Kinross can earn-in a 100% interest in the GT7 Property by completing US$6,000,000 of exploration expenditures over 5 years with a firm commitment of US$1,500,000 exploration expenditures in the first 18 months
Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company“), a royalty generator company with a portfolio of projects focused on copper and gold, announces it has entered into a Option Agreement (“Agreement“) with Kinross Gold Corporation (“Kinross“) setting out the commercial terms for Kinross to earn-in 100% (“Option”) of Mundoro’s 100% owned exploration property identified as GT7 (“GT7 Property”) in Serbia.
Teo Dechev, CEO of Mundoro commented, “We are pleased to announce the expansion of our partnerships with senior mining companies that see the value in greenfield exploration in the western portion of the Tethyan Belt. Our exploration team is excited to be collaborating on the GT7 Property exploration programs with Kinross in order to demonstrate the potential of these types of systems in the Tertiary portion of the belt. This region in Serbia remains underexplored and not well understood compared to the Timok region.”
The GT7 Property occupies 97 sq.km and is in the northern portion of the Serbo-Macedonian Metallogenic Province, which is part of the Tethyan Orogenic Belt. The area is considered highly prospective for gold-copper porphyry and related epithermal precious metals mineralization.
The GT7 Property contains exposures of diorite porphyry gold-copper type quartz vein stockwork mineralization and is likely related to precious and base metals veins hosted within surrounding sedimentary country rocks. The field work completed to date (see Figure 1) identified two areas of anomalous copper-gold-molybdenum in soil geochemistry (i) North Zone and (ii) South Zone, respectively. At the North Zone, Quartz B-type veins with magnetite and chalcopyrite that typically form stockworks in porphyry copper-gold deposits were found in diorite porphyry outcrop in a stream bed. At the South Zone, about 1.5 km to the south, historical workings and several outcrops of base-metal vein type mineralization were located within andesitic volcanic cover rock.
Current Exploration Efforts. Kinross has commenced funding of an approved Work Program and Budget for 2022 with completed collection of 806 soil samples, extensive alteration mapping and rock sampling from observed mineralized exposures. In Q3-2022, a ground magnetics program was completed over the entire license area. An IP geophysical survey will commence over select locations in September 2022. Targeting is underway to advance drill targets for testing commencing in Q4-2022.
Source: Company Press Release