Beowulf Mining investment in Kosovo making solid progress

Mineral exploration and development company Beowulf Mining updated the market on its investment in Vardar Minerals, and soil sampling results for the prospective southern half of the Mitrovica Project in northern Kosovo, on Monday.

The AIM-traded firm said that, based on soil sample results, associated alteration, existence of gossans and rock grab sample results, three priority target areas had been identified.

It said Mitrovica South exhibited the potential for a large mineralised system, with soil sampling results identifying distinctive zinc, copper, lead, silver and gold anomalies in the southern part of the licence, extending laterally from known mineralisation, which it said suggested that the system could be larger than indicated by initial geological mapping.

Mitrovica South, meanwhile, was less than three kilometres from the Stan Terg lead, zinc and silver mine, which dated back to the 1930s and was estimated to have produced 34 million tonnes at 3.45% lead, 2.3% zinc and 80 grams per tonne of silver.

At the Madjan Peak Gold target, anomalous gold and silver assays had been returned for the eastern margin of the license, which the board said corresponded with previously-mapped advanced argillic alteration, identified historic gold workings and pits, and anomalous rock chip samples of up to 7.2 grams per tonne of gold.

The Madjan Peak Lower Slopes displayed elevated copper, zinc and gold in soil results, which possibly correlated with structurally-controlled mineralisation.

Beowulf said Vardar was planning to conduct direct current induced polarisation (DC-IP) surveys, the results of which - when combined with detailed magnetic data - would be used for defining drill targets.

“The Vardar team has provided the basis for another exciting announcement, with the definition of three exploration targets in the southern part of the Mitrovica license: base, including copper, and precious metals across Mitrovica South; gold at Madjan Peak; and copper-zinc-gold on the lower slopes on Madjan Peak,” said Beowulf chief executive officer Kurt Budge.

"As with Wolf Mountain, the next phase of work for Madjan Peak and Mitrovica South will be DC-IP and magnetic surveys, which will help determine drill targets.”

Budge said the Beowulf board was convening in Kosovo this week, visiting both Mitrovica and Viti, and discussing with Vardar management plans for 2020.

“We are also expecting an update on this year's exploration programme at Viti and I look forward to keeping the market updated on further progress in Kosovo.”