LONDON (ShareCast) - (Sharecast News) - Mineral exploration and development company Beowulf Mining has invested £0.2m in Vardar Minerals, it announced on Monday.
The AIM-traded firm said the funds would be used for preparatory works, building access roads and drilling platforms, across the Mitrovica licence in northern Kosovo, as well as lead-zinc targets at Wolf Mountain and gold targets at Majdan Peak.

It said the investment increased its ownership in Vardar to 48.4% from 46.1%.

"With the capital raising complete, we have been working with Vardar on the results from last year's 'state-of-the-art' geophysics programme, which produced an exceptionally high-quality dataset for analysis and interpretation," said chief executive officer Kurt Budge.

"We will soon finalise the exploration plan for this year, initially focusing on the Mitrovica licence, the lead-zinc targets at Wolf Mountain and gold targets at Majdan Peak.

"This investment will enable Vardar to 'hit the ground running' with drilling."

Budge said it remained a "good time" to have a gold target in the portfolio, explaining that last year's geophysics results for Majdan Peak indicated a "potentially large" source of gold mineralisation below the anomaly defined at surface, through gold in soils and alteration intensity.

"Similar to Wolf Mountain, we have significant anomalies, which again are connected to surface mineralisation that has been sampled; these present excellent drill targets.

"With each phase of work at Mitrovica, there is seemingly growing potential for a discovery.

"We are not there yet, but with targets at Wolf Mountain, Majdan Peak and Mitrovica South there is a real opportunity."

At 1135 GMT, shares in Beowulf Mining were up 1.93% at 4.75p.

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