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Mundoro Announces Completion of Initial Target Testing Drill Program on Freeport-Mundoro Projects in Timok Serbia
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2019) - Mundoro Capital Inc. (TSXV: M...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Announces Completion of Initial Target Testing Drill Program on Freeport-Mundoro Projects in Timok SerbiaVancouver, British Columbia--(Newsfile Corp. - April 5, 2019) - Mundoro Capital Inc. (TSXV: MUN) (www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to announce the completion of the initial target testing drill program at the Savinac and Bacevica exploration licenses (the \"Freeport-Mundoro Projects\") in the Timok Magmatic Complex (\"Timok\") in eastern Serbia. The exploration programs on the Freeport-Mundoro Projects are sole funded by Freeport-McMoRan Exploration Corporation (\"Freeport\") as part of the earn-in agreement (\"Agreement\") with Freeport, in which Mundoro has granted to Freeport an option to earn-in to the Freeport-Mundoro Projects. The Freeport-Mundoro Projects are located within the southern portion of Timok in eastern Serbia, one of the most prolific metallogenic domains in the Tethyan Belt with deposits such as the Cukaru-Peki deposit, the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry open-pit mine (Figure 1: Freeport-Mundoro Project Location Map).Teo Dechev, CEO & President of Mundoro commented, \"Mundoro has benefited from establishing earn-in relationships to fund our exploration programs. Mundoro is appointed operator for Phase I and has completed, five months after closing the transaction, the first target testing drill program funded by Freeport. The 2019 exploration program will continue with follow-up geophysical surveys and alteration mapping. The geophysical surveys have been scheduled for Q2-Q3 2019 in order to be used for planning further drill programs. As a result of having optionee funded exploration programs, Mundoro conserves its cash. At the end of Q1-2019, the treasury of the Company was approximately C$3.2 million. Mundoro continues to have discussions with interested third parties seeking options on our available projects, confirming the growing interest in exploring the Tethyan Belt in Timok, Serbia as well as Bulgaria.\"Freeport-Mundoro Projects - Target Testing Drill Program A total of 4,778 m of diamond drilling has been completed in seven drill holes. Planning has commenced for geophysics surveys and alteration mapping at both licenses as part of the 2019 exploration program. The aim of the initial target testing drill pro...