Serbia mining: Mundoro Provides Exploration Program for 2018 in Serbia, Mining
JOGMEC has notified Mundoro that it has budgeted an additional US$1.5 million (~C$1.89 million) for the Exploration Work Program for Year 3 of the Phase 1 Earn-in Option commencing April 2018 to March 2019. The Year 3 Exploration Work Program will include:
Follow up drill program to the 2017 drilling;
Geophysics that will include a gravity survey and a deep IP survey to further refine the targeting at Borsko; and
Further structural analysis with the new data to update on initial structural analysis from 2017.
Interpretation of the ground magnetics survey which now covers the entire 55 sqkm of the Zeleznik license;
Soil sampling program to cover the remaining 25 sqkm of the license which will result in a soil sampling survey over the entire 55 sqkm: and
Drill program to test key targets.
Interpretation of several geophysics surveys and structural interpretation has identified four targets one of which will be drill tested by May 2018.
Teo Dechev, CEO & President commented: “We are very pleased to continue our partnership with JOGMEC for Year 3 of Phase 1 of the Earn-in for the Timok North Projects. The joint venture with JOGMEC has successfully drill tested two porphyry systems in the southern portion of the Zeleznik license and in the Borsko license identified undercover mineralization at Target 1 that is indicative of high sulphidation style mineralization. The Year 3 exploration program will continue with a focus on geophysics and drilling.”
Borsko to focus on Geophysics and Drilling
At Borsko, as the license area for exploration is entirely undercover, our exploration methodology has been to use a combination of systematic exploration including grid soil sampling, structural interpretation, various geophysics surveys including but not limited to: CSAMT, IP, gravity, and magnetics to identify an initial 6 targets on the license area.
Due to the general depth of the main contact zone at Target 1, an IP survey commenced in April 2018 designed to reach greater depth. A gravity survey is scheduled to commence by the end of April 2018 to further define structures. These geophysics surveys are expected to be completed in May 2018. The geophysical surveys will further refine the structural understanding that control the intersected system. Our expectation is to commence drilling in mid-2018 with a follow up drill program in the Borsko license.
Zeleznik to focus on Interpretation of Geochemistry and Geophysics for Target Development
At Zeleznik, geophysics is being used along with geochemistry, structural interpretation, mapping and spectral analysis of alteration to further develop targets. To date, the systematic exploration program at Zeleznik has identified four main target areas: West Zone, East Zone, Central Zone and North Zone. The Central Zone and North Zone have yet to be drill tested. The porphyry systems in the West Zone and East Zone are being evaluated for an initial resource.
To further assist with the exploration of the project as a whole, which now includes 55 sqkm (5,500 hectares), a ground magnetic survey over the entire project began in October 2017 and was completed in February 2018. The team is currently conducting a systematic soil sampling program which is expected to be completed in May 2018. This magnetic data along with the geochemical analysis from the soil sampling program will be used to further define targets. Mundoro and JOGMEC will then use the information to design a drill program to test one of the target areas.
Timok South Projects Continue to Receive Interest from Third Parties
Mundoro ended Q1-2018 with approximately C$4.7 million in treasury with the Timok North Projects optioned to JOGMEC; and the Timok South Projects, which is the largest contiguous exploration area in the Timok district, available for joint venture. As such, Mundoro continues discussions with third parties for the Timok South Projects comprising of Sumrakovac, Osnic, Savinac and Bacevica as it is the Company’s continued view to establish partnerships that will generate greater exploration expenditures for drilling targets than would otherwise be available to the projects. Although there are discussions, the Company cannot provide assurance that a transaction will be concluded as a result of these discussions.
The Company will keep the market apprised of material developments.