Beowulf Mining (AIM: BEM)
Announced that the company has invested £1,000,000 in Vardar Minerals to fund drilling. The investment increases the Company’s ownership in Vardar from 51.4 per cent to 59.5 per cent approximately.
The rig has arrived on the Mitrovica licence and drilling is expected to start on Wolf Mountain zinc-lead-silver targets. […]
|Metals||Iron Ore, zinc, silver, gold, lead|
|Market cap||£58 million @ 7p per share|
Beowulf Mining’s Vardar to Begin Kosovo Drilling campaign
Start of Drilling in Kosovo
Beowulf (AIM: BEM), the mineral exploration and development company, is pleased to announce that the Company has invested £1,000,000 in Vardar Minerals Ltd (“Vardar”) to fund drilling. The investment increases the Company’s ownership in Vardar from 51.4 per cent to 59.5 per cent approximately.
The rig has arrived on the Mitrovica licence and drilling is expected to start on Wolf Mountain zinc-lead-silver (“Zn-Pb-Ag”) targets, before attention is turned to the Majdan Peak gold (“Au”) prospect. A total programme of approximately 3,400 metres is planned.
Wolf Mountain Drill Programme
Previous drilling and trenching at Wolf Mountain, completed in 2019, focussed on testing the depth extension and lateral continuity of mineralisation associated with widespread gossanous hydrothermal breccias. While results were able to prove the lateral continuity of mineralisation with several sub-economic intersections, further work was required to target potential higher-grade feeder structures which could produce economic results.
In 2020, the area was covered with extensive 3D Induced Polarisation (“IP”) campaign which identified a series of exceptionally high IP anomalies located on distinct northwest trends. The anomaly trends are clearly visible in ultra-high resolution drone magnetics collected during the same campaign and link with neighbouring Stan Terg and Zijika deposits as well as being supported by significant soil and rock sample anomalies.
The 2022 drill programme will focus on testing these anomalies to determine if they represent important feeder structures to the widespread mineralisation identified across Wolf Mountain.
The targets and planned drill holes are illustrated in Figure 1, follow link here
Majdan Peak Drill Programme
The Majdan Peak prospect, located adjacent to the Stan Terg deposit, is defined by a blanket of advanced argillic alteration typical of high sulphidation epithermal systems. Rock and soil sampling programmes have identified widespread and significant Au anomalies (<11 grammes per tonne (“g/t”) in rock samples and <0.36 g/t in soils). Results from 3D IP surveys have delineated prominent IP anomalies which are clearly associated with soil and rock anomalies at shallow depth. Associated resistivity results correlate well with mapped alteration, and likely model a resistive silica-rich cap. Importantly the IP suggests the best target is located at greater depth to the north of the soil anomalies below the modelled silica cap as would be expected in typical high-sulphidation Au deposits.
The 2022 drill programme will focus on drilling a selection of the most compelling IP targets on this prospect.
The targets and planned drill holes are illustrated in Figure 2, follow link here
Kurt Budge, Chief Executive Officer of Beowulf, commented:
“I am delighted that that Vardar has finally secured both licence renewals and been awarded the promising Shala licence; even more so that we are ready to start drilling a host of exciting targets across the Mitrovica licence.
“With this volume and extent of mineralisation across Wolf Mountain and Majdan Peak, we are optimistic that the IP anomalies represent high-grade portions of the mineralised systems we believe are present.
“Despite the unexplained share price movements over the last week, the Company’s prospects continue to improve across the business, and I will do a better job of communicating the same to shareholders.
“I look forward to updating the market with results from Kosovo.”