TIDMBEM
RNS Number : 6696Y
Beowulf Mining PLC
08 September 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.
08 September 2022
Beowulf Mining plc
("Beowulf" or the " Company ")
Majdan Peak analysis generates additional compelling exploration
targets and increase the significant 'district' potential
Beowulf (AIM: BEM; Spotlight : BEO), is pleased to announce the
positive conclusions from additional analysis of drilling and
exploration activities in and around the Majdan Peak South ("MPS")
target within the Mitrovica licence in Kosovo, which has produced
new exploration targets each of which could represent an economic
deposit.
The MPS target is one of several base and precious metal targets
on the periphery of the large polymetallic epithermal system at
Majdan Peak ("MP"), the discovery of which was announced by the
Company on 22 August 2022. Moving south from MP, we now have the
drill tested target of MPS, and anomalous IP, rock chip and soil
assays presenting at Gold Ridge and Red Lead.
Vardar's exploration results, from fieldwork, geophysical
surveys and drilling, continue to support the case for further
investment and work. The main objective is to discover an economic
deposit, and recent drilling shows the potential of MPS and other
targets to host economic concentrations of base and precious metal.
Each phase of exploration is adding data and building the
picture.
Highlights from additional analysis:
-- All three drillholes into the MPS target intersected abundant
base and precious metal mineralisation, including silver ("Ag"),
lead ("Pb"), zinc ("Zn") and copper ("Cu"), demonstrating the
potential for a deposit in the right geological conditions,
chemical and/or structural, known as a trap-site, which literally
traps metal in a specific location, and which we hope to intersect
with a further drilling.
-- In addition, several noteworthy precious metal intersections,
silver ("Ag") and gold ("Au") were also returned, including:
o Drillhole MP002: 8.8 metres ("m") at 0.34 grammes per tonne
("g/t") Au, including 0.9m at 1.52 g/t Au and 20 g/t Ag; and
o Drillhole MP003: 36.4m at 19 g/t Ag, 0.5 per cent Pb and 0.2
per cent Zn, including:
-- 1.5m at 128 g/t Ag, 0.35 per cent Cu, 1.5 per cent Pb and 0.3
per cent Zn;
-- 1.1m at 71 g/t Ag, 0.1 per cent Cu, 0.7 per cent Pb and 0.3
per cent Zn;
-- 1.0m at 50 g/t Ag, 0.2 per cent Cu, 0.5 per cent Pb and 0.3
per cent Zn;
-- 4.8m at 44 g/t Ag and 0.7 per cent Pb; and
-- 1.1m at 46 g/t Ag, 2.7 per cent Pb and 0.6 per cent Zn.
-- The MPS target remains open ended to the west and east with
geophysical and surface mapping data indicating a strike length of
over 600m.
-- In addition to MPS, other drill-ready targets on the
periphery of the prime target, the Majdan Peak hydrothermal system,
reinforce the significant potential in the licence area and
include:
o Gold Ridge - defined by a 300m long induced polarisation
("IP") anomaly where rock chip grab samples have returned Au
results of up to 7.2 g/t.
o Red Lead - defined by significant Zn and Au rock sample
anomalies along a broad one kilometre long multi-element soil
sample anomaly. Associated IP anomalies further support the soil
and rock sample anomalies.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"It's very exciting to follow the recent announcement of the
discovery of a large polymetallic epithermal system (RNS dated 22
August 2022) with today's announcement of new base and precious
metal targets around the prime Majdan Peak target. Each of these
peripheral targets has the potential to contain economic
mineralisation and justifies further drill testing.
"The highlighted MPS intersections demonstrate the significant
exploration potential of this district. At this stage in the
programme, the amount of metal being seen in the system is
extraordinary and is providing us with numerous exploration targets
on the doorstep of the adjacent Stan Terg deposit.
"The Vardar team continues to make excellent progress and, while
exploration is often thought to be speculative in nature, we are
building a significant knowledge bank, which supports further
investment and drilling.
"We are now working with the Vardar team on plans for more
drilling this year, aimed at the new targets to maximise our
chances of making a new discovery, and I look forward to providing
further updates on progress."
MPS and Gold Ridge Targets
The Majdan Peak prospect is situated in the central portion of
the Mitrovica licence area, defined by a zone of intense argillic
and advanced argillic alteration which forms a prominent hilltop.
Distinct ridges to the south of the main prospect define the MPS
target and Gold Ridge target, both of which are related to the same
significant hydrothermal system which is also responsible for
mineralisation at the neighbouring skarn/carbonate-replacement Stan
Terg deposit.
A 3D induced polarisation and resistivity (IP/DC) survey carried
out over the entire prospect in 2020/21 identified prominent
chargeability anomalies associated with both MPS and Gold Ridge
targets. Both targets have highly anomalous rock grab gold results
with Gold Ridge, in particular, returning several samples with over
1 g/t Au including a sample with 7.2 g/t Au.
As part of its 3,479m Kosovo drilling programme, 3 holes
totalling 644m were drilled into the MPS target using the prominent
chargeability anomaly to site the hole positions. All three holes
intersected intense argillic alteration with several zones of
advanced argillic alteration, along with abundant sulphides
including base metal mineralisation (galena, sphalerite and
chalcocite). The logged pyrite content correlates well with the
position of the IP anomaly confirming the causative source.
All drill core was cut along the orientation line before
selecting half-core samples for analysis. Samples were prepared and
analysed at ALS laboratories along with appropriate reference
material and duplicates using multielement ICP-MS, gold fire assay
and SWIR spectrometry.
MPS Results
All three holes intersected abundant base metal mineralisation
with a background average of more than 0.2 per cent Pb-Zn for the
644m drilled, demonstrating the potential for a significant base
metal deposit in the right trap-site.
Within the broad zones of Pb-Zn mineralisation, intersections of
highly anomalous Ag, Cu and Pb-Zn in drillhole MP003 provide
encouragement for potential economic concentrations of
mineralisation along the 600m strike length.
Intersections of anomalous shallow Au-Ag mineralisation in MP001
associated with the mapped advanced argillic ridge, highlight the
additional precious metal component of this target. Of interest is
the fact that the mineralisation typically occurs on the margins of
the pyrite zone which forms the main IP anomaly rather than having
a direct association.
MPS and Gold Ridge represent compelling targets immediately
surrounding the main Majdan hydrothermal system which add to the
scale of the exciting prime Majdan Peak target.
Red Lead and Wolf Mountain Targets
The Red Lead target is located three kilometres south of Majdan
Peak and is notable for its Zn, Cu and Pb anomalies in soil and
rock grab samples associated with outcropping trachyte dyke/sills.
A weak to moderate chargeability anomaly has been identified
associated with anomalous soil sampling results.
The Wolf Mountain target forms part of an extensive mineralised
set of satellite deposits to, and along trend from the world-class
Stan Terg deposit mine (estimated 63 million tonnes at 3.5 per cent
Pb, 2.3 per cent Zn and 80 g/t Ag - based on past production and
estimated remaining reserves at the same grade).
The Wolf Mountain target is expressed on surface as an extensive
four kilometre gossan which expands laterally on its northern
margin under a cap of volcanoclastic rocks. Drill and trench
programmes carried out in 2019 were able to confirm the lateral
extension of mapped Pb-Zn-Ag mineralisation over an area of 800 x
400 metres under a hilltop on the northern part of the target.
Trench results include 12.5m at 2.01 per cent Pb, 3.17 per cent
Zn and 18 g/t Ag, and drill results include 6.6m at 1.27 per cent
Pb, 0.91 per cent Zn and 8 g/t Ag and 4.3m at 2.69 per cent Pb, 0.4
per cent Zn & 16 g/t Ag. 3D IP surveys undertaken in 2020
identified significant chargeable anomalies below the main hilltop
which may represent higher grade feeder structures providing future
drill targets.
The Wolf Mountain and Red Lead Targets both represent compelling
drill-ready base and precious metal targets in proximity to the
prime Majdan Peak target.
Tables of significant intersections (2022)
Table 1. Au drillhole intersections
Drillhole From To Length Gold intersection Including
=========== ====== ====== ======= ================== ========================
3.1m @ 0.20
MP001 110.2 113.3 3.1 g/t Au
====== ====== ======= ================== ========================
8.8m @ 0.34 0.9m @ 1.52 g/t Au & 20
MP002 22.7 37.5 14.8 g/t Au g/t Ag
====== ====== ======= ================== ========================
Table 2. Ag (+- Pb and Zn) drillhole intersections
Drillhole From To Length Silver composite intersections
=========== ====== ====== ======= ====================================
MP001 177.5 179.5 2. 0 2.0m @ 11 g/t Ag, 1.0% Pb & 0.4% Zn
====== ====== ======= ====================================
MP001 211.1 212.2 1.1 1.1m @ 11 g/t Ag, 0.9% Pb & 0.2% Zn
====== ====== ======= ====================================
MP002 14.2 16.2 2. 0 2.0m @ 10 g/t Ag & 1.1% Pb
====== ====== ======= ====================================
MP002 30.7 31.6 0.9 0.9m @ 20 g/t Ag
====== ====== ======= ====================================
MP002 133.2 134.3 1.1 1.1m @ 14 g/t Ag, 0.3% Pb & 0.3% Zn
====== ====== ======= ====================================
MP003 46.6 47.6 1. 0 1.0m @ 11 g/t Ag, 1.3% Pb & 0.2% Zn
====== ====== ======= ====================================
1.0m @ 50 g/t Ag, 0.2% Cu, 0.5% Pb
MP003 144.5 145.5 1. 0 & 0.3% Zn
====== ====== ======= ====================================
MP003 149.5 150.6 1.1 1.1m @ 71 g/t Ag, 0.7% Pb & 0.3% Zn
====== ====== ======= ====================================
MP003 151.7 155.9 4.2 4.2m @ 24 g/t Ag, 1.7% Pb & 0.4% Zn
====== ====== ======= ====================================
1.5m @ 128 g/t Ag, 0.3% Cu, 1.5% Pb
MP003 156.7 158.2 1.5 & 0.3% Zn
====== ====== ======= ====================================
MP003 159.2 164 4.8 4.8m @ 44 Ag & 0.7% Pb
====== ====== ======= ====================================
MP003 166.1 168.2 2.1 2.1m @ 17 Ag, 1.2% Pb & 0.3% Zn
====== ====== ======= ====================================
MP003 166.1 168.2 2.1 2.1m @ 17 Ag, 1.2% Pb & 0.3% Zn
====== ====== ======= ====================================
1.5m @ 128 g/t Ag, 0.3% Cu, 1.5% Pb
MP003 156.7 158.2 1.5 & 0.3% Zn
====== ====== ======= ====================================
Tables of significant intersections (2019)
Table 3. Trench sample results from Wolf Mountain
Intersection# Length Ag (g/t) Pb (%) Zn (%)
(m)
WM_T01 1 18.0 12 1.55 0.32
-------------- ------- --------- ------- -------
2 51.0 11 1.43 1.87
-------------- ------- --------- ------- -------
Including 12.5 18 2.01 3.17
-------------- ------- --------- ------- -------
WM_T02 1 18.0 10 2.70 0.55
-------------- ------- --------- ------- -------
2 8.0 14 3.60 0.64
-------------- ------- --------- ------- -------
WM_T03 1 8.0 13.20 1.20 0.0
-------------- ------- --------- ------- -------
2 13.0 6.00 1.60 0.0
-------------- ------- --------- ------- -------
WM_T04 1 20.0 0.00 0.27 0.5
-------------- ------- --------- ------- -------
Table 4. Drill intersection results from Wolf Mountain
Drillhole DH thickness Pb Zn (%) Core
(m) (%) loss
(m)
WM001 14.1 1.20 0.36 4.55
------------- ----- ------- ------
WM002 5.9 0.41 0.10 0.4
------------- ----- ------- ------
WM003 5.2 0.08 1.40 0.4
------------- ----- ------- ------
WM004 8.7 1.27 0.91 0.2
------------- ----- ------- ------
20.9 1.40 3.8
------------- ----- ------- ------
WM005 6.2 0.80 0.56 1.7
------------- ----- ------- ------
WM006 19.3 0.08 1.38 5.4
------------- ----- ------- ------
WM007 4.3 2.69 0.40 0.32
------------- ----- ------- ------
WM008 7.8 0.27 0.26 0.4
------------- ----- ------- ------
WM009 3.0 1.29 0.63 0.2
------------- ----- ------- ------
WM010 2.0 2.45 0.3
------------- ----- ------- ------
WM011 16.6 0.24 0.19 3.0
------------- ----- ------- ------
Figure 1. Locality map illustrating the extent of the alteration
system (grey) from field mapping with high-chargeability IP
anomalies overlain (pink). Drill collars are illustrated as green
circles. Note the position of the Stan Terg
skarn/carbonate-replacement deposit to the east.
Figure 2. Plan (top) and 3D view (bottom) illustrating
intersections into the MPS target. Note the extension of
mineralisation to the east with distinct gold and silver - base
metal trends.
Figure 3. Locality map illustrating the position of the Wolf
Mountain target relative to Majdan Peak. 2019 drill and trench
results are highlighted in (black and blue respectively).
Glossary
g/t - grammes per tonne
Gossan - is an intensely oxidised, weathered or decomposed rock,
usually the upper and exposed part of an ore deposit or mineral
vein.
Hydrothermal Alteration - also referred to as wallrock
alteration, is a general term that encompasses many processes by
which rock-forming minerals are altered due to reactions
accompanying the flow of heated aqueous fluids along fractures and
grain boundaries.
Induced Polarisation (IP) - Variations in chargeability can be
diagnostic, for example, when aiming to characterise a mineral
deposit, where the chargeability of the mineralised zone is often
higher than the host rock. Often an Induced Polarisation (IP)
experiment is performed with the Direct Current Resistivity (DCR)
hence they are often called IP-DC survey. Both conductivity and
chargeability distribution can be recovered from an IP-DC
survey.
Inductively coupled plasma mass spectrometry (ICP-MS) is a type
of mass spectrometry that uses an inductively coupled plasma to
ionize a sample.
Shortwave infrared (SWIR) spectroscopy is a non-destructive and
rapid technique used to identify alteration minerals and
approximate their composition, detecting minerals such as
phyllosilicates, clays, carbonates, and selected sulphates.
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 Tel: +44 (0) 20 7583 8304
Officer
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470 0470
/ Adam Cowl
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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