Another epic find for Beowulf

22nd Mar 2011 11:36

Beowulf Mining pulled out of its recent share price slump after releasing assay results for the first 10 drill holes on its Kallak South iron ore project in Sweden.The drilling programme has confirmed the presence of a high grade iron ore of a similar type and quality to the ore uncovered at Kallak North, with the bands of ore stretching as wide as 400 metres."The results of the initial drilling and the measured size of the magnetic anomaly confirm earlier estimates of the presence of more than 400 million tonnes of iron ore at Kallak South," the company said.Beowulf is still drilling away in the area and expects to complete the drilling programme by the end of June this year, after which drilling will start up again at Kallak North.Given the riches that lie beneath the surface the company is keen to get mining as soon as possible. Subject to regulatory approvals being received, the company expects to start pilot scale test mining and further metallurgical testing in the first quarter of next year, with deliveries of large quantities of high quality (around 70% iron) pellet feed material to potential customers expected to start later in 2012.