Explorations of copper and gold sites in the Bor area, jointly carried out by the Canadian geological company Mundoro, the mining corporation Vale Canada Limited, headquartered in Brazil, the Japanese national oil, gas and metals company JOGMEC and the American mining company Freeport-McMoRan Exploration Corporation, will continue in 2020. The first results of the explorations carried out so far in the location near Lake Bor seem to be promising and show that there's a need for further analysis.
Zeleznik near Majdanpek
Mundoro completed a 450-meter drill program in March 2020 at the Zeleznik group of licenses which are 100% owned by the Company and available for optioning. Zeleznik is directly north of the Majdanpek mine at the north end of the Timok district.
As said in the official report on an update on the company's exploration activity and corporate activity in response to the COVID-19 outbreak, published on April 29, the drill program was designed to test the southern extension of the East Zone by 200 m to the south with two inclined drill holes. After the state of emergency is lifted in Serbia, the company will send samples to the assay lab in Bor. The company expects to send assays to the lab and receive assay results in Q2/2020.
JOGMEC-Mundoro JV Project in Serbia near Lake Bor – Borsko Site
The results from one of the six drilling locations around Lake Bor, at the Borsko site, demonstrated the need for further analysis of the geophysics data. According to the report, the JOGMEC-Mundoro exploration committee approved a complete geophysical review in January 2020 with a consulting geophysical team based in Australia with extensive experience in undercover systems.
The interpretation and analysis is expected by the end of Q1-2020 and will be used to design the next stage of drilling to explore the target for epithermal and source porphyry copper-gold mineralization.
According to the report, to date, the Japanese JOGMEC has sole funded a total of US$5.8 million for the JOGMEC-Mundoro JV Project.
The Canadian company Mundoro, in partnership with the global American mining company Freeport-McMoRan Exploration Corporation, is also taking part in geological explorations in the Savinac village area, near Boljevac.
As said in Mundoro's report, for October 2019 to March 2020 drill program, the company deployed three drill rigs and tested four of the five target areas.
The original program contemplated 3,500 meters of drilling, but Freeport-McMoRan Exploration Corporation and Mundoro agreed to substantially increase the scope of the program, completing 8,735 meters by the time the program was suspended due to restrictions related to the COVID-19 pandemic in March.
Drilling has been completed in locations Tilva Rosh, Prekostenski, Orlovo Brdo and D-Vein. The parties had not yet commenced drilling on the fifth target, Markov Kamen. As said, the company is waiting for the final batch of assay drill results and intends to provide a market update on the program in Q2-2020.
In October 2019, Mundoro signed an agreement on the financing of explorations in search of new copper and gold sites on four locations in Timocka Krajina with the global mining corporation Vale Canada Limited, headquartered in Brazil. In the next five years, Vale will set aside as much as USD 45 million for explorations in Sumrakovac, Osna, Dubrava, and Padina. More about this can be found in a separate article.
As said in the report, for the Vale-Mundoro Projects, compiled data sets are being reviewed for targeting and exploration planning, and Mundoro aims to commence exploration on the Vale-Mundoro JV Projects in the second half of 2020.
As of March 30, 2020, Mundoro had working capital of C$3.1 million with no debt and 80.6 mln shares outstanding.
Mundoro’s objective for 2020 is to enter into an exploration contract for the Svoboda project with the Bulgarian government. Additionally, the company has seven areas under the application in Serbia and three areas under the application in Bulgaria.