Mundoro Capital (TSXV: MUN; US-OTC: MUNMF) plans to steer BHP (NYSE, LSE, ASX: BHP) -funded drilling toward the untested core of a copper-gold porphyry system at Central Timok in Serbia.
The 418-sq.-km property lies near Majdanpek in the Timok district, about 120 km southeast of Belgrade. Two Skorusa East holes totalling nearly 1,300 metres cut alteration on the system’s outer western margin. BHP can earn full ownership by spending $35 million (C$49.4 million) over 10 years, while Mundoro would retain a 2% net smelter return royalty and receive annual payments and operator fees.
“The next round of drilling will actually get us closer to what we believe is the mineralization,” Mundoro President and CEO Teo Dechev told The Northern Miner’s Western Editor, Henry Lazenby, this month at the Rule Symposium on Resource Investing in Boca Raton, Fla.
BHP has already optioned three other Mundoro properties around Bor and Majdanpek, giving the companies several shots at a discovery in one of Europe’s main copper districts. The model lets a junior be the operator and retain a royalty while a major bears the cost and risk.
Watch the full interview below:
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