Supported byOwner's Engineer
Clarion Energy banner

Mundoro Capital hails drill findings in Serbia and welcomes new finance chief

Supported byspot_img

The Borsko drill program was increased from an initial 600 metres in one diamond drill hole to 2,821 metres over three holes .

Mundoro Capital Inc (CVE:MUN) continues to be encouraged by drilling at the Borsko Jezero licence in Serbia and has started a drill program in Bulgaria, it said.

In a wide-ranging update, which included a corporate update, the firm said: “The Borsko drill program, which began in early February this year, increased from an initial 600 metres in one diamond drill hole to 2,821 metres over three diamond drill holes.

Supported by

“We are encouraged by the alteration and mineralization we have identified in the drill core thus far and believe the drilling will provide valuable information for further testing in this licence area.

“Follow-up drilling, analysis and interpretation is necessary to assess the viability of this discovery. In addition to the Jogmec funded drilling at Borsko we look forward to commencing drilling at the Mundoro funded drilling at the Angel gold target in Bulgaria as well as the Jogmec funded drill program at Zeleznik in [first half] 2017.”

Meanwhile, drilling at the Angel Vyvoda in the Zvezda licence in Bulgaria, began at the end of April, the group said, with first results expected in the first half of July.

This work is testing the gold-in-soil geochemical anomalies and the gold-silver-antimony-arsenic-molybdenum suit of elements seen in the geochemical survey that cover an area of 2.7km by 1.5km and delineating at least three sets of east-west to northwest-southeast structures.

Supported by

Mundoro also said today that Thomas Wilson had stepped down as finance chief with effect from April 30.

Joining the firm as CFO as of May 1 is Anil Jiwani who is contracted through Avisar Chartered Professional Accountants, a chartered accounting firm specializing in providing accounting and financial reporting support to junior resource companies.

He has been providing accounting services to Mundoro since September, 2016.

Chief executive and president Teo Dechev said: “Mr. Jiwani and Avisar bring a streamlined approach to accounting and financial reporting which is well suited to our needs as a junior resource company in the Canadian public markets.

“On behalf of the board of directors, we thank Mr. Wilson for his dedication and significant contributions to Mundoro and wish him well in future endeavours.”

Mundoro holds a diverse portfolio of projects in two European countries as well as an investment in a producing gold mine in Bulgaria and a feasibility stage gold project in China.

It holds eight 100% owned projects in Serbia, the four Timok North projects are in option to Jogmec and the four Timok South projects are being advanced by Mundoro.

Supported by


Supported byClarion Energy
Serbia Energy News
error: Content is protected !!