RNS Number : 2201O
Beowulf Mining PLC
08 February 2021
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.
8 February 2021
Beowulf Mining plc
("Beowulf" or the " Company ")
GBP200,000 investment in Vardar Minerals
Beowulf (AIM: BEM; Spotlight : BEO), the mineral exploration and
development company, is pleased to announce that the Company has
invested GBP200,000 in Vardar Minerals Ltd ("Vardar").
The funds will be used for preparatory works, building access
roads and drilling platforms, across the Mitrovica licence in
northern Kosovo, lead-zinc targets at Wolf Mountain and gold
targets at Majdan Peak.
The investment increases the Company's ownership in Vardar from
46.1 per cent to 48.4 per cent approximately.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"With the Capital Raising complete, we have been working with
Vardar on the results from last year's 'state of the art'
geophysics programme, which produced an exceptionally high-quality
dataset for analysis and interpretation.
"We will soon finalise the exploration plan for this year,
initially focusing on the Mitrovica licence, the lead-zinc targets
at Wolf Mountain and gold targets at Majdan Peak. This investment
will enable Vardar to 'hit the ground running' with drilling.
"It remains a good time to have a gold target in the portfolio
and last year's geophysics results for Majdan Peak, indicate a
potentially large source of gold mineralisation below the anomaly
defined at surface through gold in soils and alteration
"Similar to Wolf Mountain, we have significant anomalies, which
again are connected to surface mineralisation that has been
sampled; these present excellent drill targets.
"With each phase of work at Mitrovica, there is seemingly
growing potential for a discovery. We are not there yet, but with
targets at Wolf Mountain, Majdan Peak and Mitrovica South there is
a real opportunity.
"I look forward to providing further updates on progress in
Swedish Translation (the English version shall prevail in case
of any discrepancy or inconsistency between the English version and
the Swedish translation)
Beowulf (AIM: BEM; Spotlight : BEO), mineralprospekterings- och
utvecklingsbolaget, meddelar härmed att Bolaget har investerat
200,000 GBP i Vardar Minerals Ltd ("Vardar").
Medlen kommer att användas för förberedande arbeten samt att
bygga tillfartsvägar och borrplattformar vid Mitrovica-licenset i
norra Kosovo, vid bly-zinkfyndighetsmål på Wolf Mountain samt
guldfyndighetsmål vid Majdan Peak.
Investeringen ökar Bolagets ägarandel i Vardar från cirka 46,1
procent till cirka 48,4 procent.
Kurt Budge, VD Beowulf, kommenterade:
"Med kapitalanskaffningen ("Capital Raising") slutförd har vi
arbetat med Vardar med resultaten från förra årets
"state-of-the-art" geofysikprogram, som producerade ett
exceptionellt högkvalitativt dataset för analys och tolkning.
"Vi kommer inom kort att slutföra prospekteringsplanen för i år,
inledningsvis med fokus på licensen för Mitrovica,
bly-zinkfyndighetsmålen vid Wolf Mountain samt guldfyndighetsmålen
vid Majdan Peak. Denna investering kommer att göra det möjligt för
Vardar att utan fördröjning sätta igång med borrning.
"Det är fortfarande bra tider att ha ett guldfyndighetsmål i
portföljen och förra årets geofysiska resultat för Majdan Peak
indikerar en potentiellt stor källa till guldmineralisering under
den anomali som definierats vid ytan genom ytguld och
"I likhet med Wolf Mountain har vi betydande anomalier, som
också är kopplade till ytmineralisering som visats vid provtagning;
dessa utgör utmärkta mål för borrning.
"För varje fas av arbetet på Mitrovica finns det till synes allt
större potential för en upptäckt. Vi är inte där ännu, men med våra
mål vid Wolf Mountain, Majdan Peak och Mitrovica South finns det en
"Jag ser fram emot att ge ytterligare uppdateringar om
framstegen i Kosovo."
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 Mining plc ("Beowulf" or the "Company") is an
exploration and development company, listed on the AIM of the
London Stock Exchange and the Spotlight Exchange in Sweden. The
Company listed in Sweden in 2008 and is approximately 71.5 per cent
owned by Swedish shareholders.
Beowulf's vision is to build a sustainable and innovative mining
company, which creates value by developing mining assets in
partnership with communities, delivering production and generating
cash flow, and in so doing meets society's ongoing need for
The Company's most advanced project is the Kallak iron ore asset
in northern Sweden. A potential 250 million tonne resource which
can produce a 'market leading' concentrate of 71.5 per cent iron
content and is a potential source of supply for Sweden's
fossil-free mining and steel making industries.
Fennoscandian Resources ("Fennoscandian"), the Company's
graphite business, is pursuing a strategy to develop a
resource/production base of natural flake graphite 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 is developing the Aitolampi graphite asset, which
has a contained graphite resource of 1,275,000 million tonnes,
possessing almost perfect crystallinity, an important prerequisite
for high tech applications, such as lithium ion batteries.
In Kosovo, the Company owns approximately 48.4 per cent of
Vardar Minerals ("Vardar"), which is focus on exploration in the
Tethyan Belt, a major orogenic metallogenic province for gold and
base metals. Vardar is delivering exciting results for its
Mitrovica licence which has several exploration targets, including
lead, zinc, copper and gold. It also has the Viti licence which is
showing potential for copper-gold porphyry mineralisation. With
Beowulf's support, Vardar is focused on making a discovery.
The Company's asset portfolio is diversified by commodity,
geography and the development stage of its various projects, and
features metals and minerals in demand to facilitate an economic
'Green Transition' and for addressing the climate emergency.
Kallak is the foundation asset of the Company, but with Vardar
and Fennoscandian, the Company has many opportunities to grow, each
business area displaying strong prospects.
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771 6993
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470 0470
/ Adam Cowl
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204
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
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(END) Dow Jones Newswires
February 08, 2021 02:00 ET (07:00 GMT)