January 31 (SeeNews) - Canada-based minerals exploration company Mundoro Capital reported positive assay results from drilling on the Skorusa target located in the southern half of the Timok Complex, in northeast Serbia.
The drill programme included three holes totalling 1000 m which encountered significant mineralisation including gold grades of between 0.32 and 0.68 grammes per tonne (g/t) and copper grade came in at between 0.21% and 0.46% per tonne, Mundoro said in a statement on Monday.
"The mineralisation appears open to the west and our recent data compilation and interpretation has identified several additional drill targets over the Skorusa system as well as a newly identified parallel alteration trend 3 km east of Skorusa and 7 km west of Nevsun’s Cukaru Peki deposit,” the CEO of Mundoro, Teo Dechev, said in the statement.
The company will continue to model and interpret Skorusa West which is part of a broader 4.5 km by 2 km pervasive alteration trend containing several additional interpreted drill targets which remain untested, Mundoro added.
Mundoro will prioritise current results and various targets and determine testing either with a partner or with the existing 2017 budget, the firm said.
The company is focused on building value and generating investment return for its shareholders through directly investing in mineral projects that have the potential for mineral resource discovery or development. Mundoro has a diverse portfolio of exploration projects primarily focused on gold and base metals in two countries in Southeastern Europe (SEE), namely Serbia and Bulgaria