(Alliance News) - Beowulf Mining PLC said on Monday investee Vardar Minerals has identified a new target at the Mitrovica licence in northern Kosovo.
London-based Beowulf also said it has invested a further GBP50,000 into Vardar, taking its holding to 42% from 41.5%.
Vardar has found mineralised gossans, Beowulf said, which appear to be "the surface expression of hydrothermal breccias and stockworks". These have been found through field mapping to the north and east of already drill-tested mineralisation at the Wolf Mountain prospect at Mitrovica.
Some rock samples from the new area have suggested grades over 1% copper and up to 3% lead, Beowulf said. The area has now been designated as a priority for further geophysical work.
Beowulf's Chief Executive Kurt Budge said: "Vardar continues to deliver exciting exploration results with the addition of another exploration target at Mitrovica. Our understanding of the copper and gold porphyry potential at both Mitrovica and Viti continues to develop.
"Porphyry deposits are very large, low grade, polymetallic systems, that typically contain copper along with other metals, such as gold, silver, zinc and lead."
"Beowulf's investment in Vardar added an exciting exploration arm to the company. Just over a year into the investment, Vardar management, supported by Kosovan and regional geological experts, have been able to make significant progress in Kosovo and we are looking forward to a busy and fruitful year with further exploration success," continued Budge.
Beowulf shares were 1.4% higher on Monday morning in London at a price of 5.38 pence each.
Beowulf's own projects include iron ore assets in Sweden as well as graphite projects in Finland.
By George Collard; georgecollard@alliancenews.com
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Beowulf (BEM)