Beowulf steps into new geography with Kosovo investment
Nordic-focused exploration company Beowulf Mining announced a £250 000 investment in private explorer Vardar Minerals to acquire a 14% stake, sending the London-listed miner’s stock up nearly 7%.
The company has an option to make a further investment and increase its ownership in Vardar, which is active in the prospective Tethys Arc – a region experiencing increased focus following recent porphyry-related copper/gold discoveries.
Vardar has four wholly owned exploration licences over 333.2 km2 in Kosovo and two more under a purchase agreement whereby it will own 85% of the licences.
Vardar’s licences are split in three projects Mitrovica, Viti and Drazna. Mitrovica, situated in northern Kosovo adjacent to the Stan-Terg lead/zinc/silver mine, exhibits alteration typical of porphyry-epithermal systems. Viti is situated in south-eastern Kosovo and is made up of three adjacent licences covering 213 km2. The main exploration target is an interpreted circular intrusive body identified in magnetic data. Viti is also prospective for lithium-boron mineralisation, with a geological setting similar to Rio Tinto's Jadar deposit in Serbia. Drazna is situated on Kosovo's western border, in proximity to the Kiseljak copper/gold porphyry and Draznja lead/zinc mine.
Beowulf CEO Kurt Budge said that the investment in Vardar provided the company, which is currently focused on iron-ore and graphite assets in Sweden and Finland, with exciting new opportunities through diversification of its commodity mix and geography.
"Stepping into a new geography, like Kosovo, only makes sense if you are collaborating with a competent team, which we have in Vardar's founders, Luke Bryan and Adam Wooldridge, with experienced technical and support personnel in Kosovo.
"Chris Davies, nonexecutive director, and I visited Kosovo and Vardar's projects in early October. As a potential investor, we were welcomed by a representative of the government, and by staff at the licensing authority, the Independent Commission for Mines and Minerals, all keen to show Kosovo as an attractive place for companies to invest, explore and develop mining projects,” Budge commented.
Budge would join Vardar’s board of directors as the nominee of Beowulf.
Vardar founders Bryan and Wooldridge also established Kalahari Metals.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation