6th Oct 2014 08:13
LONDON (Alliance News) - Beowulf Mining PLC Monday said the latest assay results for the Kallak iron ore project in Sweden showed high grades and extensive intersections at the site.
The company said high grade assays for Kallak South were returned for one drillhole at the site, with an average grade of 52.9% iron over an intersection of 36.35 metres.
In the same drillhole, Beowulf said the high-grade intersection runs nearly 90 metres, averaging 42% iron.
Beowulf said the latest results show the highest grades over the longest intersections seen since Beowulf began exploration at Kallak.
The company said the results showed that, for this portion of the Kallak South area, the mineralisation primarily comprises massive hermatite. Along with previous drilling, the latest finding extends the Kallak South site 350 metres to the north.
The company said work is continuing on combining the new drilling data with the ground geophysical, gravimetric and magnetic exploration undertaken across Kallak South. Initial review shows a significant correlation between drilling data and the information gained using other exploration methods, Beowulf said.
The company also got assay results for Kallak North, with one drillhole averaging 26.4% iron over a 300 metre intersection. The intersection is the longest for Kallak North to date.
"The Beowulf team is very encouraged that the latest assays from the 2014 drilling campaign have delivered the highest grade and longest intersections yet seen at Kallak," said Beowulf Executive Chairman Clive Sinclair-Poulton.
"Work is now continuing to comprehensively evaluate the resource model for Kallak North and Kallak South, for which a further update will be forthcoming in the fourth quarter of 2014," Sinclair-Poulton added.
Beowulf shares jumped on the news, up 18% to 2.71 pence to make it one of the best performers on the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Beowulf