(Alliance News) - Beowulf Mining PLC on Monday announced it has invested GBP200,000 in Vardar Minerals Ltd, an exploration firm focusing on the metal-endowed Balkan region.
The exploration and development company with projects in Finland, Sweden and Kosovo said the investment increases its ownership in Vardar to 48% from 46% previously.
Shares in Beowulf Mining were down 5.2% at 4.42 pence in London on Monday.
Beowulf said the funds will be used by Vardar 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.
"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 intensity. We are not there yet, but with targets at Wolf Mountain, Majdan Peak and Mitrovica South, there is a real opportunity," said Beowulf Chief Executive Kurt Budge.
By Zoe Wickens; zoewickens@alliancenews.com
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Beowulf (BEM)