REG - Beowulf Mining PLC - Further investment in Vardar Minerals

Beowulf MiningAnnouncement

12/01/2023 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230112:nRSL4510Ma&default-theme=true

RNS Number : 4510M  Beowulf Mining PLC  12 January 2023

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

12 January 2023

Beowulf Mining plc

("Beowulf" or the "Company")

Further investment in Vardar Minerals ahead of 2023 Exploration Programme

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development
company, is pleased to announce that the Company has invested £250,000 in
Vardar Minerals Ltd ("Vardar"). The investment increases the Company's
ownership in Vardar from 59.5 per cent to 61.1 per cent approximately. This
funding will be used to start preparations for the 2023 exploration programme.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

 

"Vardar achieved fantastic exploration success in 2022, which saw the Company
identify an extensive mineralised epithermal system with numerous gold, silver
and base metal exploration targets.

"The next phase of work will build on last year's results and this investment
is funding preparations for drilling, with holes designed to test the best
portions of each of the exploration targets, and cost-effective mapping and
sampling programmes which will continue across our new licences, which have
already identified several base metal anomalies.

"We are particularly excited by the highly prospective Red Lead Target, which
displays all the key geological markers of the neighbouring Stan Terg deposit
and mine and is now a priority target for drilling in Spring 2023.

"As stated in our December announcements on Vardar, the district being
explored in northern Kosovo is highly prospective, with abundant evidence of
widespread lead-zinc-silver mineralisation, and the addition of new licences
to Vardar's portfolio is a further exciting development. The Vardar team
continues to use state-of-the-art exploration methodologies in the process of
identifying new opportunities and is maintaining a competitive first-mover
advantage in the region.

"Vardar's expanded licence position has established a dominant land holding in
the highly prospective areas surrounding the Stan Terg lead-zinc-silver mine."

 

Overview of 2023 Exploration Programme

A drill focussed exploration programme is being planned, building on the
exploration success delivered in 2022, with holes designed to test the best
portions of each of the exploration targets and identify potential economic
mineralisation.

Primary objectives for the drill programme include:

1.   Drill testing the Red Lead Target to identify potential
lead-zinc-silver mineralisation associated with mineralised hydrothermal
breccias in contact with marble units;

2.   Deeper drilling at Majdan Peak ("MP") targeting high-grade feeder
structures at the base of the high-sulphidation epithermal system;

3.   Drill testing along strike of base and precious metal mineralisation
intersected at Majdan Peak South ("MPS"); and

4.   Drilling of the Gold Ridge Target to the south of MPS.

Other exploration activities will include:

1.   Continuation of soil sampling, rock grab sampling, mapping and
high-resolution drone magnetics on the Shala licences in order to delineate
new drill ready targets; and

2.   In addition, three drill holes targeting porphyry and lithium targets
are planned at the Viti licence in Southeast Kosovo.

 

Previous Announcements:

16 December 2022 - Highly Prospective Vardar Lead-Zinc-Silver Trend - New
Licences

https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/xo1yz9r
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/xo1yz9r%0d)

New licences, Shala East and West, have been awarded and extend Vardar's first
mover advantage in the highly prospective area surrounding the Stan Terg
lead-zinc-silver mine district.

The world-class Stan Terg deposit is a neighbour to Vardar's Mitrovica licence
(63 million tonnes at 3.5 per cent lead, 2.3 per cent zinc and 80 grammes per
tonne silver - based on past production and estimated remaining reserves at
the same grade).

14 December 2022 - Red Lead - Highly prospective Lead-Zinc-Silver Exploration
Target Identified

https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/rg9qm3x
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/rg9qm3x)

Field mapping at the Red Lead Target, which is defined by a multi-element soil
sampling anomaly with associated Induced Polarisation ("IP") anomalies, has
identified several mineralised trachyte bodies, hydrothermal breccias, gossans
and marble units in the basement rocks providing a promising target which is
analogue to the World-class Stan Terg mine located just two kilometres East
Northeast.

21  November 2022 - Start of Drilling into Majdan Peak Polymetallic Targets
in Kosovo

https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/w13416r
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/w13416r)

8 September 2022 - Majdan Peak analysis generates additional compelling
exploration targets and increase the significant 'district' potential

https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/xl81vpw
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/xl81vpw)

Three diamond drill holes, totalling 644 metres ("m"), into MPS intersected
noteworthy silver, gold and base metal intersections highlighting the
potential for this 600m strike-length target to host economic mineralisation.

22 August 2022 - Exploration Drilling in Kosovo Discovers Large Polymetallic
Epithermal System

https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/wvj8epw
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/wvj8epw)

Diamond drilling, consisting of 11 holes totalling 2,497m, into MP, identified
a large polymetallic epithermal system with anomalous gold, silver and base
metal intersections. This significant metal-rich system has likely introduced
the lead-zinc-silver mineralisation into the neighbouring Stan Terg deposit
and surrounding Vardar targets.

 

Beowulf's Investment in Vardar

Since Beowulf's first investment in Vardar in November 2018, the Company has
invested approximately £3.35 million and owns 61.1 per cent of Vardar. Vardar
gives Beowulf exposure to the highly prospective exploration potential of the
Tethyan Belt, a major orogenic metallogenic province for gold and base
metals.

Throughout the last four years the Vardar team has delivered exciting results
for both the Mitrovica licence which has several exploration targets,
including lead, zinc, copper and gold, and also the Viti licence which is
showing potential for copper-gold porphyry mineralisation and lithium.

 

Glossary

 

 

Hydrothermal Alteration - also referred to as wallrock alteration, is a
general term that encompasses many processes by which rock-forming minerals
are altered due to reactions accompanying the flow of heated aqueous fluids
along fractures and grain boundaries.

 

Induced Polarisation (IP) - Variations in chargeability can be diagnostic, for
example, when aiming to characterise a mineral deposit, where the
chargeability of the mineralised zone is often higher than the host rock.
Often an Induced Polarisation (IP) experiment is performed with the Direct
Current Resistivity (DCR) hence they are often called IP-DC survey. Both
conductivity and chargeability distribution can be recovered from an IP-DC
survey.

 

 

 

Qualified Person Review

 

The information in this announcement has been reviewed by Mr. Chris Davies, a
Qualified Person ("QP"), who is a Fellow of the Australasian Institute of
Mining and Metallurgy.  Mr. Davies has conducted a desktop review of source
documents and data which underpin the technical statements disclosed herein
and approves the disclosure of technical information in the form and context
in which it appears in this announcement, in his capacity as a QP as required
under the AIM rules.  Mr. Davies has visited Vardar's Mitrovica and Viti
projects in Kosovo.

 

Mr. Davies has sufficient experience, that is relevant to the content of this
announcement, to qualify as a Competent Person ("CP") as defined in the 2012
Edition of the "Australasian Code of Reporting of Exploration Results, Mineral
Resources and Ore Reserves".

 

Mr. Davies BSc (Hons) Geology, MSc DIC Mineral Exploration, FAusIMM, is a
Non-executive Director of Beowulf and is an exploration/economic geologist
with more than 35 years' experience in the mining sector.

 

 

Enquiries:

 Beowulf Mining plc
 Kurt Budge, Chief Executive Officer        Tel: +44 (0) 20 7583 8304
 SP Angel

 (Nominated Adviser & Broker)
 Ewan Leggat / Stuart Gledhill / Adam Cowl  Tel: +44 (0) 20 3470 0470
 BlytheRay
 Tim Blythe / Megan Ray                     Tel: +44 (0) 20 7138 3204

 

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's
current plans, estimates, strategies and beliefs, and other statements that
are not historical facts, are forward-looking statements about the future
performance of Beowulf. Forward-looking statements include, but are not
limited to, those using words such as "may", "might", "seeks", "expects",
"anticipates", "estimates", "believes", "projects", "plans", strategy",
"forecast" and similar expressions. These statements reflect management's
expectations and assumptions in light of currently available information. They
are subject to a number of risks and uncertainties, including, but not limited
to , (i) changes in the economic, regulatory and political environments in the
countries where Beowulf operates; (ii) changes relating to the geological
information available in respect of the various projects undertaken; (iii)
Beowulf's continued ability to secure enough financing to carry on its
operations as a going concern; (iv) the success of its potential joint
ventures and alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding any mineral
project at an early stage of its development, the actual results could differ
materially from those presented and forecast in this document. Beowulf assumes
no unconditional obligation to immediately update any such statements and/or
forecasts.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLBRGDBDXBDGXB