Beowulf, the Nordic focused mineral exploration and development company, has acquired new shares representing an initial 14% interest in Vardar Minerals.


Image: Beowulf acquires 14% stake in Vardar Minerals. Photo courtesy of rawpixel on Unsplash.

The consideration for the transaction of £250,000 to be satisfied in cash. The company also has an option to make a further investment and increase its ownership in Vardar. This investment provides the company with exposure to a number of porphyry related copper, gold and base metal targets in the prospective Tethys Arc. The region is rapidly becoming a focus for major exploration investment following significant discoveries in the last decade.


  • The investment into Vardar gives Beowulf exposure to a portfolio of exploration licences situated in the European Tertiary calc-alkaline Tethys Arc most notable for its lead-zinc-silver mining districts, as well as recent porphyry related copper and gold discoveries.
  •  The Balkans are currently experiencing an increased focus from explorers following significant recent discoveries and generally improving conditions in the region.
  •   Vardar has a highly experienced management team, which has adopted a rigorous and methodical approach to selecting areas of interest and acquiring licences.
  •   Vardar has four wholly owned exploration licences in Kosovo and two more under a purchase agreement whereby Vardar will own 85 per cent of the licences. The combined coverage is a total of 333.2 square kilometres (“km²”).
  •   For ease of reference the licences are split into three projects Mitrovica, Viti, and Drazna.
  • Mitrovica,situated in northern Kosovo adjacentto the significant Stan-Terg lead-zinc-silver mine, exhibits alteration typical of porphyry-epithermal systems. Highlights from this licence include gold and silver anomalies associated with advanced argillic alteration, several iron stockworks, breccias and gossans with associated copper and lead-zinc anomalies. The project is prospective for high-sulphidation gold, porphyry copper-gold and vein/replacement related base metal targets.
  • Viti is situated in south-eastern Kosovo and is made up of three adjacent licences covering 213 km2. The main explorationtarget is an interpreted circular intrusive body identified in magnetic data.  There is evidence of intense alteration typically associated with porphyry systems, with several copper occurrences and stream sample anomalies in proximity to, and within, the licence areas.In addition, Viti is prospective for lithium-boron mineralisation, with a geological setting similar to Rio Tinto’s Jadar deposit in Serbia.
  • Draznais situated on Kosovo’s western border, in proximity to the Kiseljak copper-gold porphyry and Draznja lead-zinc mine. The licence has several alteration centres typical of porphyry/epithermal systems.
  • The net proceeds of the Investment will be used to fund Vardar’s exploration programme and general working capital requirements.
  • So long as the Company has an interest in 14% or more of the issued share capital of Vardar, it will be entitled to appoint a director to the Board of Vardar.  Kurt Budge will be Beowulf’s initial appointee.

Vardar is a UK registered exploration company with a focus on the metal endowed Balkan region.  Vardar was founded by Luke Bryan and Adam Wooldridge, who together also founded Kalahari Metals Limited, a UK company into which Metal Tiger Plc recently announced a second significant investment.

Kurt Budge, CEO, commented: We are very pleased to make this investment in Vardar and we are excited about the opportunities that this could bring to Beowulf.

“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 Non-executive 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 licencing authority, the Independent Commission for Mines and Minerals (“ICMM”), all keen to show Kosovo as an attractive place for companies to invest, explore and develop mining projects.

“One of the goals for 2018 was to identify M&A opportunities that would complement Beowulf’s portfolio.  With our initial investment in Vardar, we have taken a modest step into Kosovo, creating diversification for the Company, in commodity mix and geography, and potential upside with additional exploration.”

Source: Company Press Release