Mundoro Capital announced commencement of a drill program at the BHP-Mundoro option project, Borsko, which is located in the central portion of the Timok Magmatic Complex (“Timok”) in eastern Serbia. The drill program is part of the 2023 Work Program and Budget which is solely funded by BHP and for which Mundoro is the operator. The drill program is planned for 2,000 meters to test one target area with one deep drill hole.
The Timok region in eastern Serbia is known as a mining district with more than 100 years of mining comprising approximately 4 billion tons in porphyry systems over 5 known mines. The Timok Magmatic Complex is host to the largest copper-gold porphyry deposits in the western portion of the Tethyan Belt such as (i) Cukaru-Peki, a high sulphidation epithermal copper-gold and porphyry copper deposit, (ii) Bor underground mine which is a copper-gold porphyry (“Bor Mining Complex”), (iii – iv) Veliki Krivelj and Majdanpek open-pit mines which are both copper-gold porphyries and (v) the recently re-opened Cerovo porphyry copper -gold open-pit mine.
Overview of Target 1
Target 1 is located in the center of the Borsko Project and represents an undercover preserved advanced argillic alteration lithocap.
The target covers a strike length approximately 1.6 km striking NNW-SSE.
Target 1 remains open in three directions: (i) along strike to the northwest; (ii) down plunge to the northwest, and (iii) to the east-northeast.
The Target 1 system was discovered using a combination of structural features and geophysical anomalies from Magnetotelluric (MT) survey in 2016 and Gravity surveys completed by Mundoro between 2018 and 2019.
Discussion of Target 1
All of the geochemical results and well defined hydrothermal alteration are indicative of high sulfidation epithermal type mineralization with elevated copper at the bottom of the lithocap suggesting a porphyry environment at depth below the epithermal zone. The current drill program over Target 1 aims to test: (i) the northwest extension of the high sulphidation epithermal alteration/mineralization intersected in drill hole 17-BJ-11 (15m @ 1.04 g/t Au and 6.9 g/t Ag) and in drill hole 19-BJ-20 (88m @446 ppm of Cu from 891m), (ii) potassic alteration extension to the northwest and below the high sulphidation epithermal zone, and (iii) a geophysical controlled source audio frequency MT anomaly.
When compared with the discovered copper-gold deposits in the vicinity of Target 1 in the Bor region, there is generally a shallow transition zone from the high sulphidation mineralization epithermal zone (preserved lithocap) to the porphyry body beneath in that system. At Target 1 there is remnants of shreddy biotite at the bottom of holes 17-BJ-07 and 17-BJ-12, with discrete occurrences of Quartz-Magnetite veins together with elevated copper results indicate the likely occurrence of a copper-bearing porphyry system in the vicinity of the preserved lithocap.