Mundoro and BHP Commence Drill Program at South Timok Project, Serbia
Rhea-AI Summary
Mundoro (OTCQB:MUNMF) has started its inaugural diamond drill program at the South Timok Project in Serbia, part of an option earn-in where BHP is sole-funding exploration and Mundoro is operator earning operating fees and annual option payments.
The planned program comprises up to 2,500 metres of drilling to test targets developed from two years of systematic deep-sensing geophysics across a contiguous 306 sq. km licence area located ~40–70 km south of the Bor Mine Complex. Targets are defined by coincident resistivity anomalies (possible hydrothermal alteration) and positive magnetic signatures (possible intrusive bodies). Drill results will refine the geological interpretation.
Positive
- BHP sole-funding exploration, reducing Mundoro capex exposure
- Planned up to 2,500 m inaugural diamond drilling provides first direct tests
- 306 sq. km of contiguous exploration licences consolidates target area
- Targets defined by two years of systematic deep-sensing geophysics
Negative
- No mineral resource or drill results yet; this is a first drill test
- Exploration outcomes are uncertain; drill program may not yield economic mineralization
News Market Reaction – MUNMF
On the day this news was published, MUNMF gained 4.67%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce the commencement of the inaugural drilling program at the South Timok Project (the "Project"), located within the Timok Magmatic Complex ("Timok") in Serbia. The Project is part of the previously announced BHP-Mundoro option earn-in agreement where BHP is sole funding the exploration. Mundoro is the operator and earns operating fees as well as annual option payments.
Figure 1: Location Map of South Timok in Timok Region, Serbia.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2408/281630_253e92a3947839ec_001full.jpg
The planned drill program will comprise up to 2,500 meters of diamond drilling, representing the first drill test of targets defined through systematic exploration over the past two years. The project has been advanced by applying systematic deep-sensing geophysics to vector towards anticipated undercover porphyry systems. The drill holes are designed to test various targets across the contiguous project area, where integrated datasets have outlined multiple coincident geophysical anomalies. These anomalies are characterized by: resistivity signatures that could indicate hydrothermal alteration and positive magnetic signatures which could indicate an intrusive body. In addition, the drill tests will further inform the geological interpretation being applied in the target areas.
The Project area aggregates four contiguous exploration licenses covering a total of approximately 306 sq. km. Located 40 to 70 km south of the Bor Mine Complex, this district represents the southern extension of the prolific Timok Magmatic Complex.
For further information about Mundoro, please contact:
| Teo Dechev, Chief Executive Officer, President and Director | +1-604-669-8055 | info@mundoro.com |
| Christian Elferink, Investor Relations Manager | +1-604-669-8055 | info@mundoro.com |
About Mundoro Capital Inc.
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro's asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.
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View the Company's Presentation via: Mundoro Presentation
Qualified Persons
R. Jemielita, PhD, MIMMM, a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
Caution Concerning Forward-Looking Statements
This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "could", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward-looking statements in this News Release include expectations as to the mineral potential of the Company's projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward-looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on SEDAR+ at www.sedarplus.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281630
FAQ
What drill program did Mundoro (MUNMF) start at South Timok on January 26, 2026?
Who is funding the South Timok exploration and what is Mundoro's role (MUNMF)?
How large is the South Timok licence area Mundoro is drilling (MUNMF)?
What targets will Mundoro test with the South Timok drill holes (MUNMF)?
Where is South Timok located relative to major regional mines mentioned by Mundoro (MUNMF)?
