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Market: AIM
Sector: General Mining
EPIC: BEM
Latest Price: 13.63p  (0,00%)
52-week High: 50.75p
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Market Cap: 28.68M
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Beowulf Mining plc
www.beowulfmining.com

Beowulf has a wide range of exploration projects in a portfolio of different commercially attractive resources.

They are all in Northern Sweden and are being developed to increase their value and so that of the company.

Full Beowulf Mining plc profile here
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Beowulf Mining posts maiden JORC resource for Kallak North

11th Nov 2011, 7:29 am by Ian Lyall Beowulf's Kallak deposit is located in Sweden

 

Beowulf Mining (LON:BEM) has said it will carry on drilling after posting a maiden JORC resource for the northern portion of its Kallak iron ore deposit in Sweden. 

Independent consultant GeoVista estimates the Kallak North resource to be 131.6 million tonnes grading 28 per cent iron.

The resource was modelled at a 15 per cent Fe cut off down to a vertical depth of 200 to 300 metres.

It is worth remembering the initial resource estimate is based on 800 metres of mineralised strike from a total 3.7 kilometres.

Kallak is actually two distinct deposits – one in the north, the other in the south. Beowulf said this morning it didn’t have enough data to compile a maiden resource figure for Kallak South.

This will occur after the next phase of drilling, which will get underway once financing has been raised.    

However the current data suggests the initial Kallak South resource could be in the order of 200 to 300 million tonnes.

In total it is estimated that two Kallak deposits contain 600 million tonnes of iron ore.

Chairman Clive Sinclair-Poulton said today: "Kallak is the most advanced property within our Swedish portfolio. 

“This maiden resource estimate is from the northern 800m strike length of the mineralisation out of the 3.7km total strike outlined to date. 

“Beowulf plans to continue to explore the iron ore bearing structures along strike, and to expand the existing drilling programme into 2012, with the aim of substantially building on and enhancing this initial resource statement."

Last month the group said a new two-phase drilling programme is planned for the Kallak deposit.

The phase one, 7,000-metre drilling is expected to begin later this year and the 50,000-metre phase two drilling due to commence in the second quarter of 2012.

Swedish drilling company Ludvika BorrTeknik has been retained for the Kallak programme. 

The company has been directly involved with all previous drilling of Beowulf’s deposits and is technically well equipped and experienced to complete the next drilling phases at a competitive cost.

 

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