Madan Peak Gold Target – Grab Sample Results

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.

6 July 2020

Beowulf Mining plc

("Beowulf" or the "Company")

Madan Peak Gold Target – Grab Sample Results

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces results from the grab sampling programme completed across the Madjan Peak gold target at Vardar Mineral’s (“Vardar”) Mitrovica licence in Northern Kosovo. 


  • 42 samples have assayed in excess of 0.1 gramme per tonne (“g/t”) gold out of a total of 96 samples collected from available outcrop and subcrop.
  • Anomalous results correlate well with gold in soils and alteration intensity and confirm the significant scale of the Madan Peak gold anomaly, an area 1400 x 700 metres, which remains open to the east.
  • Sample results over 1 g/t gold include: 7.2 g/t; 4.6 g/t; 2.8 g/t; 2.0 g/t; 1.5 g/t; 1.3 g/t; 1.3 g/t; and 1.1 g/t.
  • In addition to the primary gold target, a new multi-element anomaly has been delineated to the south of the main peak. This anomaly correlates well with anomalous rock grab samples (including individual samples with 0.79 g/t gold), with galena (lead sulphide) veins apparent in some of the outcropping gossans.
  • The link below is a plan showing soil sample gold results, with rock sample gold results overlain and multi-element anomalies delineated.  All rock samples with assays > 0.1 g/t have been labelled. Results highlight the spatial extent of the Madjan Peak gold target.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

“It is encouraging to get further confirmation of the extent of the Madjan Peak gold anomaly and for a number of grab samples to return such high-grade gold results.

“Vardar is now finalising plans for ground and airborne geophysical surveys over the target, which will get underway as soon as COVID-19 restrictions allow resources to be fully mobilised.  Drilling would follow target definition and, all being well, could start in the coming months.

“The Mitrovica licence shows real potential for a discovery, with a number of prospective exploration targets, including gold at Madjan Peak and lead-zinc-silver and copper-zinc at Wolf Mountain. 

“The targets at Mitrovica, and considering the Stan Terg mine, show potential for a much larger porphyry style mineralised system being present.

“We look forward to keeping the market updated on further developments.”

Madjan Peak - Background

The Madjan Peak Gold Target is defined by a zone of intense argillic alteration capped by an extensive blanket of advanced argillic alteration which forms the hilltop. The target shares many characteristics of a high-sulphidation epithermal gold system, with distinct gold anomalies.

The target forms a prominent peak in the centre of an area notable for its significant lead-zinc-silver (“Pb”-“Zn”-“Ag”) deposits, likely related to the same hydrothermal system, including the Stan Terg Pb-Zn-Ag mine which dates back to the 1930s (historical production records: 34 million tonnes at 3.45 per cent lead, 2.30 per cent zinc and 80 g/t silver).

The Balkan portion of the Tethyan Arc is notable for its epithermal gold potential and includes a number of World Class deposits: Chelopech (>5 million ounces (“Moz”) gold); Bor (9 Moz gold); and Madjanapek (8 Moz gold).

After completion of detailed soil sampling, results announced on 1 June 2020, infill mapping and grab sampling was carried out across the target.  A total of 96 samples were collected over the area from available outcrop and subcrop. Samples were sent with appropriate CRMs and blanks for preparation at ALS Bor in Serbia and for fire assay and multi-element ICP-MS at ALS Loughrea.

Anomalous gold results on the Majdan Peak ridge correlate well with anomalous Arsenic (“As”), Copper (“Cu”), Pb, Mercury (“Hg”), Strontium (“Sr”) and Antimony (“Sb”), extending broadly across an area of approximately 1400 m x 700 m. Distinct higher grade trends are apparent within the broader anomaly, possibly indicative of structural controls to higher grade mineralisation.

A geophysics programme is being designed to map out alteration zones and identify potential structural controls to mineralisation, with 3D IP/DC surveys designed to directly map sulphides and resistivity contrasts associated with mineralisation.

Investment in Vardar

Beowulf owns 42.2% of Vardar Minerals Limited (“Vardar”), a UK registered private exploration company with exploration licences in Kosovo. Work completed to date shows porphyry mineralisation potential at both the Mitrovica and Viti projects.

Porphyry deposits are exceptionally large, low grade, polymetallic systems, that typically contain copper along with other metals, such as gold, silver, zinc, and lead. Examples in the region include the Kiseljak deposit in Serbia (Inferred Resource: 459 million tonnes at 0.22 per cent copper, 0.2 g/t gold. Source: Dunav Resources’ announcement, June 2014) and the Skouries high grade gold-copper deposit in Greece (Measured and Indicated Resource: 289 million tonnes at 0.43 per cent copper and 0.58 g/t gold. Inferred Resource: 170 million tonnes at 0.34 per cent copper and 0.31 g/t gold. Source: Eldorado Gold).

At Mitrovica, located near to the world class Stan Terg lead-zinc-silver mine, potential not only exists for the discovery of additional lead-zinc-silver deposits, but also for the discovery of high-level epithermal gold deposits and for copper-zinc deposits.

It is simplistic to think of these targets, which occur along a seven kilometre trend, in isolation. However, Vardar believes the targets are all related to a potentially much larger porphyry style mineralised system, based on meticulous geological mapping of hydrothermal alteration and interpretation of trench, drill and soil geochemical exploration data. 

At Viti, initial stratigraphic holes, drilled in 2019, intersected the correct alteration type, returning gold and visible copper mineralisation, that indicates potential for the discovery of a mineralised copper-gold porphyry in a hitherto unexplored area.


Induced Polarisation (IP) - Variations in chargeability can be diagnostic, for example, when aiming to characterize a mineral deposit (e.g. Mt. Isa), where the chargeability of the mineralized zone is often higher than the host rock. Often an induced polarization (IP) experiment is performed with the Direct Current Resistivity (DCR) hence they are often called DC-IP survey. Both conductivity and chargeability distribution can be recovered from a DC-IP survey.

Inductively Coupled Plasma Mass Spectrometry (ICP-MS) is a type of mass spectrometry that uses an Inductively coupled plasma to ionize the sample. It atomizes the sample and creates atomic and small polyatomic ions, which are then detected.


m – metres

km – kilometres

m – metres

mm – millimetres

BLEG - Bulk Liquid Extractable Gold

CRMs – Certified Reference Materials

QA/QC – Quality Assurance/Quality Control

XRF – X-Ray Fluorescence

Competent Person Review

The information in this announcement has been reviewed by Mr. Chris Davies, a Competent Person ("CP"), who is a Fellow of the Australasian Institute of Mining and Metallurgy.  Mr. Davies has conducted a desktop review of source documents and data which underpin the technical statements disclosed herein and approves the disclosure of technical information in the form and context in which it appears in this announcement, in his capacity as a CP as required under the AIM rules.  Mr. Davies has visited Vardar's Mitrovica and Viti projects in Kosovo.

Mr. Davies has sufficient experience, that is relevant to the content of this announcement, to qualify as a CP as defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Mr. Davies BSc (Hons) Geology, MSc DIC Mineral Exploration, FAusIMM, is a Non-executive Director of Beowulf and is an exploration/economic geologist with more than 35 years' experience in the mining sector.

About Beowulf Mining plc

Beowulf’s strategy is to build a sustainable and innovative mining company, which creates shareholder value by developing mining assets, delivering production and generating cash flow, and in so doing meets society’s ongoing need for minerals and metals.

Beowulf is developing a high-quality asset base, which is diversified by geography and commodity, enabling it to simultaneously advance several projects up the mining value curve and create shareholder value.  The Company currently operates in Sweden, Finland and Kosovo and has exposure to iron ore, graphite, base and precious metals.

The Board of Directors continues to look beyond the Company for value creation opportunities.

The Company’s first priority remains the award of the Exploitation Concession for Kallak North, and thereafter completing the Scoping Study.  The introduction of a strategic partner/investor who understands the value of Kallak as a high-quality asset, which could be in production within four to five years, is an ongoing consideration, but does not preclude the Company from continuing to add value to Kallak in the meantime.  

Fennoscandian Resources (“Fennoscandian”), the Company’s graphite business, is pursuing a strategy to develop a ‘resource footprint’ of natural flake graphite prospects that can provide ‘security of supply’ and enable Finland to achieve its ambition of self-sufficiency in battery manufacturing.  The Company is a recipient of Business Finland funding, which is supporting Fennoscandian to move downstream, and develop its knowledge in processing and manufacturing value-added graphite products.

The Company owns 42.2 per cent of Vardar, a UK registered exploration company with a focus on the metal endowed Balkan region.  Vardar holds exploration licences for the Mitrovica and Viti projects located in Kosovo.  Both projects are located within the Tethyan Belt, a major orogenic met allogenic province for gold and base metals which extends from the Alps (Carpathians/Balkans) to Turkey, Iran and Indochina, and contains several world class discoveries.  The Tethyan Belt of south-east Europe can be regarded as Europe’s chief copper-gold (lead-zinc-silver) province.


Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
SP Angel(Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470 0470
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.


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