Business
Update on Ballek Project Area
Update on Ballek Project Area.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n Beowulf Mining PLC\n30 January 2007\n\n\n BEOWULF MINING PLC\n\n\n NEWS RELEASE\n\n\n UPDATE ON THE BALLEK PROJECT AREA, N. SWEDEN\n\n\n• Beowulf Mining expands Ballek project area with a new exploration\nlicence 'Ballek 5' covering a uranium occurrence .\n\n\n• Copper-rich boulder find in licence area 'Ballek 2' highlights local\ntarget area for copper mineralisation.\n\n\n\nLondon: 30 January, 2007: Beowulf Mining PLC ('Beowulf' or 'the Company'), the\nAIM quoted mineral exploration company (AIM:BEM) with projects in northern\nSweden, is pleased to announce that a new exploration licence, defined as\n'Ballek 5' and located in the municipality of Arjeplog in northern Sweden, has\nbeen registered with the Swedish state mining authority, Bergsstaten. It covers\n1,200 hectares and borders the Company's Ballek 2 licence. With the new licence\nthe total Ballek project area now covers 10,600 hectares.\n\nIn the early 1970's the Geological Survey of Sweden made a discovery of uranium\nmineralisation called W. Rebraur in the Ballek 5 licence area. 15 drill holes\nwere completed and uranium mineralisation was confirmed over a distance of 150\nmetres. The mineralised zone ranges in width between 1 metre and 8 metres with\ngrades reaching 700 ppm (0.07%) uranium. Surface boulders with between 0.1% and\n0.5% uranium were found by the Geological Survey of Sweden.\n\n\nAt the 2006 annual prize ceremony of the 'Mineraljakten' ('The mineral hunt'), a\ncompetition organized by the Geological Survey of Sweden and open for private\nprospectors to find new mineral prospects of economical interests in northern\nSweden, a top prize was awarded to a local prospector for the discovery of a\nboulder with unusually high grades of copper (14.9%), gold (4.52 grams per\ntonne) and silver (196 grams/tonne). The boulder is within the Ballek licence\narea.\n\n\nCommenting on the new application, Dr. Robert Young stated that 'Beowulf had\npreviously reported on uranium finds on the Ballek licence. We are interested in\nlocating an IOCG (iron oxide-copper-gold deposit) at Ballek and these types of\ndeposits are often accompanied by uranium'.\n\n\nFor further information contact:\n\n\n\nDr Robert Young Mr Gavin Burnell\nBeowulf Mining plc Ruegg & Co. Limited\nTel. +44 (0) 1353 649 701 Tel. +44 (0) 207 584 3663\n\n\nMr Gary Middleton Mr Nick Bealer\nSt...