Canada’s Mundoro Forms 940 km² Land Package in Timok Region – Continuous Drilling for Copper With Australian Partner BHP Planned in 2026

Mundoro Capital Inc and global mining giant BHP plan continuous drilling during 2026 on projects in Serbia, in the Timok region, known for significant copper deposits. Mundoro Capital director Teo Dechev stated this at the Prospectors & Developers Association of Canada (PDAC) conference in Toronto, reports the portal Proactive Investors.

According to her, Mundoro Capital has formed a land package of about 940 square kilometers in Serbia’s Timok region, where it has signed several option agreements with BHP covering the entire area. The plan is to conduct systematic and continuous drilling on defined targets throughout the year, representing a significant step forward in the exploration phase.

At PDAC, Dechev explained that the company operates under the so-called “generator” model (characteristic of part of the junior mining sector). This approach involves identifying and consolidating prospective exploration areas, collecting and processing geological data, and then bringing in larger partners who finance further development and drilling. In this way, the company limits capital dilution while simultaneously expanding its project portfolio.

It should be recalled that the two companies began this year’s drilling program at the end of January at the South Timok project, one of the promising copper projects in eastern Serbia.

The project is located within the Timok magmatic complex, known for porphyry copper systems, and includes four exploration fields covering a total area of about 306 km², 40 to 70 kilometers south of the Bor mining complex.

The planned drilling program includes up to 2,500 meters of diamond drilling, which will test targets defined through systematic geophysical and geological research conducted over the previous two years, Mundoro said at the time.

Back in 2023, Mundoro signed an option agreement with BHP under which the Australian company has the possibility to acquire ownership in three Serbian copper projects: Bor Lake, South Timok, and the Trstenik exploration area.

Under the terms of the agreement, BHP has the right to acquire a 100% interest in each of the three projects by paying about USD 1.7 million in cash, paying operating fees to Mundoro over a three-year period, and covering exploration costs amounting to USD 7.5 million during the same period.

BHP also established a subsidiary in Serbia, BHP Metals Exploration doo, announcing at the time that it would focus on “commodities of the future,” including copper, nickel, and potash.

Last October, the two companies signed another option agreement under which BHP has the possibility to acquire a stake in seven of Mundoro’s copper and gold exploration permits in Serbia within the Central Timok project near Zajecar, covering a total of 418 square kilometers.

BHP Group, one of the world’s largest mining companies alongside Rio Tinto, also agreed in mid-January on an option with another Canadian company — Elemental Royalty Corporation — for three of its exploration licenses in the Bor district: Lenovac North, Lenovac South, and Durlan East, covering a total of 150 km², held by the Serbian company Magma Resources doo, owned by Canadians.

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Mundoro Kanada

BHP Billiton Limited Australija

Mundoro Capital Inc

BHP

Teo Dechev

Timok copper project

copper exploration

option

drilling campaign