TIDMBEM
RNS Number : 1368D
Beowulf Mining PLC
17 February 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
17 February 2020
Beowulf Mining plc
("Beowulf" or the "Company")
Additional Copper-Zinc Target at Mitrovica and GBP50,000
Investment in Vardar
Beowulf (AIM: BEM; Spotlight : BEO), the mineral exploration and
development company, is pleased to announce that Vardar Minerals
("Vardar") has identified an additional copper-zinc exploration
target at its Mitrovica licence in Northern Kosovo and that Beowulf
has invested a further GBP50,000 in Vardar.
Highlights:
-- Mineralised gossans, which appear to be the surface
expression of hydrothermal breccias and stockworks, identified
through field mapping and sampling to the north and east of drill
tested mineralisation at Vardar's Wolf Mountain prospect, part of
the Mitrovica licence.
-- Significant anomalies returned from rock grab sampling and
soil sampling grids over the area.
-- Several rock samples with > 1% copper and up to 3% lead.
-- Soil samples routinely over 500ppm copper and up to 1% lead and zinc.
-- The area is considered a priority for follow-up geophysical
work which will be designed to identify targets for drill
testing.
-- Beowulf has invested a further GBP50,000 in Vardar, which
increases the Company's ownership of Vardar from 41.5% to
42.2%.
Funds will be used for testing of an automated terrain-following
drone which will be used to collect magnetic and magnetic IP
("MIP") and magnetometric resistivity ("MMR") data over priority
areas at Viti and Mitrovica. Results from the drone surveys will be
combined with 3D Induced Polarisation surveys to generate drill
targets.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"Vardar continues to deliver exciting exploration results with
the addition of another exploration target at Mitrovica. Our
understanding of the copper and gold porphyry potential at both
Mitrovica and Viti continues to develop.
"P orphyry deposits are very large, low grade, polymetallic
systems, that typically contain copper along with other metals,
such as gold, silver, zinc and lead.
"At Mitrovica, located near to the world class Stan Terg
lead-zinc-silver mine , which dates back to the 1930s and which is
estimated to have produced 34 million tonnes at 3.45 per cent lead,
2.3 per cent zinc and 80 g/t silver , potential not only exists for
the discovery of additional lead-zinc-silver deposits, but also for
the discovery of high-level epithermal gold deposits and for
copper-zinc deposits.
"It is simplistic to think of these targets, which occur along a
seven kilometre trend, in isolation. However, Vardar believes the
targets are all related to a potentially much larger porphyry style
mineralised system, based on meticulous geological mapping of
hydrothermal alteration and interpretation of trench, drill and
soil geochemical exploration data.
"Results from Wolf Mountain last September added significant
value in understanding the geometry of the target, which shares
many similarities to the Crnac Pb-Zn deposit (non-JORC compliant
3.5 million tonnes containing 8.1 per cent Pb, 3.2 per cent Zn, 120
g/t Ag) and the Zijaca Pb-Zn deposit (non-JORC compliant 5.2 Mt
containing 2.83 per cent Pb, 2.83 per cent Zn and 16 g/t Ag).
Zijaca is 3.3 kilometres southeast of Wolf Mountain along
trend.
"At Viti, initial stratigraphic holes, drilled last year,
intersected the correct alteration type, returning gold and visible
copper mineralisation, that indicates potential for the discovery
of a mineralised copper-gold porphyry in a hitherto unexplored
area.
"Beowulf's investment in Vardar added an exciting exploration
arm to the Company. Just over a year into the investment, Vardar
management, supported by Kosovan and regional geological experts,
have been able to make significant progress in Kosovo and we are
looking forward to a busy and fruitful year with further
exploration success.
" I look forward to keeping the market updated."
Summary of Work at Mitrovica
A detailed soil sampling programme was undertaken in the
northern portion of the Mitrovica license with the primary
objective of mapping and identifying additional or extensions to
mineralisation associated with the Wolf Mountain target. The area
to the immediate north and northeast of the drill tested lead-zinc
mineralisation was considered a priority after recent field mapping
programmes identified several gossans and distinctive north west
structural trends to mineralisation from the Zijaca deposit.
Field mapping and rock sampling were undertaken concurrently
with soil sampling. Mapping provided greater detail for areas
which, to date, have only been covered regionally along road
traverses. Mapping results were also used to provide context for
the soil sampling programme results. Further mapping was also
undertaken in the far northern portion of the Mitrovica licence to
infill areas with sparse coverage.
A total of 955 soil samples were collected and 304 mapping site
descriptions undertaken along with 14 petrography samples and 53
rock grab samples.
References:
-- Stan Terg - Strmić Palinkaš S, Palinkaš LA, Renac C,
Spangenberg JE, Lüders V, Molnar F, Maliqi G (2013) Metallogenic
model of the Trepča Pb-Zn-Ag skarn deposit, Kosovo: evidence from
fluid inclusions, rare earth elements, and stable isotope data.
Economic Geology 108:135-162..."With current reserves of 29 Mt of
ore at 3.45 per cent Pb, 2.30 per cent Zn, and 80 g/t Ag (ITT/UNMIK
2001 report), together with the past production of approximately 34
Mt of ore, the deposit represents an important source of metals in
the southeastern part of Europe."
-- Crnac - Resource estimate from the Mineral Deposits of Serbia
- Ore deposit database... "In 1981, the Crnac mine produced 60,000
tonnes at 7 per cent Pb and 2 per cent Zn, by sub-level open
stoping. Output should reach 150,000 tonnes/year by 1983. ITT/UNMIK
Mission (12/2000): Past production (1967-2000): 2,060,000 tonnes at
4.3 per cent Pb, 2.2 per cent Zn and 53 g/t Ag. Resources:
1,415,000t at 8.1 per cent Pb, 3.2 per cent Zn and 120 g/t Ag."
-- Zijaca (or Zijaçë or Zijača) - 1999 PhD thesis in Albanian
translated as "Geological and Structural Setting in the Trepča
Region".
Glossary:
Induced Polarisation (IP) - Variations in chargeability can be
diagnostic, for example, when aiming to characterize a mineral
deposit (e.g. Mt. Isa), where the chargeability of the mineralized
zone is often higher than the host rock. Often an induced
polarization (IP) experiment is performed with the Direct Current
Resistivity (DCR) hence they are often called DC-IP survey. Both
conductivity and chargeability distribution can be recovered from a
DC-IP survey.
Porphyry - The major products from porphyry copper deposits are
copper and molybdenum or copper and gold. The term porphyry copper
now includes engineering as well as geological considerations; It
refers to large, relatively low grade, epigenetic,
intrusion-related deposits that can be mined using mass mining
techniques.
Geologically, the deposits occur close to or in granitic
intrusive rocks that are porphyritic in texture.
There are usually several episodes of intrusive activity, so
expect swarms of dykes and intrusive breccias. The country rocks
can be any kind of rock, and often there are wide zones of closely
fractured and altered rock surrounding the intrusions. As is
described following, this country rock alteration is distinctive
and changes as you approach mineralization. Where sulphide
mineralization occurs, surface weathering often produces
rusty-stained bleached zones from which the metals have been
leached; if conditions are right, these may redeposit near the
water table to form an enriched zone of secondary mineralization.
(Source: Earth Science Australia)
Competent Person Review
The information in this announcement has been reviewed by Mr.
Chris Davies, a Competent Person ("CP"), 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 CP 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 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.
About Beowulf Mining plc
Beowulf's strategy is to build a sustainable and innovative
mining company, which creates shareholder value by developing
mining assets, delivering production and generating cash flow, and
in so doing meets society's ongoing need for minerals, metals and
economic prosperity.
Beowulf is developing a high-quality asset base, which is
diversified by geography and commodity, enabling it to
simultaneously advance several projects up the mining value curve
and create shareholder value.
Additionally, the Board of Directors continues to look beyond
the Company for value creation opportunities.
The Company's first priority remains the award of the
Exploitation Concession for Kallak North, and thereafter completing
the Scoping Study. The introduction of a strategic partner/investor
who understands the value of Kallak as a high-quality asset, which
could be in production within four to five years, is an ongoing
consideration, but does not preclude the Company from continuing to
add value to Kallak in the meantime.
Fennoscandian Resources ("Fennoscandian"), the Company's
graphite business, is pursuing a strategy to develop a 'resource
footprint' of natural flake graphite prospects that can provide
'security of supply' and enable Finland to achieve its ambition of
self-sufficiency in battery manufacturing. The Company is a
recipient of Business Finland funding, which is supporting
Fennoscandian to move downstream, and develop its knowledge in
processing and manufacturing value-added graphite products.
The Company owns 42.2 per cent of Vardar, a UK registered
exploration company with a focus on the metal endowed Balkan region
and one of the first companies to be awarded exploration licences
in Kosovo. Vardar holds exploration licences for the Mitrovica and
Viti projects. Both projects are located within the Tethyan Belt, a
major orogenic metallogenic province for gold and base metals which
extends from the Alps (Carpathians/Balkans) to Turkey, Iran and
Indochina, and contains several world class discoveries. The
Tethyan Belt of south-east Europe can be regarded as Europe's chief
copper-gold (lead-zinc-silver) province.
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771
Officer 6993
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470
0470
Blytheweigh
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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