(Alliance News) - Beowulf Mining PLC on Thursday reported positive conclusions from analysis in and around the Majdan Peak South target in Kosovo.
Shares in the London-based Nordic-focused mining company were trading 5.2% higher at 5.00 pence each in London on Thursday morning.
All three drillholes in the target area intersected "abundant" base and precious metal mineralisation including silver, lead, zinc and copper.
The three holes had a background average of more than 0.2% lead-zinc for the 644 metres drilled.
The company said that this demonstrated the potential for a trap-site. A trap-site traps metal in a specific location which can be intersected with further drilling.
Several precious metal intersections were also returned. One 8.8 metre drillhole returned gold at 0.34 grams per tonne, including 1.52 grammes at 0.9 metres. A separate 36.4 metre drillhole returned silver at 19 grammes per tonne including 128 grammes at 1.5 metres.
The Majdan Peak South target is one of several precious metal targets on the periphery of the polymetallic epithermal system at Majdan Peak, the discovery of which was announced back in August.
Polymetallic epithermal deposits form at shallow depths within the earth's crust and are important sources of base and precious metals making them highly desirable exploration targets.
The fieldwork, undertaken by Vardar Minerals Ltd, supports the case for "further investment and work", Beowfulf said. Beowulf owns approximately 59.5% of Vardar.
Chief Executive Officer Kurt Budge commented: "It's very exciting to follow the recent announcement of the discovery of a large polymetallic epithermal system with today's announcement of new base and precious metal targets around the prime Majdan Peak target. Each of these peripheral targets has the potential to contain economic mineralisation and justifies further drill testing."
By Chris Dorrell; chrisdorrell@alliancenews.com
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Beowulf (BEM)