The licence is prospective for a range of porphyry related mineralisation types, including the Majdan Peak high-sulphidation epithermal gold target, the Wolf Mountain low-sulphidation lead-zinc-silver target and primary porphyry copper mineralisation in the southern part of the licence area.

On a regional scale, the area is located within the late Alpine Tethyan Orogenic Belt and more specifically within the External Vardar Sub-zone of the Vardar Zone. The basement is comprised of ophiolites and a metasedimentary mélange affected by a polymetamorphic overprint (not exceeding greenschist facies conditions). A series of felsic to intermediate sub-volcanic and pyroclastic rocks of Oligocene to Early Miocene age represents the cover sequence.

In early 2018, mapping identified an extensive lead-zinc mineralised gossan, Wolf Mountain target, in the central part of Mitrovica, with associated hydrothermal breccias and silicification on the central-eastern margin of the licence area, along with copper mineralisation associated with trachyte dykes intruding into basement rocks.

In November 2018, fieldwork continued with trenching/channel sampling, geological mapping and ground magnetic geophysical surveys over Wolf Mountain. In addition, detailed geological mapping and sampling were carried out in the Mitrovica South and Majdan Peak areas in the southern part of the licence area, targeting potential porphyry copper and epithermal gold mineralisation.

In June 2020, Vardar identified an additional copper-zinc exploration target at Mitrovica. In addition, results from a soil sampling programme completed across the Majdan Peak gold target at Mitrovica identified over an area approximately 1400 metres x 700 metres, with individual soil samples returning up to 0.36 g/t gold. Furthermore, a new lead-zinc-copper-gold target was identified to the south of Majdan Peak, of significance given its situation, approximately 3 kilometres from the Stan Terg mine.