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Nov 03, 2017 14:31 EEST
November 3 (SeeNews) - Canadian mineral exploration and development company Mundoro Capital said it has entered the Phase III drill programme for the East and West Zone at the copper-gold Zeleznik Property of the Timok Magmatic Complex in northeastern Serbia.
The focus of the phase III drilling programme is to locate and better define the higher-grade-bearing porphyry intrusions and massive sulphides which would upgrade the lower-grade bulk material to potentially minable material. The goal is to establish volume and grade through both delineation and stepout drilling across the mineralized zones, Mundoro said in a statement on Thursday.
The phase III drill program is budgeted for 4,120 metres of drilling in 16 holes to test the East zone with seven holes and the West zone with nine holes. The West zone proposed drill holes are collared on three parallel sections at approximately 100 metres between fences and 100 metres between holes on each fence. The East zone proposed drill holes are designed as fences to holes ZELDD06, ZELDD05 and ZELDD04, and proposed to further test the carbonate replacement potential of the East zone porphyry marble contacts, Mundoro said.
"The exploration programme at Zeleznik has been advancing over the last three years to now reach phase III drilling, which will be used to determine initial volume and grade for the mineralised zones in this area of the licence. Mundoro is also completing drilling at the JOGMEC-Mundoro joint venture project, Borsko, with 3,000 metres over four drill holes, to further test the high-sulphidation epithermal target identified earlier this year. Drill results are anticipated for mid-December, 2017," the president and CEO of Mundoro, Teo Dechev, said.
Zeleznik is one of the four licences currently being solely financed by the company's joint venture partner, Japan Oil, Gas and Metals National Corp (JOGMEC), as part of the JOGMEC-Mundoro joint venture announced in March, 2016.
In June, Mundoro said it nearly doubled the size of copper-gold porphyry related soil anomaly at the Zeleznik Property. Mundoro reported in July 2016 that drilling had commenced on the exploration licences Dubrava and Zeleznik. Further to that announcement, the drilling programme completed a total of 3,000 metres over eight drill holes. Three holes were drilled at each of the East Zone and West Zone respectively in the Zeleznik licence and two holes were drilled at the Dubrava licence.
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