Mundoro Announces Drill Program at Borsko Project in Timok Serbia
Mundoro Capital Inc. announce mobilization for drilling at the Borsko Jezero license . Borsko is one of the four licenses being sole funded by Japan Oil, Gas and Metals National Corporation as part of the Amended Earn-in Agreement announced August 2016. Borsko is located in the central portion of the Timok Magmatic Complex directly west of Bor copper-gold system. Timok is one of the most prolific metallogenic domains in the Tethyan Belt. Timok hosts the Cukaru-Peki deposit, and the Serbian state-operated producing mines, the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry open-pit mine.
The Borsko Phase III drill program is 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.
Two of the Phase II drill holes (17-BJ-11 and 17-BJ-12) at Target 1, demonstrated the hydrothermal alteration and associated epithermal mineralisation 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:
Target 1: lateral extension of the alteration shell and mineralisation intersected in drill hole 17-BJ-11 (15m @ 1.04 g/t Au and 6.9 g/t Ag) further to the east-northeast towards what has now been identified as IP chargeability anomaly;
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: identified by both structural interpretation and geophysical programs using CSAMT, ground magnetics, IP-Resistivity and gravity.
Completion of drilling is expected in September 2018 with a release of results in November 2018.
Teo Dechev, CEO & President of Mundoro commented, “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. 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 $4.7 mln in cash and has two partner funded drill programs currently proceeding.”
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