Business
Beowulf Co-Invests with Vardar
Beowulf Co-Invests with Vardar.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \n \n RNS Number : 4685H\n Beowulf Mining PLC\n 25 March 2020\n \n \n \n \n \n \n \n \n \n \n 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.\n \n \n 25 March 2020\n \n \n Beowulf Mining plc\n \n \n (\"Beowulf\" or the \"Company\")\n \n \n Beowulf Co-Invests with Vardar in Gold Target Soil Sampling Programme\n \n \n Beowulf (AIM: BEM; \n Spotlight\n : 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. \n \n \n Highlights:\n \n \n · \n Beowulf has invested £30,000 alongside founders and existing shareholders in Vardar, who themselves have invested £40,000. The total proceeds from the fundraising amounted to £70,000. \n \n \n · \n Beowulf has maintained its 42.2 per cent ownership interest in Vardar.\n \n \n · \n 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.\n \n \n · \n At the Madjan Peak, infill soil geochemistry sampling will be carried out over an approximate one square kilometre gold anomaly. \n \n \n 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.\n \n \n 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.\n \n \n · \n Vardar will also fly an ultra-detailed drone magnetic survey over its entire licence pa...