Beowulf upbeat on new results from Mitrovica licence

The AIM-traded firm said Mitrovica is being explored by Vardar Minerals, in which Beowulf is a 59.5% shareholder.

It said the Red Lead target was defined by a two-kilometre east-northeast trending lead-zinc-copper-gold soil sample anomaly. along with mineralised trachyte bodies with up to 3% zinc from rock sampling.

The target was also defined by “prominent” induced polarisation anomalies indicative of potential sulphide metal sources, and hydrothermal breccias and gossanous outcrops.

Detailed mapping identified marble units along with gossans, trachyte bodies and carbonate alteration, which Beowulf said further highlighted the potential for carbonate-replacement style lead-zinc-silver mineralisation.

Several outcrops of marble in the basement host rocks could provide an ideal trap-site for metal-rich hydrothermal fluids.

The company said the “important target” shared the same host rocks, trachyte heat source, hydrothermal breccias and hydrothermal alteration pattern as the neighbouring Stan Terg deposit, located equidistant from the Majdan Peak high-sulphidation epithermal target.

Beowulf described the developing picture being “as expected”, with “textbook” geological models.

“Following on from the announcement of the discovery in August of the large polymetallic epithermal system at Majdan Peak, and the announcement in September with the results of drill intersections for Majdan Peak South and more drill targets, these results lead us to believe that Vardar's licences could hold some of the most prospective exploration tenure in Europe for gold and base metals,” said Beowulf chief executive officer Kurt Budge.

“As the weather finally turns colder in Kosovo, drilling will shortly be suspended until Spring 2023.”

Budge said assays from the latest programme were expected in January, adding that work would continue on interpreting the latest findings.

“To add to the growing list of exploration targets at Mitrovica, we now have Red Lead, which displays all the key geological markers of the neighbouring Stan Terg deposit and mine, and which is a priority target for drilling in spring 2023.”

At 1555 GMT, shares in Beowulf Mining were up 1.76% at 4.33p.

Reporting by Josh White for Sharecast.com.