Mundoro Begins Drilling for Gold at Tilva Rosh Prospect in Serbia
Canadian-based Mundoro has begun drilling at the Tilva Rosh gold prospect on the Savinac License in north-eastern Serbia.
The area in question previously reported trenching results of 12m of 30.39 g/t gold and 171.27 g/t silver, with the company confident this initial exploration work will lead into the discovery of a fruitful supply. A total of 1,000 metres is set to be drilled.
Teo Dechev, CEO and President of Mundoro said: “Initial exploration work at the Tilva Rosh prospect yielded very encouraging results as they demonstrated the potential for near surface, high grade mineralization of a low–sulphidation style system.
“The current drill program is designed to test the southern portion of a series of gold-in-soil anomalies spread over three kilometres of the broader Tilva Rosh hydrothermal system. We look forward to updating the market with the drill results and exploration along the broader system.”
Mundoro is a Canadian company focused on mineral acquisition, exploration, and development, with a primary focus on advancing its properties on the Tethyan Belt in Southeastern Europe, which is said to house significant gold-copper porphyry and other epithermal deposits.
Serbia has a tradition of mining which dates back to the Middle Ages when silver, gold and lead were extracted. There are many mineral deposits and major occurrences distributed throughout the country, though modern exploration methods and techniques had not been applied until very recently. Mundoro also hosts assets in Mexico and China.
More on the Serbian work can be found at: http://mundoro.com/serbia
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.