TIDMBEM
RNS Number : 1162S
Beowulf Mining PLC
02 November 2023
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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 Tel: +44 (0) 20 3470
/ Adam Cowl 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.
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