US mining firm Freeport-McMoRan Exploration has signed an option agreement to earn-in to Mundoro Capital’s Savinac and Bacevica exploration licences (the Freeport-Mundoro JV Project) located within the southern portion of the Timok Magmatic Complex in Serbia.

Timok hosts the Cukaru-Peki deposit and producing mines such as the Bor copper porphyry underground mine and the Veliki Krivelj copper-gold porphyry open-pit mine.

Under the terms of the agreement, Freeport has an option to acquire up to a 75% interest in the Freeport-Mundoro JV Project over two phases by incurring expenditures of up to $45m.

“Realising value for our mineral property portfolio of over ten licences with multiple targets on various licences is one of our corporate priorities.”

Mundoro CEO and president Teo Dechev said: “This agreement is our third partnership in Serbia, which reflects the continued industry interest in Timok, the Tethyan Belt and demonstrates the prospectivity of Mundoro’s land package within this region.

“Realising value for our mineral property portfolio of over ten licences with multiple targets on various licences is one of our corporate priorities.”

Spread over an area of 90km², the Savinac licence is located 15km southwest of the Bor Mine.

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An area of hydrothermal alteration covering 14km² in the property contains epithermal and porphyry targets marked by Cu-Mo-Au-Ag-Pb-Zn geochemical anomalies.

Previous exploration work within the hydrothermal alteration identified the Tilva Rosh epithermal gold target, which contains 12m of 30g/t gold and 171g/t silver.

According to Mundoro, the targets identified so far with the Savinac licence either require additional exploration work or remain untested.

Meanwhile, the Bacevica licence covers an aggregate area of 148km² and is located directly south of the Savinac licence.

The property hosts 8km of hydrothermal alteration that is linked to the hydrothermal alteration in Savinac to the north.

Activities completed to date on the property include geological mapping, rock and soil sampling, and ground magnetics.

Furthermore, Mundoro tested several targets with shallow, reverse circulation, scout drilling.