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Mundoro Capital shares shoot up on Borsko Jezero licence drill news

Tuesday, March 21, 2017 12:00
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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

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