March 22 (SeeNews) - Canadian mineral exploration and development company Mundoro Capital said it has extended its existing drilling programme at the Borsko Jezero license in Serbia by up to 2,000 m.
The company plans to further test Target 1 with one drill hole up to 1,300 m and Target 2 with a drill hole up to 700 m as part of a programme funded by Japan Oil, Gas and Metals National Corporation (JOGMEC) as part of the JOGMEC-Mundoro joint venture announced in August 2016, the Canadian group said in a statement on Tuesday.
“We are encouraged by the alteration and mineralisation we are seeing in the drill core thus far at the Borsko license and, along with our partner JOGMEC, believe that these targets merit further drill testing as part of the Year I work programme. In addition to our drilling at Borsko we look forward to the Year II exploration programme at Zeleznik later this year as part of the $1.5 million (1.39 million euro) spent under Year II of the JOGMEC option agreement,” CEO Teo Dechev said in the statement.
The company already completed one diamond drill hole with a total depth of 821.6 m, on Target 1 which was collared on a copper soil anomaly coincident with an argillic altered andesite dyke mapped on surface and a strong resistivity geophysical anomaly. Target 2, located approximately 2.3 km south-east of Target 1, was generated based on a soil geochemistry anomaly coincident with mapped and interpreted structural features and coincident with a large circular magnetic low anomaly and IP anomaly, Mundoro said.
The company expects to complete the extended drilling programme in March 2017 and to release the results around the end of April 2017. Mundoro is also in the process of finalising the work programme with JOGMEC for Year II under the JOGMEC-Mundoro option agreement. The work programme is anticipated to begin in April 2017, the Canadian exploration group added.
Borsko Jezero is one of the four licences being funded by JOGMEC as part of the JOGMEC-Mundoro joint venture, and is located in the central portion of the Timok Magmatic Complex, directly west of the copper porphyry mine of Serbian state-owned smelter RTB Bor.
The drill programme at Borsko Jezero, which began in early February, was designed to test one of the six high priority targets generated by systematic exploration completed by Mundoro in 2016 and defined various copper-gold targets.