(Kitco News) - Mundoro Capital (TSXV: MUN), a royalty generator company, said today it has entered into an option agreement with Kinross Gold setting out the commercial terms for Kinross to earn-in 100% of Mundoro’s 100% owned exploration property in Serbia identified as GT7.
The company said that the GT7 property occupies 97 sq.km and is in the northern portion of the Serbo-Macedonian Metallogenic Province, which is part of the Tethyan Orogenic Belt, adding that the area is considered highly prospective for gold-copper porphyry and related epithermal precious metals mineralization.
Mundoro noted that Kinross has commenced funding of an approved Work Program and Budget for 2022 with completed collection of 806 soil samples, extensive alteration mapping and rock sampling from observed mineralized exposures.
In Q3-2022, a ground magnetics program was completed over the entire license area. An IP geophysical survey will commence over select locations in September 2022. Targeting is underway to advance drill targets for testing commencing in Q4-2022.
According to a press-release, Kinross can earn-in a 100% interest in the GT7 property by completing US$6,000,000 of exploration expenditures over 5 years with a firm commitment of US$1,500,000 exploration expenditures in the first 18 months.
CEO Teo Dechev commented, “We are pleased to announce the expansion of our partnerships with senior mining companies that see the value in greenfield exploration in the western portion of the Tethyan Belt. Our exploration team is excited to be collaborating on the GT7 property exploration programs with Kinross in order to demonstrate the potential of these types of systems in the Tertiary portion of the belt. This region in Serbia remains underexplored and not well understood compared to the Timok region.”
Mundoro has a portfolio of mineral properties focused on primarily base metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro from partners and creates royalties attached to each mineral property. The portfolio of mineral properties is currently focused on predominately copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.
