First Quantum Minerals financed the drilling of several Serbia exploration license owned by Canadian based Mundoro Capital. FQM one of the fastest growing copper producer may decide to opt for JV partnership in Serbia copper mining exploration licenses. Serbia new mining law will ensure the investor friendly environment and currently hosts the copper-gold research projects of several biggest US & Canadian mining companies.
Mundoro Capital Inc. , Canadian based Toronto stock exchange listed mining company reported that its First Quantum Minerals has completed 5,369 meters of drilling on four of the Company’s 100%-owned exploration licenses: Savinac, Sumrakovac, Bacevica and Osnic (the “Southern Timok Properties”) which are located at the southern end of the Timok Magmatic Complex in northeastern Serbia.
Drilling commenced in July 2015 under the Option Agreement between Mundoro and FQM. FQM has completed more than the minimum 5,000 meters of drilling required by the October 30, 2015 deadline under the Option Agreement. FQM can provide written notice to Mundoro by December 15, 2015 should it wish to enter into a joint venture for the Southern Timok Properties.
Teo Dechev, CEO and President highlighted, “This drilling program, which was solely funded by FQM, aimed to test various mineralized systems over an area of over 400 sq.km. The drilling identified large areas of zoned hydrothermal alteration, intersected new mineralized zones and added valuable geological, structural and geochemical information. The drilling and geophysics work conducted by FQM has met all of Mundoro’s property commitments on the Southern Timok Properties until 2016 and has demonstrated merit for further exploration work on these, and newly identified targets.”
First Quantum Minerals Ltd. is growing metals and mining company producing mainly copper, nickel, zinc, gold and platinum group elements. With a geographically diversified portfolio and strategic plan to achieve 1.3 million tonnes per annum of copper production capacity within five years, First Quantum will possibly become one of the top five copper producers in the world.