• Visitors Now:
  • Total Visits:
  • Total Stories:
Profile image
By ProactiveInvestors
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Mundoro Capital shares shoot up on Borsko Jezero licence drill news

Tuesday, March 21, 2017 12:00
% of readers think this story is Fact. Add your two cents.
0

Mundoro Capital Inc (CVE:MUN) saw shares shoot up over 25% as it extended its drill program at the Borsko Jezero licence after positive findings and to further test two targets at the property.

Borsko is one of the four licences being sole financed by JOGMEC (Japan Oil, Gas and Metals National Corporation) as part of the JOGMEC-Mundoro option agreement announced last summer.

It means the previously announced 600-metre drill program at the site has been extended by up to 2,220 metres.

The company expects to complete the extended drilling program this year and to release the results around the end of April this year.

Drilling began at Borsko in early February and was designed to test one of six high-priority targets generated by Mundoro exploration in 2016, which defined various copper-gold targets.

The first drill hole BJ-06 tested one of the newly generated drill targets and successfully demonstrated that a potentially mineralized system exists under cover.

Follow-up drilling, analysis and interpretation are necessary to assess the viability of this discovery and the program is now testing the first two of six targets generated by the program last year.

Mundoro is in the process of finalizing the work program with JOGMEC for the send year of the deal. This work program is anticipated to begin in April this year.

Mundoro chief executive Teo Dechev said on Tuesday: “We are encouraged by the alteration and mineralization we are seeing in the drill core thus far at the Borsko licence and, along with our partner JOGMEC, believe that these targets merit further drill testing as part of the year 1 work program.

He added: “In addition to our drilling at Borsko, we look forward to the year 2 exploration program at Zeleznik later this year as part of the US$1.5-million spend under year 2 of the JOGMEC option agreement.”

Borsko lies directly west of the Serbian state-operated producing mines, RTB Group’s Bor copper porphyry mine and the Veliki Krivelj copper-gold porphyry mine in the central portion of the Timok magmatic complex.

Mundoro has a diverse portfolio spanning two European countries as well as an investment in a producing gold mine in Bulgaria and a feasibility-stage gold project in China.

The company holds eight projects in Serbia; the four Timok North projects are in option to JOGMEC and the four Timok South projects are being adva

Story by ProactiveInvestors



Source:
Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Today's Top Stories

Most Recent Stories

Register

Newsletter

Email this story
Email this story
Share This Story:
Print this story
Email this story
Digg
Reddit
StumbleUpon
Share on Tumblr
GET ALERTS:

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.