Beowulf Mining PLC (AIM:BEM) said a highly prospective lead-zinc-silver exploration target has been identified at Red Lead, part of the Mitrovica licence in Kosovo, following detailed geological mapping.
Red Lead shares similarities observed at the neighbouring world-class Stan Terg deposit, such as the same host rocks, trachyte heat source, hydrothermal breccias and hydrothermal alteration patterns, said Beowulf.
“The Stan Terg deposit is located just two kilometres to the east of Red Lead and has a resource of 63mln tonnes at 3.5% lead, 2.3% zinc and 80 grammes per tonne silver - based on past production and estimated remaining reserves at the same grade, and therefore Red Lead is highly prospective for the same metals and possible economic mineralisation,” it said.
Beowulf has a 59.5% stake in Vardar Minerals Ltd, a UK-registered company exploring the Mitrovica licence.
"To add to the growing list of exploration targets at Mitrovica, we now have Red Lead, which displays all the key geological markers of the neighbouring Stan Terg deposit and mine, and which is a priority target for drilling in Spring 2023," said Beowulf chief executive Kurt Budge.
"Following on from the announcement of the discovery, in August, of the large polymetallic epithermal system at Majdan Peak and the announcement in September, with the results of drill intersections for Majdan Peak South and more drill targets, these results lead us to believe that Vardar's licences could hold some of the most prospective exploration tenure in Europe for gold and base metals,” said Budge.
Drilling will shortly be suspended in Kosovo until Spring 2023 due to the cold weather.