TIDMBEM
RNS Number : 4685H
Beowulf Mining PLC
25 March 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.
25 March 2020
Beowulf Mining plc
("Beowulf" or the "Company")
Beowulf Co-Invests with Vardar in Gold Target Soil Sampling
Programme
Beowulf (AIM: BEM; Spotlight : BEO), the mineral exploration and
development company, is pleased to announce that the Company has
co-invested alongside founders and existing shareholders in Vardar
Minerals ("Vardar") to fund a soil sampling programme across the
Madjan Peak gold target at Vardar's Mitrovica licence in Northern
Kosovo.
Highlights:
-- Beowulf has invested GBP30,000 alongside founders and
existing shareholders in Vardar, who themselves have invested
GBP40,000. The total proceeds from the fundraising amounted to
GBP70,000.
-- Beowulf has maintained its 42.2 per cent ownership interest in Vardar.
-- Funds will be used to continue exploration works in Kosovo,
as permitted to do so under COVID-19 restrictions. All works will
be carried out in accordance with Kosovan Government advice and
Vardar's health, safety and emergency protocols.
-- At the Madjan Peak, infill soil geochemistry sampling will be
carried out over an approximate one square kilometre gold
anomaly.
The Madjan Peak gold target has returned anomalous gold and
silver assays along the eastern margin of the license,
corresponding with previously mapped advanced argillic alteration,
identified historic gold workings/pits and anomalous rock chip
samples (up to 7.2 grammes per tonne gold). Gold values correlate
well with arsenic, which provides a useful (more sensitive)
corresponding dataset to define anomaly positions.
Previous soil sampling was completed on a 200 metre x 50 metre
grid. Spacing will be reduced to 50 metre x 50 metre in order to
provide better definition for drill targets.
-- Vardar will also fly an ultra-detailed drone magnetic survey
over its entire licence package, Mitrovica and Viti. Vardar has
acquired the drone, sensors and support equipment and has developed
flight automation software over the winter period. This software is
now in testing and when completed will assist in flying accurate
low-level survey lines across mountainous terrain.
Mr Adam Wooldridge, Vardar Exploration Manager, commented:
"While we have had to modify our current exploration plans for
2020 due to COVID-19, we are scheduling whatever works we can while
adhering to local regulations, health and safety protocols.
Completing the soil sampling and magnetic survey will get us
significantly closer to the planned 2020 drill campaign with only
the induced polarisation survey to be completed prior to drilling.
The new data will significantly advance our understanding of the
existing seven exploration targets on our Kosovo licences, and may
yield additional, as yet, unidentified targets."
Kurt Budge, Chief Executive Officer of Beowulf, commented:
" Since my attendance at the Nordic Mining Day at PDAC in
Toronto in early March, the world has changed dramatically for all
of us and we face an extended period of uncertainty.
"The Company is acting to face the ongoing threat posed by
COVID-19, as best we can, and seeking to maintain a 'business as
usual' attitude.
"Our co-investment in Vardar is exactly that, as plans have been
modified for what we can get done in the current environment, but
Beowulf, alongside Vardar's founders and shareholders sees an
opportunity to move forward with the gold target at Madjan Peak and
with an extensive drone magnetics survey programme.
"I would like to take this opportunity to highlight that,
although we are facing difficult times, fundamentally, as a
business, Beowulf is in a strong position. We have a diversified
asset base, supportive shareholders, in both the UK and Sweden, and
excellent liquidity in the trading of the Company's shares.
"We look forward to keeping the market updated on further
developments across our business areas."
An interview with Kurt Budge can be listened to by following the
link below:
https://www.brrmedia.co.uk/broadcasts-embed/5e7a63d0b9279c2568ccadf5/?popup=true
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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