It promises to be an exciting year ahead for resource group Mundoro Capital Inc (CVE:MUN), which is currently awaiting drill assays from its Zeleznik licence in Serbia, expected at the end of February.
Sixteen diamond holes were completed at the East and West zone and results already have shown that further drilling is merited.
The team believes more drilling is warranted both at the East and West zones.
"Mundoro's technical team is incorporating the new data into our model of the systems and looking forward to developing a follow up drilling program for 2018," the firm said last month.
Meanwhile, Teo Dechev, the chief executive at Mundoro, told Proactive in November, that there is also the possibility of a maiden resource at Zeleznik this year too
Zeleznik is one of the four licenses being sole funded under the Option Agreement between Mundoro and Japan Oil, Gas and Metals National Corporation (JOGMEC).
The other Timok North projects are Borsko Jezero, Dubrava and Padina.
Under the terms, JOGMEC has the option to earn a 51% interest in four projects held by Mundoro.
To do this it must spend a total of US$4mln by March 2019, keeping to a specific expenditure timetable.
JOGMEC also has the right to earn an additional 24% in the Timok North projects by funding the completion of a feasibility at a cost of up to US$32 mln within eight years of the agreement (March 2024).
On completion of that commitment JOGMEC will then have the right to purchase an additional 5% exercisable for a period of 60 days.
This arrangement means that Mundoro has mitigated financing risk, while also ensuring that it has a heavyweight partner to take into any negotiations with the Serbian government.
A broad portfolio..
The Timok North properties are located on the Timok Magmatic Complex, which hosts significant copper-gold porphyry and related copper-gold epithermal deposits. The Timok Magmatic Complex is part of the wider and well-known Tethyan Metallogenic Belt, which hosts several world-class mines.
Mundoro holds other properties in this district outside of the joint venture, as well as additional exploration ground in Bulgaria.
What’s more, somewhat further away, the company also has a project in Mexico called Camargo, which it is looking to joint venture.
More work at Borsko..
At Borsko in Serbia, the firm is looking to do another drill program in 2018 following on from encouraging drilling results last year, which confirmed the extension of an argillic alteration.
Before Christmas, Mundoro released results come from four diamond drill holes, two of which showed that epithermal alteration remained open in three directions.
These were along strike to the northwest, down plunge to the northwest and to the northeast.
"The opportunity for discovery appears to improve to the northwest and northeast along strike of the main fault zone as identified in drill core and supported by a magnetic-low anomaly," Mundoro noted.
Among highlight assays were 1.04 gram per tonne (g/t) gold and 6.9 g/t (grams per ton) silver over 15 meters (m) in one hole.
Two new Bulgarian prospects..
In October, Mundoro said it had won two tenders for projects in Bulgaria.
At the Svoboda permit, there are already two identified prospects with historical resources - the Radka copper and gold play and the Red Hill copper and gold prospect.
Meanwhile, the Pesnopoy permit has not been actively explored in the past.
The Radka mine produced until 1993 and the deposit is reported to host a historical resource, calculated under the Bulgarian classification system, consisting of 2.02mln tonnes at 0.60% copper and 0.57 g/t gold and 0.27mln tonnes at 0.60% copper and 0.53 g/t gold.
Red Hill is a gold-silver prospect with outcropping mineralisation of 2.98 g/t (grams per ton) gold and 59 g/t silver over 20 meters (m) hosted in a wider 61.5 m interval averaging 0.59 g/t gold and 10 g/t silver.
Mundoro is now getting contracts signed with the government, which it hopes to have completed by the middle of this year.
"Once we have the data digitised then essentially we want to be able to put in in a drilling permit and start drilling those historical resources," Dechev told Proactive in November, aiming to start drilling in the second half of the year.
Mundoro shares are currently at C$0.15 in Toronto.