Business
Kallak Drilling Update
Kallak Drilling Update.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n RNS Number : 7842S Beowulf Mining PLC 16 September 2010 \n \n\n16 September 2010\nBeowulf Mining Plc\n(\"Beowulf\" or the \"Company\")\nUpdate re Kallak Iron Ore Deposit\n \n \nCompletion of Acquisition of Iron of Sweden Limited\nand\nConversion of Convertible Loan Note\nHighlights:\n· Completion of 32 hole, 3,758m diamond drilling programme at the Kallak North iron ore deposit. Majority of drill cores (78%) selected for assaying with results anticipated, at the earliest, towards the end of October 2010 \n· High grade sections of iron ore identified extending from surface to depths of more than 200m and across section widths of 300m at surface. Original drill plan of 3,500m extended as larger deposit encountered at depth and width than expected \n· Drill holes confirm an iron ore deposit extending for more than 800m, open in both its northern and southern extensions. Preliminary indications of more than 150Mt of iron ore at an estimated average grade of 35% Fe\n· Metallurgical studies with Davis Tube Recovery show that the deposit is of an excellent quality suitable for the production of high grade pellet feed material with an iron grade of 70%\n· Acquisition of Iron of Sweden Limited adds potentially significant iron ore resources to the southern extensions of the project in the Kallak South licence area\n· Outstanding £250,000 indebtedness converted in its entirety into new ordinary shares \n \nBeowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Sweden, is pleased to announce the completion of the remainder of the drilling programme on its wholly-owned Kallak Iron Ore deposit, located within the municipality of Jokkmokk in northern Sweden. The drilling programme comprised a grid pattern of 32 holes, totalling 3,757.8m covering most of the deposit, which, from ground magnetic surveys, had been defined as being up to 300m wide and extending more than 1,000m. Analytical testing is expected to be completed during this month, with results anticipated to be received, at the earliest, towards the end of October 2010. The objective of the dri...