Mundoro Capital has received laboratory results for the four diamond drill holes at the company’s Borsko Jezero license for 3990m, in Serbia.


  • Drill holes 17-BJ-11 and 17-BJ-12 confirmed the extension of the advanced argillic alteration 250 m to the northeast and 100 m to the northwest, respectively, with two new epithermal gold-silver intersections:

           – 04 g/t Au and 6.9 g/t Ag over 15 m in 17-BJ-11 (1.15 g/t AuEq)

             – Including 2.1 g/t Au and 13.7 g/t Ag over 4 m (2.32 g/t AuEq)

           – 77 g/t Au and 1.9 g/t Ag over 31.2 m in 17-BJ-12 (0.85 g/t AuEq)

             – Including 1.8 g/t Au and 4.7 g/t Ag over 8 m (1.97 g/t AuEq)

           – Both drill holes also demonstrated the epithermal alteration remains open in three directions: along strike to the northwest; down plunge to the northwest beyond the vertical depth of 1120 m as shown in Section B-B’, and to the northeast as shown in Section A-A’

Vectoring Towards High-Sulphidation Copper-Gold Ore Bodies

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. Furthermore, it appears east-west striking faults could also be displacing blocs of the alteration, which are also well documented in nearby Bor deposit. The creation and subsequent shifting of blocks of alteration suggests targeting should remain tightly spaced rather than large step-out drilling which was attempted with two of the drill holes towards the south and the west.

Compilation of drill hole geology shows that hydrothermal alteration towards the south and west has been either offset or cut-off at a distance of approximately 400 m. This is defined by drill hole 17-BJ-09 and 17-BJ-10 remaining in the cover volcanic units and the appearance of native copper which is generally considered as distal to an epithermal system.

The 2017 drilling program discovered the alteration system and provides vectoring towards the northwest and northeast. The Company is now evaluating structural analysis, data from the recently completed borehole electromagnetic survey and additional geophysical techniques to assist in defining the next drill program to vector towards mineralization around Target 1 and test further Targets in the Borsko license.

The results provided in the table above are early-stage and insufficient to establish a true thickness of the mineralized zones. These intervals are provided as an illustration of specific environments encountered in the drilling program and do not represent all the precious metal intervals from the drilling program. Additional drilling will be required to determine the relevance of the widths of drill hole intervals reported here.

Borsko Jezero Copper-Gold-Silver Epithermal Project

Borsko is one of the four licenses being sole funded by JOGMEC as part of the JOGMEC-Mundoro option agreement announced in August 2016. Borsko is located directly west of the Serbian state-operated producing mines, RTB Group’s Borska Reka copper-gold porphyry mine and the Veliki Krivelj copper-gold porphyry mine, all located in the central portion of the Timok Magmatic Complex (“Timok”).

The Borsko license is located in the Timok Magmatic Complex which is one of the most prolific metallogenic domains in the Tethyan Belt. The geological units in this licence area consist of Upper Cretaceous volcano-sedimentary successions, predominantly andesite and pyroclastics. Target 1 at Borsko is approximately 4 km west of the Bor mine and approximately 7 km northwest of the Cukaru Peki deposit which are both documented to host high sulphidation systems. The interpretation of Borsko geology along with models of known deposits in the district highlights the uppermost part of the lithocap, immediately below the less-altered volcanic sequence, as the prime target for any high-sulphidation copper-gold orebodies of Bor (Tilva Rosh) and Cukaru Peki type. Any such massive sulphide bodies are likely to lie within the footprint of the underlying porphyry copper-gold centre.

The 2017 drilling at Borsko shows that an advanced argillic lithocap hosted in andesite underlies 550 m of weak-altered agglomerate volcanic rocks, which were in existence at the time the advanced argillic alteration took place. The advanced argillic altered andesites at Borsko are moderate to strong pyritized, with commonly exceeding 30% fine-grained sooty pyrite, and alternates with pervasive silica, vuggy silica, alunite and hydrothermal breccias, all of which are common features for the high-sulphidation epithermal systems.