Beowulf Mining PLC - Kallak Drilling Contract Awarded
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
("Beowulf" or the "Company")
Kallak Drilling Contract Awarded
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces the award of a drilling contract for Kallak to
The work programme, scheduled for Autumn 2020, will determine if a 3D seismic model can be constructed, using the established seismic characteristics of the Kallak deposit, and whether the 3D model can be used to identify additional iron ore mineralisation for the Exploration Target of 90-100 Mt at 22-30 per cent iron ("Fe") at Kallak.
The first Exploration Licence for Kallak was awarded by Bergsstaten (the "Mining Inspectorate") in 2006. A Mineral Resource Estimate ("MRE") for Kallak North and South was finalised on
Kallak was first discovered by the
· Beowulf has awarded a drilling contract to
· The work programme will determine if a 3D seismic model can be constructed, using the established seismic characteristics of the Kallak deposit, and whether the 3D model can be used to identify additional iron ore mineralisation for the Exploration Target.
· The work is being undertaken as part of the
· The magnetic signature of mineralisation at Kallak, extends southwards from Kallak North to Kallak South, and then beyond to Parkijaure. Interpretation of geophysical data suggests the potential for additional iron ore mineralisation, which could add to the Kallak North and Kallak South resource.
· If successful, the set-up could then be applied to the Parkijaure nr 6 Exploration Licence, awarded by the Mining Inspectorate in
"The SGU's latest study, published under the headline 'New light on the iron ore at Kallak', is a timely reminder of Kallak's importance to
"The SGU, as a Government Office, acts as the central authority for geology and mineral issues in
"Despite Kallak being discovered by the SGU in the 1940s, when it comes to modern exploration, the Mining Inspectorate, a separate decision-making body within SGU, awarded the first Exploration Licence to the Company in 2006.
"This permitted the Company to invest, and, from 2010-2014, drill 27,895 metres, 131 drillholes. The Company applied for an Exploitation Concession in
"Beowulf believes in the greater iron ore potential at Kallak South and Parkijaure and it is exciting to be looking forwards to an Autumn drill programme, the results of which we hope will optimize further drilling campaigns thereafter.
"I look forward to providing further updates."
The Kallak iron ore deposit is located approximately 40 kilometres ("km") west of Jokkmokk in the County of Norrbotten,
The first Exploration Licence for Kallak was awarded by the Mining Inspectorate of
Testwork on Kallak ore has shown that a 'super' high grade magnetite concentrate can be produced, yielding over 71 per cent iron content, with low levels of deleterious elements, including phosphorous and sulphur, lending itself to pelletisation and consumption in Direct Reduction Iron ("DRI") facilities in
Beowulf is a partner in the
The aim of PACIFIC is to develop a new low-cost and environmentally friendly tool for exploring for sub-surface mineral deposits. The PACIFIC consortium is conducting fundamental and applied research to develop two radically new and complementary mineral exploration techniques, both based on passive seismic imagery.
Kallak, including Kallak North, Kallak South and the Parkijaure licence, has been chosen as one of two PACIFIC test sites.
In Autumn 2020, Phase 2 work will commence testing the multi-array method in parallel with drilling at Kallak South, with noise from drilling providing a passive seismic source. Testwork will determine if a 3D seismic model can be constructed, using the established seismic characteristics of the Kallak deposit, and whether the 3D model can be used to identify previously undiscovered magnetite mineralisation for the Kallak South Exploration Target areas and for Parkijaure. The Company would then consider further drilling.
In 2004 the company had its environmental system certified according to the ISO 14001 standard, the first company in the industry to be awarded such in the Nordic region.
Competent Person Review
The information in this announcement has been reviewed by Mr.
| || |
| || |
Tel: +44 (0) 20 3771 6993
(Nominated Adviser & Broker)
| || |
Tel: +44 (0) 20 3470 0470
| || |
Tel: +44 (0) 20 7138 3204
Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.
This information is provided by RNS, the news service of the
Quick facts: Beowulf Mining PLC
Market Cap: £25.32 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE