Beowulf posts positive results from Vardar's Wolf Mountain
Mineral exploration and development company Beowulf Mining announced results from an induced polarisation and resistivity survey undertaken by Vardar Minerals at its Wolf Mountain lead-zinc-silver target, situated within the Mitrovica licence in northern Kosovo, on Friday.
The AIM-traded firm owns 46.1% of Vardar.
It said highly anomalous induced polarisation chargeability zones, considered high priority targets for drill testing, had been defined beneath areas of laterally extensive lead-zinc gossans and hydrothermal alteration.
The induced polarisation anomalies were located below, often straddling, the contact between younger Oligo-Miocene volcaniclastic rocks and ultramafic basement, in agreement with mapped and drill tested mineralisation, adding further support for a source of the observed mineralisation.
It said the anomalies followed established regional structural trends, suggesting they could be representative of high-grade lead-zinc-silver feeder structures, which was often a characteristic of the deposit type.
Resistivity results correlated “very well” with geological mapping, drilling and trenching, delineating the lateral and vertical extent of the low resistivity volcaniclastic units over the higher resistivity ultramafic basement.
Vardar was now planning a follow-up drilling programme to test the main anomalies for high-grade mineralisation, Beowulf said.
“It's excellent to see the picture building at Wolf Mountain, that ties in with previous work and points the way to what we hope are high-grade lead-zinc feeder structures,” said chief executive officer Kurt Budge.
“With induced polarisation and resistivity data, and more data to come from a 'state-of-the-art' high-resolution airborne magnetic drone survey, which is being used as a remote mapping tool to provide information on underlying geology, alteration and structures which may control mineralisation, the Vardar team is delivering 'big company' geoscience on a junior's budget.”
Budge said that with each phase of work, there was “growing potential” for a discovery at Mitrovica.
“We are not there yet, but with targets at Wolf Mountain, Majdan Peak and Mitrovica South there is a real opportunity.”
At 0815 BST, shares in Beowulf Mining were down 5.38% at 6.15p.