Mundoro Capital Inc (CVE: MUN) updated on its exploration program for 2018 in Serbia at the four projects, which are being completely funded by Japan Oil, Gas and Metals National Corporation (JOGMEC).
In all, Mundoro holds eight projects in the Eastern European country, the four Timok North projects are under option to JOGMEC, while the other four Timok South projects are being advanced by Mundoro.
JOGMEC has told the firm that it has budgeted a further US$1.5mln, or around C$1.89mln, for the third-year work of the phase one earn in between April this year and March next.
"We are very pleased to continue our partnership with JOGMEC for Year 3 of Phase 1 of the Earn-in for the Timok North Projects," said Teo Dechev, the CEO and president of Mundoro.
"The joint venture with JOGMEC has successfully drill tested two porphyry systems in the southern portion of the Zeleznik license and in the Borsko license identified undercover mineralization at Target 1 that is indicative of high sulphidation style mineralization.
"The Year 3 exploration program will continue with a focus on geophysics and drilling.”
At Zeleznik, a soil sampling program will cover the remaining 25 sq km of the licence, while a drill program will test key targets.
At Borsko, there will be follow up drilling this year and geophysics. There will be further structural analysis with the new data to update on initial structural analysis from last year.
At the Padina licence, identified have been four targets, one of which will be drill tested by May this year.
Mundoro revealed it had ended the first quarter of 2018 with around C$4.7mln in the treasury, while the Timok South projects remain available for joint venture.
To that end, Mundoro said it was continuing discussions with third parties for those projects, which consist of Sumrakovac, Osnic, Savinac and Bacevica.
"Although there are discussions, the company cannot provide assurance that a transaction will be concluded because of these discussions," it added.