January 22 (SeeNews) - Canadian mineral exploration and development company Mundoro Capital said it has completed the drill programme at the East and West Zone of the copper-gold Zeleznik Property at the Timok Magmatic Complex in northeastern Serbia.
The Phase III programme has been completed with 4,200 metres of diamond drilling over 16 completed drill holes and all assay results are expected by end-February 2018, Mundoro Capital said in a statement on Friday.
Zeleznik is one of the four licenses being sole funded under the Option Agreement between Mundoro and Japan Oil, Gas and Metals National Corporation (JOGMEC) signed in March 7, 2016.
"Mundoro and JOGMEC believe the West Zone and East Zone merit a follow-up program of fence drilling across the two systems. Mundoro’s technical team is incorporating the new data into our model of the systems and looking forward to developing a follow-up drilling programme for 2018," the CEO and president of Mundoro, Teo Dechev, said in the statement.
The 2017 Phase III programme on the East Zone and West Zone was designed to follow up on the previous two drilling campaigns that successfully intersected copper-gold mineralisation at both zones. The focus was to define copper-gold bearing porphyry intrusions and dykes, as well as related sulphide mineralisation.
Zeleznik is located directly north of the Serbian state-owned Majdanpek copper-gold mine and at the northern end of the Timok Magmatic Complex.