REG - Beowulf Mining PLC - New Highly Prospective Vardar Licences

Beowulf MiningAnnouncement

16/12/2022 07:00

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RNS Number : 9186J  Beowulf Mining PLC  16 December 2022

 

 

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.

 

16 December 2022

Beowulf Mining plc

("Beowulf" or the "Company")

Highly Prospective Vardar Lead-Zinc-Silver Trend - New Licences

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development
company, is pleased to provide an update regarding two licences added to the
Vardar Minerals Ltd ("Vardar") exploration portfolio, both located along the
highly prospective Vardar lead-zinc-silver trend in northern Kosovo.
 Beowulf's owns 59.5 per cent. of Vardar.

Highlights:

·    Licences situated in the prospective Vardar lead-zinc-silver belt in
northern Kosovo along trend from historical mining districts;

·   Covering 115 square kilometres ("km(2)"), the new licences extend the
coverage of Vardar's Mitrovica and Shala exploration projects, both of which
display abundant evidence of active epithermal systems with associated
lead-zinc-silver and gold-silver-copper mineralisation;

·    New licences include prospective carbonate host rocks along with
Oligocene magmatic rocks which provide the heat and metal source in the
surrounding lead-zinc ore districts; and

·   Alteration and gossan outcrops have been noted in early reconnaissance
visits further demonstrating the potential for lead-zinc-silver mineralisation
in both of the licences.

See Figure 1, which shows the position of the new licences relative to
Vardar's existing Mitrovica and Shala licences and Vardar's main prospects
with sampled and drill tested mineralisation.

 

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"Since the end of Summer, we have had a number of positive announcements
regarding the successes being achieved by the Vardar team in Kosovo. Most
recently, the announcement of the Red Lead Target, displaying all the key
geological markers of the neighbouring Stan Terg deposit and mine, and now a
priority target for drilling in Spring 2023.

"The district being explored in northern Kosovo is highly prospective, with
abundant evidence of widespread lead-zinc-silver mineralisation, and the
addition of these 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."

 

Licence Information:

 Licence         Number  Term   Project Name  Renewal Date  Area (ha )
 2264/KPMM/2022  2986    1(st)  Shala East    17-Aug-25     7,878
 2291/KPMM/2022  3749    1(st)  Shala West    11-Oct-25     3,623

 

 

The minimum expenditures for each exploration licence for every licence year
is €10, €20 and €30 per hectare for the 1(st), 2(nd) and 3(rd) licence
years respectively.

Figure 1. Map illustrating the position of the newly awarded licences relative
to the existing Mitrovica and Shala licences. Vardar prospects with sampled
and drill tested mineralisation are highlighted in red.

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 3771 6993
 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.

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