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Joint Venture.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \n TECHNICAL UPDATE ON AGRICOLA RESOURCES PLC'S AND \n\n BEOWULF MINING PLC'S BALLEK JOINT VENTURE, SWEDEN AS ANNOUNCED BY AGRICOLA \n RESOURCES PLC \n\nAll diagrams can be viewed at the website of Energy Ventures Limited:\nwww.energyventures.com.au\n\nSUMMARY:\n\n * A program of 3D modelling of regional gravity and aeromagnetic data has\n been completed over the Ballek JV. Results from this modelling have \n identified several high-ranked targets for follow-up ground geophysical \n surveys and generally confirmed the prospectivity of the project for\n copper-gold-uranium mineralisation.\n \n * Agricola Resources plc has recently signed a joint venture with Beowulf\n Mining plc under which Agricola may earn an equity interest of up to 70% in\n the Ballek copper-gold-uranium project in Northern Sweden.\n \n * Energy Ventures has a beneficial interest of 29.9% of Agricola's issued\n share capital, acquired through a recently completed off-market placement. \n Energy Ventures has also been issued 46.78 million options in Agricola\n Resources plc, exercisable at £0.01 each. If exercised, Energy Ventures\n interest in Agricola will rise to approximately 46%.\n \n * The proceeds of Energy Venture's placement in Agricola will be used to\n fast-track exploration on the Ballek JV and on Agricola's wholly owned\n uranium projects in Sweden.\n \nTHE BALLEK COPPER-GOLD-URANIUM JOINT VENTURE (Agricola can earn up to 70%)\n\nTechnical Summary of the Ballek Project\n\nThe Ballek Project comprises four granted Exploration Permits covering 109.9\nsquare kilometres in the municipality of Arjeplog in northern Sweden. The\nproject occurs at the intersection of two major fault systems, a WNW trending\ncontinental-scale lineament corridor which contains the Skellefte Mineral\nField, and a NNE trending major fault which extends through the giant Kiruna\niron-ore district (see Diagram 1). The project is adjacent to Agricola's wholly\nowned Geddaur uranium project.\n\nDiagram 1 Gravity image of northern Sweden showing prominent lineaments, major\niron-ore districts and the location of the Ballek Project.\n\nDiagram 2 Image of magnetic data at the Ballek Project showing the relationship\nbetween the gravity anomaly, magnetic rocks and copper-gold mineralisation\n\nA prominent gravity anomaly occurs in the Ballek Project, and there is a known\nuranium...