Mundoro and BHP continuing intensive copper and gold exploration near Bor – Results from Skorusa to be ready as soon as June

The Canadian company Mundoro Capital has announced that, together with the mining giant BHP, it is continuing intensive exploration activities at several locations in eastern Serbia near Bor, where it is looking for copper and gold within the framework of projects located in the Timok Magmatic Complex, one of the most promising mining regions in Europe.

According to the report for the first quarter of 2026, the focus of the exploration was on the preparation and implementation of new drilling programs, geophysical surveys and integration of geological data at the Skorusa, Oblez, Borsko, Trstenik and South Timok Corridor projects.

The Skorusa project is attracting the most attention, where two exploration wells with a total depth of almost 1,300 meters were completed during the spring. The company states that a wider zone of advanced argillic alteration was registered in one of the wells than expected, which may indicate a preserved hydrothermal system. Results of laboratory analysis of drill samples are expected in June, while geological interpretation should be completed by the end of the summer.

On the Borsko project, Mundoro points out that the work to date has defined a large alteration zone measuring approximately 1.6 by 1.5 kilometers, which it believes could conceal a previously untested copper-gold porphyry system. The company plans additional targeting and preparation of new exploration works.

Within the South Timok Corridor project, two drillings have been completed in the Lipovica area with a total length of approximately 1,278 meters, while audio-magnetotellurian, gravimetric and passive seismic surveys have been conducted on several licenses. A new stratigraphic well near Vitanovac is planned for the third quarter of this year.

Mundoro reminds that exploration in Serbia is being carried out through a partnership with BHP, which is financing the majority of the work within the framework of the agreement on acquiring a stake in the projects.

During 2026, a total of five exploration targets are planned to be tested in the area of eastern Serbia.

The company is also continuing to evaluate new prospect areas within the Timok and other igneous belts in Serbia, with a focus on copper-gold porphyry systems, skarn mineralization and epithermal deposits.

Mundoro estimates that the results so far justify the continuation of intensive exploration activities, while the upcoming results from Skorusa will represent one of the most important indicators of the project’s further potential.

B. P.

BHP Metals Exploration d.o.o. Beograd

Mundoro Capital

BHP

Skoruša

Borsko

ore explorations near Bor