic alteration discovered at Target 1 beneath 550 m of agglomerate volcanic cover.
"The Borsko license continues to be a focus for the JOGMEC earn-in option due to its structural complexity of intersecting faults, which are coincident with geophysical anomalies, and demonstrated alteration indicative of high-sulphidation and porphyry style systems," said Mundoro's president and chief executive officer, Teo Dechev.
Two of the phase II drill holes at Target 1 demonstrated the hydrothermal alteration and associated epithermal mineralization remain open in three directions: (i) along strike to the northwest; (ii) down plunge to the northwest, and (iii) to the east-northeast.
The phase III drill program, which is estimated to include 5,000 m of drilling, aims to test two targets.
At target 1, lateral extension of the alteration shell and mineralization intersected in drill hole 17-BJ-11 (15 metres at 1.04 grams per ton (g/t) gold and 6.9 g/t gold) further to the east-northeast towards what has now been identified as induced polarization (IP) chargeability anomaly.
At target 5, a new target identified to test a shallower and stronger IP chargeability anomaly coincident with magnetic low anomaly at favorable structural intersection located 1,500 m north-northeast of Target 1.
Additional targets will also be identified by structural interpretation and geophysical programs.
In all, Mundoro holds eight projects in the Eastern European country, the four Timok North projects are under option to JOGMEC, while the other four Timok South projects are being advanced by Mundoro.
"JOGMEC and Mundoro are looking forward to the Phase III drill program to test further Target 1 and the untested Target 5. As of Q2-2018, Mundoro had approximately $4.7mln in cash and has two partner funded drill programs currently proceeding," said Dechev.