TIDMBEM
RNS Number : 0440S
Beowulf Mining PLC
06 July 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.
6 July 2020
Beowulf Mining plc
("Beowulf" or the "Company")
Madan Peak Gold Target - Grab Sample Results
Beowulf (AIM: BEM; Spotlight : BEO), the mineral exploration and
development company, announces results from the grab sampling
programme completed across the Madjan Peak gold target at Vardar
Mineral's ("Vardar") Mitrovica licence in Northern Kosovo.
Highlights:
-- 42 samples have assayed in excess of 0.1 gramme per tonne
("g/t") gold out of a total of 96 samples collected from available
outcrop and subcrop.
-- Anomalous results correlate well with gold in soils and
alteration intensity and confirm the significant scale of the Madan
Peak gold anomaly, an area 1400 x 700 metres, which remains open to
the east.
-- Sample results over 1 g/t gold include: 7.2 g/t; 4.6 g/t; 2.8
g/t; 2.0 g/t; 1.5 g/t; 1.3 g/t; 1.3 g/t; and 1.1 g/t.
-- In addition to the primary gold target, a new multi-element
anomaly has been delineated to the south of the main peak. This
anomaly correlates well with anomalous rock grab samples (including
individual samples with 0.79 g/t gold), with galena (lead sulphide)
veins apparent in some of the outcropping gossans.
-- The link below is a plan showing soil sample gold results,
with rock sample gold results overlain and multi-element anomalies
delineated. All rock samples with assays > 0.1 g/t have been
labelled. Results highlight the spatial extent of the Madjan Peak
gold target.
https://beowulfmining.com/wp-content/uploads/2020/07/Madjan-Peak-rock-sample-results.jpg
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"It is encouraging to get further confirmation of the extent of
the Madjan Peak gold anomaly and for a number of grab samples to
return such high-grade gold results.
"Vardar is now finalising plans for ground and airborne
geophysical surveys over the target, which will get underway as
soon as COVID-19 restrictions allow resources to be fully
mobilised. Drilling would follow target definition and, all being
well, could start in the coming months.
"The Mitrovica licence shows real potential for a discovery,
with a number of prospective exploration targets, including gold at
Madjan Peak and lead-zinc-silver and copper-zinc at Wolf
Mountain.
"The targets at Mitrovica, and considering the Stan Terg mine,
show potential for a much larger porphyry style mineralised system
being present.
"We look forward to keeping the market updated on further
developments."
Madjan Peak - Background
The Madjan Peak Gold Target is defined by a zone of intense
argillic alteration capped by an extensive blanket of advanced
argillic alteration which forms the hilltop. The target shares many
characteristics of a high-sulphidation epithermal gold system, with
distinct gold anomalies.
The target forms a prominent peak in the centre of an area
notable for its significant lead-zinc-silver ("Pb"-"Zn"-"Ag")
deposits, likely related to the same hydrothermal system, including
the Stan Terg Pb-Zn-Ag mine which dates back to the 1930s
(historical production records: 34 million tonnes at 3.45 per cent
lead, 2.30 per cent zinc and 80 g/t silver) .
T he Balkan portion of the Tethyan Arc is notable for its
epithermal gold potential and includes a number of World Class
deposits: Chelopech (>5 million ounces ("Moz") gold); Bor (9 Moz
gold); and Madjanapek (8 Moz gold).
After completion of detailed soil sampling, results announced on
1 June 2020, infill mapping and grab sampling was carried out
across the target. A total of 96 samples were collected over the
area from available outcrop and subcrop. Samples were sent with
appropriate CRMs and blanks for preparation at ALS Bor in Serbia
and for fire assay and multi-element ICP-MS at ALS Loughrea.
Anomalous gold results on the Majdan Peak ridge correlate well
with anomalous Arsenic ("As"), Copper ("Cu"), Pb, Mercury ("Hg"),
Strontium ("Sr") and Antimony ("Sb"), extending broadly across an
area of approximately 1400 m x 700 m. Distinct higher grade trends
are apparent within the broader anomaly, possibly indicative of
structural controls to higher grade mineralisation.
A geophysics programme is being designed to map out alteration
zones and identify potential structural controls to mineralisation,
with 3D IP/DC surveys designed to directly map sulphides and
resistivity contrasts associated with mineralisation.
Investment in Vardar
Beowulf owns 42.2% of Vardar Minerals Limited ("Vardar"), a UK
registered private exploration company with exploration licences in
Kosovo. Work completed to date shows porphyry mineralisation
potential at both the Mitrovica and Viti projects.
Porphyry deposits are exceptionally large, low grade,
polymetallic systems, that typically contain copper along with
other metals, such as gold, silver, zinc, and lead. Examples in the
region include the Kiseljak deposit in Serbia (Inferred Resource:
459 million tonnes at 0.22 per cent copper, 0.2 g/t gold. Source:
Dunav Resources' announcement, June 2014) and the Skouries high
grade gold-copper deposit in Greece (Measured and Indicated
Resource: 289 million tonnes at 0.43 per cent copper and 0.58 g/t
gold. Inferred Resource: 170 million tonnes at 0.34 per cent copper
and 0.31 g/t gold. Source: Eldorado Gold).
At Mitrovica, located near to the world class Stan Terg
lead-zinc-silver mine, 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.
At Viti, initial stratigraphic holes, drilled in 2019,
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.
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.
Inductively Coupled Plasma Mass Spectrometry ( ICP-MS) is a type
of mass spectrometry that uses an Inductively coupled plasma to
ionize the sample. It atomizes the sample and creates atomic and
small polyatomic ions, which are then detected.
Abbreviations:
m - metres
km - kilometres
m - metres
mm - millimetres
BLEG - Bulk Liquid Extractable Gold
CRMs - Certified Reference Materials
QA/QC - Quality Assurance/Quality Control
XRF - X-Ray Fluorescence
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 and
metals.
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. The Company currently operates in
Sweden, Finland and Kosovo and has exposure to iron ore, graphite,
base and precious metals.
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. Vardar holds exploration licences for the Mitrovica and
Viti projects located in Kosovo. Both projects are located within
the Tethyan Belt, a major orogenic met allogenic 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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END
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