Mineralisation at Wolf Mountain appears to be intrinsically related to the contact between Jurassic ultramafics and overlying Oligo-Miocene volcanoclastic rocks where relatively flat-lying hydrothermal breccias are enriched in lead (Pb), zinc (Zn) and silver (Ag). Below this contact, several high-grade feeder structures have been anticipated and the results of the IP survey tend to confirm this hypothesis.

A total of 279 m of trenching and 1,609 m of drilling have been completed at Wolf Mountain by Vardar. The highlights of these activities include:

• 18 g/t Ag, 2.01 % Pb and 3.17 % Zn over 12.5m within a larger, 51m long cross-section in trench WM-T01 returning 11 g/t Ag, 1.43 % Pb and 1.87 % Zn
• 14 g/t Ag, 3.6 % Pb and 0.64% Zn over 8m in trench WM-T02
• 8 g/t Ag 1.27 % Pb and 0.91 % Zn over 6.6m (est. true thickness) in drill hole WM004
• 16 g/t Ag, 2.69 % Pb and 0.4 % Zn over 4.3m (est. true thickness) in drill hole WM007

The results suggest a mineralisation model analogous to the nearby Zijaca deposit, located 3km south-east of Wolf Mountain (non-JORC compliant 5.2 Mt containing 2.83 per cent Pb, 2.83 per cent Zn and 16 g/t Ag), and Crnac, (non-JORC compliant 3.5 Mt containing 8.1 % Pb, 3.2 % Zn, 120 g/t Ag) in northern Kosovo.

In October 2020, Vardar completed an IP survey over Wolf Mountain to detect the presence of subsurface conductors associated which could indicate the presence of both mineralised breccia and feeder structures.

The survey was completed as a full 3D programme using a combination of conventional 2D IP-DC lines using electrode spacings of 50 and 100 m with additional Iris instruments FullWaver units positioned on adjacent lines. The results of the survey were highly encouraging. Highlights include:

• Highly anomalous IP chargeability zones defined beneath areas of laterally extensive Pb-Zn gossans and hydrothermal alteration that are considered high priority targets for drill testing.
• The IP anomalies are located below, often straddling, the contact between younger Oligo-Miocene volcanoclastic rocks and ultramafic basement in agreement with mapped and drill tested mineralisation adding further support for a mineralised source to the anomalies.

Importantly, the IP anomalies follow established regional structural trends suggesting they may be representative of high-grade Pb-Zn-Ag feeder zones. Vardar plans to carry out a diamond drilling programme to investigate the IP anomalies in Spring 2021.