Beowulf upbeat on recent results from Vardar's Madjan Peak

The AIM-traded firm said the grab sampling programme had been completed across the Madjan Peak gold target at its investment Vardar Mineral's Mitrovica licence in northern Kosovo.

It said anomalous results correlated well with gold in soils and alteration intensity, and confirmed the “significant scale” of the Madan Peak gold anomaly - an area of 1400 metres by 700 metres, which remained open to the east.

Sample results over one gram of gold per tonne included 7.2 grams, 4.6 grams, 2.8 grams, two grams, 1.5 grams, 1.3 grams, 1.3 grams and 1.1 grams per tonne.

In addition to the primary gold target, Beowulf said a new multi-element anomaly had been delineated to the south of the main peak.

That anomaly correlated well with anomalous rock grab samples, including individual samples with 0.79 grams of gold per tonne, with galena, or lead sulphide, veins apparent in some of the outcropping gossans, the board explained.

Beowulf said it owns 42.2% of Vardar Minerals - a UK-registered private exploration company with exploration licences in Kosovo.

“It is encouraging to get further confirmation of the extent of the Madjan Peak gold anomaly and for a number of grab samples to return such high-grade gold results,” said chief executive officer Kurt Budge.

“Vardar is now finalising plans for ground and airborne geophysical surveys over the target, which will get underway as soon as Covid-19 restrictions allow resources to be fully mobilised.

“Drilling would follow target definition and, all being well, could start in the coming months.”

Budge said the Mitrovica licence showed “real potential” for a discovery, with a number of prospective exploration targets, including gold at Madjan Peak and lead-zinc-silver and copper-zinc at Wolf Mountain.

“The targets at Mitrovica, and considering the Stan Terg mine, show potential for a much larger porphyry style mineralised system being present.”