August 9 (SeeNews) - Canadian mineral exploration and development company Mundoro Capital has said it plans to start the Phase II drill programme at the Borsko Jezero license in Serbia by the end of August.
The main goal of the programme, involving four diamond drill holes totalling approximately 3,000 m, is to further test for epithermal high-sulphidation copper-gold mineralisation, Mundoro said in a statement on Tuesday.
The company expects to complete the drilling in the fourth quarter of 2017 and to release the results around year-end, Mundoro said.
The Borsko Phase II drill programme is in follow-up to the Phase I drill programme completed in May 2017, which tested two of the six generated drill targets, the company noted.
"With our partner JOGMEC, we are looking forward to the Phase II step-out drill programme to test Target 1 with 200 m step-out holes to the north, south, west and east. Mundoro will have an active H2-2017 field season comprising of the two JOGMEC funded drill programmes: (i) Borsko Phase II step-out drill programme in order to test for the epithermal high-sulphidation copper-gold mineralisation, and (ii) Zeleznik Phase III fence drill programme in order to further delineate the mineralized zones," the CEO of Mundoro, Teo Dechev, said in the statement.
As of Q1-2017, Mundoro had approximately $4.2 million (3.6 million euro) in cash and is debt free, Dechev added.
Borsko Jezero is one of the four licenses being funded by Japan Oil, Gas and Metals National Corporation (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.