Mundoro Capital Inc. has released its exploration results and technical advancements achieved during the first nine months of 2026 across its licenses in the Timok Magmatic Complex in Serbia. The report highlights significant drilling activities, new geophysical imaging, and the status of option agreements with BHP Group Limited.
The 2026 BHP funded exploration program has seen 4,438 metres of diamond drilling across four targets, with geological vectors indicating promising follow-up opportunities at Skorusa East and Tilva Rosh South. The company is currently awaiting assay results from the Vitanovac site. Additionally, a comprehensive geophysical survey has been conducted over approximately 178 square kilometres, which is expected to enhance the understanding of the geological landscape.
Mundoro has identified seven porphyry targets, five of which are now drill-ready, including Borsko Target 1, Tilva Rosh North, Tilva Rosh South, Skorusa West, and Skorusa East. The company has proposed drilling plans for these targets, which are anticipated to yield further insights into the mineral potential of the area.
BHP has invested approximately CAD $18.9 million in exploration across Mundoro’s Timok programs since January 2023. The company has met the expenditure requirements for the Trstenik and South Timok programs, and both options remain in good standing with a work program in place through BHP’s fiscal year ending June 30, 2027. However, BHP has provided notice of termination for the Central Timok and Borsko programs, allowing Mundoro to regain 100% ownership of these licenses, which cover over 20 target areas across 458.5 square kilometres.
Mundoro’s CEO, Teo Dechev, expressed optimism about the ongoing partnership with BHP for the Trstenik and South Timok programs, while also looking forward to exploring new partnerships for the Central Timok and Borsko licenses. The company is keen to leverage the data and insights gained from BHP’s investment to advance exploration efforts.
The report also underscores the importance of the integrated exploration approach adopted by Mundoro, which combines advanced geophysical surveys, rigorous re-logging of historical core samples, and systematic categorization of drill core observations. This comprehensive methodology has led to significant advancements in mapping alteration zoning and vein density distributions, ultimately enhancing the company’s ability to identify and validate drill targets.
As Mundoro prepares for the next phase of exploration, it aims to validate the partly-tested targets and bring the remaining portfolio to a similar standard. The company will continue to report on its progress and any new partnerships formed in its quarterly filings.
