StockMarketWire.com - Mineral exploration and development company Beowulf said it had invested a further £100,000 in Vardar Minerals, increasing its ownership in the latter to 49.4% from 48.4%.

Vardar Minerals has been unable to commence the planned summer drilling programme, as it awaits final approval of its licence applications. T

The Independent Commission on Mines and Minerals board in Kosovo - the body that administers mineral licence permitting in Kosovo, renews licences and issues new licences - is expected to be in operation by the end of September 2021, and thereafter begin to process the backlog of applications with some urgency.

The selection of a new board had been delayed, firstly by COVID related disruptions and secondly by Kosovo's parliamentary elections, which took place in February 2021.

'Assuming that the licences will be approved by the ICMM Board in late September, Vardar is hoping to be able to use two diamond drill rigs to complete the planned drilling programme prior to the onset of winter,' the company said.

Vardar has also submitted an application for a new exploration licence area which has been approved by the pre-board process and is ready for signature by the ICMM board.

'The Vardar team is now adjusting its plans for an intense drilling programme in the Autumn, about 3,300 metres into lead-zinc targets at Wolf Mountain and gold targets at Majdan Peak,' it added.

'Plans are being drawn up for a comprehensive ground based and airborne drone exploration programme in spring 2022.'




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