Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to announce results from the Induced Polarisation ('IP') and resistivity surveys ('DC') undertaken by Vardar Minerals ('Vardar') over the
Highlights
A detailed 3D IP-DC survey has delineated high chargeability anomalies associated with an extensive NNW trending zone of alteration and anomalous multi-element soil sample and rock grab sample results.
The newly defined high chargeability anomalies sit in close proximity to gold and copper mineralisation, associated with altered porphyritic trachyte dykes, intersected by stratigraphic drilling in 2019.
The anomalies could represent higher grade mineralised zones and Vardar is now planning to drill two short holes to test chargeability 'hot spots'.
'We have clearly defined targets from the geophysics programme at
'Pushing ahead with our investment in Vardar in August, we only hoped for the promising results that we have seen for
'We are working with the Vardar team on a plan for drilling the substantial number of targets that have been generated so far across both projects, prioritising the most attractive opportunities for a discovery.
'I look forward to providing further updates on progress in
Background
Several rock grab samples have returned anomalous copper, gold and arsenic. Two stratigraphic holes were drilled in late 2019, with each intersecting encouraging alteration associated with porphyritic trachyte dykes.
Hole VZ002 intersected two zones with gold mineralisation including 0.5 grammes per tonne ('g/t') over 1.0 metre and 0.12 g/t over 10 metres along with visible chalcopyrite (copper iron sulphide) mineralisation. The IP-DC survey was designed to test for sulphide mineralisation along the main zone of alteration.
3D IP and resistivity data were collected using a distributed electrode array consisting of 20 Iris Fullwaver units which were laid out on one kilometre lines. Current injections points were surveyed on 1.6 kilometre lines on either side of the Fullwavers providing for true lateral three-dimensionality. A total of 16 injection lines were completed with several arrays of Fullwavers receivers resulting in a total of 15,200 dipole measurements of which 14,265 were inverted to generate chargeability and resistivity volumes. The resultant model provides significant detail to a depth of 500 metres below the terrain surface.
IP results have identified two elongate chargeable sources which follow the multi-element soil anomalies to the east of the interpreted NNW controlling structure. The probability of having mineralisation associated with the chargeable sources is supported by gold intersections in proximal drill results and anomalous copper and arsenic in rock samples from overlying gossans. An initial diamond drilling programme consisting of two short target holes is planned to test each of the anomalies.
Glossary: Gossan - Gossan is intensely oxidised, weathered or decomposed rock, usually the upper and exposed part of an ore deposit or mineral vein.
Hydrothermal Alteration - also referred to as wallrock alteration, is a general term that encompasses many processes by which rock-forming minerals are altered due to reactions accompanying the flow of heated aqueous fluids along fractures and grain boundaries.
Induced Polarisation (IP) - Variations in chargeability can be diagnostic, for example, when aiming to characterise a mineral deposit, where the chargeability of the mineralised zone is often higher than the host rock. Often an Induced Polarisation (IP) experiment is performed with the Direct Current Resistivity (DCR) hence they are often called IP-DC survey. Both conductivity and chargeability distribution can be recovered from an IP-DC survey.
Competent Person Review
The information in this announcement has been reviewed by Mr.
About
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 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.
Additionally, 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/production base of natural flake graphite that can provide 'security of supply' and enable
The Company owns 46.1 per cent of Vardar, a
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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 arly 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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