Mineral exploration and development company, reported signs of copper and gold mineralisation following its completion of drilling at its Viti license in South Eastern Kosovo.
The Viti project, made up of three adjacent licences covering 213 km2, has previously given evidence of intense alteration typically associated with porphyry systems.
Kurt Budge, Chief Executive of Beowulf acknowledged the project as having “real potential” as a copper-gold mineralised porphyry target, he commented:
“While it is still early days, porphyry deposits are typically large mineralised systems which can be amenable to open pit mining and therefore represent extremely attractive exploration targets.”
Two stratigraphic holes were drilled to assess the extent and type of alteration associated with an extensive three kilometre gossanous outcrop which had previously returned associated mineralisation of copper and gold concentrations.
As a result, the drilling, which intersected the upper part of a porphyry system, identified several highly altered trachyte porphyry dykes with associated copper and gold mineralisation, the company revealed.
"This is an outstanding result from the Vardar team, and a testament to the rigorous technical exploration work leading up to the drilling,” Mr Budge reiterated.
Additionally, soil samples were collected to determine the extent of possible anomalous metal concentrations, uncovering anomalous copper and gold correlating with outcropping gossans.
Beowulf explained that further work will continue to focus on copper-gold target delineation using an induced polarisation survey, whilst follow-on drilling is planned for the next field season in 2020.
On top of positive exploration results, the company further acknowledged its £1 million investment in Vardar Minerals Limited, with Mr Budge noting that, in the Board’s view, the deal had "already created significant value” for its shareholders.
Mr Budge further added: "Last week, the Board had an excellent visit to Kosovo, and I look forward to keeping the market updated on further progress.
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