Mundoro and BHP begin drilling at South Timok project

Canadian company Mundoro Capital and Australian mining giant BHP have begun the first drilling program at the South Timok project, one of the promising copper projects in eastern Serbia.

The project is located within the Timok igneous complex, known for its 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 by systematic geophysical and geological surveys conducted over the past two years, Mundoro announced.

In 2023, Mundoro entered into an option agreement with BHP, according to which the Australian company has the opportunity to acquire ownership in three Serbian copper projects: Borsko Jezero, 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 approximately USD 1.7 million in cash, operating fees to Mundoro over a three-year period, and to bear exploration costs of USD 7.5 million over the same period.

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

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

B. P.

Mundoro Kanada

BHP Metals Exploration d.o.o. Beograd

Mundoro Capital

BHP

BHP Metals Exploration doo

South Timok project

option agreement

copper and gold explorations

licenses

diamond drilling