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Mundoro Capital updates on Serbia exploration, extends Borsko drilling program

Borsko is one of four projects being completely funded by Japan Oil, Gas and Metals National Corp

Diamond drillbits
Mundoro has extended around 7,200m of drilling to 9,000m at Borsko

Mundoro Capital Inc (CVE:MUN) updated its drill programs in Serbia, saying it had extended the drilling program at the Borsko license to around 9,000 meters (m).

Borsko is one of four projects being completely funded by Japan Oil, Gas and Metals National Corporation (JOGMEC) as part of an option deal announced in 2016.

READ: Mundoro Capital extends drill programme at Borsko

It lies directly west of the Serbian state-operated producing mines, RTB Group's Bor copper porphyry mine and the Veliki Krivelj copper-gold porphyry mine in the central portion of the Timok Magmatic Complex.

The Year 3, Phase I drill program included around 7,200 m of diamond drilling in seven holes but that has now been extended to around 9,000 meters over nine holes to be completed by mid-March with the drill results by the end of that month, the Vancouver-based firm said in a statement.

The current program at Borsko has three aims, including one to test additional targets, which have been identified by both structural interpretation and geophysical programs using CSAMT and ground magnetics.

Freeport-McMoRan joint venture

Mundoro also updated on its Freeport-McMoRan (NYSE:FCX) joint venture program, where the latter can earn-in to Mundoro's Savinac and Bacevica exploration licenses within the southern portion of Timok.

The Year 1, stage 1, drill program announced last October, which was extended from 3,550 meters (m) of diamond drilling in five holes to around 5,000 meters in seven holes, is ongoing and expected to be completed by early-February with drill results to follow within a month.

Mundoro revealed that it had ended the fourth quarter of 2018 with around C$4.8 million in cash and that its remaining two Timok licenses -- Sumrakovac and Osnic -- are available for a joint venture, regarding which it is in discussions with third parties.

Contact Giles at [email protected]

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Price: 0.115 CAD

Market: TSX-V
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