Business
Molybdenum Exploration Licenc
Molybdenum Exploration Licenc.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n RNS Number : 0238D Beowulf Mining PLC 25 November 2009 \n \n\n\nBeowulf Mining Plc\n(\"Beowulf\" or the \"Company\")\n\nExploration licence granted in respect of the largest molybdenum deposit in Sweden\n\nHighlights:\n\n\n\nNew exploration licence area hosts Sweden´s largest molybdenum deposit\n\n\nSubstantial potential indicated by historic drilling results\n\n\nMunka licence strengthens the Company's focus on the steel industry\n\n\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 that it has recently been granted a new exploration licence by the Swedish Mining Registrar, in Bergsstaten, in respect of the Munka area. The licence area, which covers 800 hectares, and hosts Sweden´s largest, drill confirmed deposit of molybdenum, is located in the Rappen geological district of the Arjeplog County in northern Sweden. The Arctic Circle passes through the area.\n\nThe Munka licence has been granted for an initial period of three years to 3 November 2012 and thereafter can be renewed and extended for two further three year intervals (i.e. a total extension of six years), after which an application for a mining licence would need to be made. A nominal fee was paid by the Company on application to cover the initial three year licence period. \n\nThe licence covers the Munka molybdenum deposit and surrounding ground. The deposit, confirmed by historic drilling, extends over 800m in length with parallel mineralised lenses, of varying width in excess of 20m. Based on these historic drilling results, the Geological Survey of Sweden (SGU) estimated resources for the Munka deposit up to 100m depth to be 1.7 million tonnes at 0.156% molybdenum (Mo). This historic estimate does not comply with current JORC or 43-101 international standards. At the estimated tonnage, the Munka deposit is the largest molybdenum deposit in Sweden, with the available data ...