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Beowulf Mining PLC on Monday reported significant mineralisation intersections at its Majdan Peak exploration site in Kosovo within its Mitrovica license.
At drillhole MP006, it found up to 50 grams of silver per tonne and 1.1 grams of gold per tonne, the natural resource developer and explorer focused on the Nordic region said.
Meanwhile, Beowulf said it is considering options for its investment in exploration company Vardar Minerals Ltd, in which it holds a 60% stake.
‘The Vardar team has delivered exciting results for both the Mitrovica licence which has several exploration targets, including lead, zinc, copper and gold, and also the Viti licence which is showing potential for copper-gold porphyry mineralisation and lithium. With Beowulf's support, Vardar is focused on making a discovery and these latest results for Majdan Peak are another step forwards to achieving that goal,’ it said.
Beowulf added: ‘Looking to the future, Beowulf has several options as it continues to develop Vardar, which include further investments by Beowulf, or in the event of a discovery the introduction of third-party investors or, if the right exploration package is created and supports a stand-alone business, then the possibility of spinning-out Vardar. Beowulf is keeping these options under review.’
Beowulf shares were flat at 5.40 pence each in London on Monday morning.
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