Aim-listed Beowulf has provided investment alongside founders and existing shareholders in Vardar Minerals to fund a soil sampling programme across the Madjan Peak gold target, at Vardar’s Mitrovica licence, in Kosovo.
Beowulf is investing £30 000, while Vardar shareholders are investing £40 000.
Beowulf maintains its 42.2% interest in Vardar.
The exploration works will continue within permitted guidelines during Covid-19 restrictions ordered by the State.
The Madjan Peak gold target has returned anomalous gold and silver assays along the eastern margin of the licence, which corresponds with previously mapped advanced argillic alteration, which were identified during historic gold workings and samples.
“While we have had to modify our current exploration plans for 2020 due to Covid-19, we are scheduling whatever works we can while adhering to local regulations, health and safety protocols.
“Completing the soil sampling and magnetic survey will get us significantly closer to the planned 2020 drill campaign with only the induced polarisation survey to be completed prior to drilling,” says Vardar exploration manager Adam Wooldridge.
He adds that the new data will significantly advance the companies' understanding of the existing seven exploration targets on the company’s Kosovo licences, and may yield additional, unidentified targets.