Canadian explorer Mundoro Capital and mining giant BHP are intensifying exploration across five targets in eastern Serbia’s Timok Magmatic Complex, one of Europe’s most prospective copper-gold belts, with drilling results from the flagship Skorusa project expected to provide a critical indicator of the programme’s potential by the end of summer.
According to Mundoro’s first quarter 2026 report, exploration activity has focused on new drilling programmes, geophysical surveys and geological data integration across the Skorusa, Oblez, Borsko, Trstenik and South Timok Corridor projects near Bor. BHP is financing the majority of work under a stake acquisition agreement.
Skorusa is drawing the most attention. Two exploration holes totalling nearly 1,300 metres were completed during spring, with one intersecting a wider zone of advanced argillic alteration than anticipated — a feature that may indicate a preserved hydrothermal system. Laboratory analysis of drill samples is expected in June and geological interpretation should be complete by end of summer.
At the Borsko project, work to date has defined a large alteration zone measuring approximately 1.6 by 1.5 kilometres, which Mundoro believes could conceal a previously untested copper-gold porphyry system. Additional targeting and exploration preparation are planned. At the South Timok Corridor’s Lipovica area, two holes totalling approximately 1,278 metres have been completed alongside audio-magnetotelluric, gravimetric and passive seismic surveys across several licences. A new stratigraphic hole near Vitanovac is planned for the third quarter.
Mundoro is also evaluating new prospect areas across the Timok and other igneous belts in Serbia, targeting copper-gold porphyry systems, skarn mineralisation and epithermal deposits.
