REG - Beowulf Mining PLC - Vardar Minerals Update

Beowulf MiningAnnouncement

02/11/2023 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231102:nRSB1162Sa&default-theme=true

RNS Number : 1162S  Beowulf Mining PLC  02 November 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.

 

 

2 November 2023

Beowulf Mining Plc

 

("Beowulf" or the "Company")

 

Vardar Minerals Update

 

Beowulf (AIM: BEM; Spotlight: BEO), and its 61.1% owned subsidiary Vardar
Minerals Limited ("Vardar"), are pleased to provide an update on recent
exploration activity on its projects in Kosovo.

 

 

Highlights

 

Shala Central Licence

·    Exploration activity including mapping, surface sampling and
drone-magnetics highlights significant coincident geochemical and geophysical
anomalies.

·    Encouraging grab sample results up to 3.3% zinc ("Zn") and 1.02% lead
("Pb") collected from gossans during the mapping.

·    Geochemical anomalies extend for approximately two kilometres ("km")
of strike with soil samples of up to 1.3% zinc and 0.5% lead with elevated
copper and arsenic.

Shala East Licence

·    Recent mapping of three primary targets with soil and grab sample
results pending.

 

 

Ed Bowie, Chief Executive Officer of Beowulf, commented:

 

"The exploration team has been busy over the summer period, mapping, surface
sampling and subsequently flying drone magnetics over part of the Shala
Central licence, contiguous with the Company's Mitrovica licence package in
northern Kosovo.

 

"The significant extent and tenor of the metal-in-soil anomaly and its
coincidence with the magnetic high, makes it an extremely encouraging target
warranting further follow-up."

 

 

Exploration activity and results

 

The Shala Central licence is 87km(2) in area; it is situated to the north and
is contiguous with the Company's Mitrovica licence package. The licence was
awarded in 2021 with limited reconnaissance work completed during 2022 prior
to the current exploration programme. Initial activity focused on the eastern
portion of the licence with further work carried out in the north, as
highlighted in the map below. This initial work consisted of mapping and
rock-chip and grab sampling.

 

Figure 1: Vardar's Mitrovica licence package

 

The geology of the Shala Central licence is dominated by the Jurassic and
Cretaceous ophiolite sequence with mafic, ultramafic and
serpentinite-listwanite units identified. Locally, Oligo-Miocene
volcanoclastic and intrusive bodies are observed. Silicification, argillic and
advanced argillic alteration was extensively observed and mapped. Major north
west-south east striking faults are mapped bisecting the licence and appear to
off-set alteration and mineralisation.

Figure 2: Geology of the Shala Central licence dominated by ophiolite sequence

 

Extensive outcrop occurs across the eastern portion of the licence enabling
historic regional scale mapping to be corroborated and enhanced. In total,
2,444 field observation points have been recorded and 516 outcrop and float
samples collected and analysed using the Company's handheld XRF device. Of
particular note is significant gossanous outcrop identified during the
mapping, indicative of potential significant sulphide mineralisation and
containing elevated metal values.

 

 

Figure 3: Gossanous outcrop mapped in the eastern portion of the Shala Central
licence

 

The mapping was followed up with systematic soil sampling, initially on a 200
metre ("m") by 50m grid with further infill sampling on 50m by 50m. Samples
were prepared and analysed with a handheld XRF device by Vardar geologists
and, as with the rock-chip and float samples, standard QAQC procedures were
followed including the use of blanks, standards and duplicates.

 

The geochemical data shows a highly anomalous zone, offset from a major
structural fault lying to the south and trending north west-south east. This
fault appears to be a significant controlling structure with no magnetic
signature and alteration to its south. The geochemical anomaly also wraps
around an intrusive body, identified both from mapping and geophysics.

 

Supplementing the geochemical data, the Vardar team also flew a close spaced
drone magnetic survey over the eastern portion of the Shala Central tenement.
The survey was broken into 18 blocks each 700m by 700m in area with lines
flown on 25m spacing and at 50m above ground level for a total of 27km per
block. Additionally, tie lines were flown on 250m spacing to ensure data from
each line and block could be linked appropriately with its neighbours. In
total, 489km were flown covering approximately 25% of the total Shala Central
licence area.

 

 

Figure 4: Drone-magnetic survey lines - single block

 

The magnetic data highlighted a number of interesting features, including the
round magnetic high in the centre of the survey, postulated to be an intrusive
body around which the geochemical anomalies appear to wrap, and which has
important implications as a heat source and potential mechanism for
concentrating metals. Furthermore, a strongly magnetic feature, sub-parallel
to the north west-south east fault, is coincident with the geochemical anomaly
highlighted above.

 

Figure 5: Coincident geochemical zinc-in soil anomaly with magnetic high

 

Current and future work programme

 

Following the success of the current programme in the eastern portion of the
Shala Central licence, further follow-up and infill sampling will be completed
and extended into the western portion of the licence.

 

In addition, a mapping and sampling programme was initiated in the Shala East
licence focusing on three areas identified as intrusive centres from historic
regional-scale mapping (see Figure 1). Access to this licence has improved
significantly with a paved road built for the installation and servicing of a
wind farm. In addition to improved access, the road-cuts provide significant
fresh outcrop for mapping and sampling. Systematic soil, float and rock-chip
sampling is being carried out and results will be released in due course.

 

 

Enquiries:

 Beowulf Mining plc
 Ed Bowie, CEO                              ed.bowie@beowulfmining.com
 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

 

About Beowulf Mining plc

 

Beowulf Mining is a mining company with main activities in exploration and
development in Sweden, Finland and Kosovo. Beowulf's portfolio is diversified
by commodity, geography and stage of development of the
projects and consists primarily of iron ore, graphite, gold and base metals.
Beowulf Mining is headquartered in London, England.

 

 

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
forecast.

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  UPDBBBBTMTJMTTJ