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Mundoro Announces Successfully Completing the Third Year Exploration Program on the JOGMEC-Mundoro JV Project in Timok, Serbia
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2019) - Mundoro Capital Inc. (TSXV: ...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Announces Successfully Completing the Third Year Exploration Program on the JOGMEC-Mundoro JV Project in Timok, SerbiaVancouver, British Columbia--(Newsfile Corp. - March 25, 2019) - Mundoro Capital Inc. (TSXV: MUN) (www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to announce completion of the third year exploration program with Japan Oil, Gas and Metals National Corporation (\"JOGMEC\"), on the Borsko Jezero license (\"Borsko\") located within the Timok Magmatic Complex (\"Timok\") in eastern Serbia. This exploration program is the third year of the Phase I earn-in with JOGMEC, which included primarily: (i) 57.6 line kilometers of Induced Polarization (\"IP\") geophysics, (ii) a gravity survey over 6 sqkm and (iii) target testing drilling of 9,090 meters over 9 drill holes in Borsko. Teo Dechev, CEO & President of Mundoro commented, \"Mundoro's exploration portfolio of targets, projects and partners is designed such that the success of the company is driven by the proven earn-in partner funding model to test targets and advance exploration of projects. The Company 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.\"JOGMEC-Mundoro Exploration Program at BorskoBorsko is one of the four licenses being sole funded by JOGMEC as part of the earn-in agreement entered into in 2016. Borsko is located directly west of the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry open-pit mine, all located in the central portion of Timok. Timok is one of the most prolific metallogenic domains in the Tethyan Belt with deposits such as the Cukaru-Peki copper-gold deposit and the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry open-pit mine (Figure 1: Borsko Location Map).Teo Dechev, CEO & President of Mundoro commented, \"Mundoro's management and exploration team continue to see compelling reasons for exploring the Borsko license, located in the center of Timok. Under the terms of the earn-in agreement, JOGMEC was required to spend US$4 million in Phase I while to date, JOGMEC has spent approximately US$5.09 million. JOGMEC will render a decision on whether to proceed to Phase II of the earn-in agreement in ...