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JORC Resource at Ruoutevare Project JV
JORC Resource at Ruoutevare Project JV.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \n BEOWULF MINING PLC \n\n JORC Resource on the Ruoutevare Project, Sweden \n\n19 August 2008\n\nBeowulf Mining PLC (AIM: BEM ; Aktietorget: BEO) (\"the Company\"), the AIM and\nAktietorget - traded mineral exploration company which owns several exploration\nprojects in Sweden is pleased to announce that WAG Limited (ASX:WAG) Beowulf's\nJoint Venture Partner has announced the following on the ASX market :-\n\n Maiden 140 Million Tonne Magnetite JORC Resource \n at Ruoutevare Project, Sweden \n\n * Ruoutevare contains 140Mt Inferred JORC Mineral Resource at 39.1% iron,\n 5.7% titanium and 0.2% vanadium\n \n * WAG earning 50% of Ruoutevare\n \n * Major drilling program expected to begin November 08 with excellent\n potential to significantly increase the resource\n \n * Nearby Kallak Magnetite Project contains target iron mineralisation ranging\n from 88Mt to 92Mt at a grade range of 35% - 42% iron\n \nWAG Limited (ASX: WAG) is pleased to announce the completion of a maiden\nMineral Resource estimate compliant with the JORC Code reporting standards for\nthe Ruoutevare Magnetite Project in Norrbotten County, northern Sweden.\n\nThis follows the signing of the Ruoutevare Farmin & Joint Venture Agreement\nbetween WAG and AIM-listed Beowulf Mining plc (\"Beowulf\") whereby WAG, subject\nto Shareholder approval, will earn 50% of the project by spending AUD$1,000,000\non a 3,000 - 5,000 metre delineation drilling program and metallurgical test\nwork.\n\nThe Ruoutevare Project is situated 150km southwest of the world's second\nlargest underground mine - the 2.3 billion tonne Kiruna iron ore mine.\nRuoutevare is located 180km by road from the nearest potential road-rail\nreloading site.\n\nCompleted by geological consultants Runge Limited, the Inferred Mineral\nResource estimate of 140 million tonnes (Mt) grading 39.1% iron (Fe), 5.7%\ntitanium (Ti) and 0.2% vanadium (V) (cut-off grade of 30% Fe) exceeds WAG's\ninitial estimate of between 116-123Mt of mineralisation.\n\nThe Ruoutevare Resource is based principally on 32 diamond core drill holes\ntotalling 6,223m, drilled by the Geological Survey of Sweden (SGU) in the early\n1970s. SGU estimated 116Mt at 38.2% Fe, 5.6% Ti and 0.17% V. Detailed ground\nmagnetic and metallurgical test work was made available to Runge, together with\ngeological mapping of the deposit completed in 2006...