Beowulf Mining unearths encouraging iron grades

16th Aug 2013 11:47

AIM iron miner Beowulf Mining has unearthed the best results yet for its Northern Swedish drill programme. The company has received assay results for the first six of the 16 drillholes made at its Kallak South project in Jokkmokk, which displayed "encouraging" average iron grades encountered over long intercepts.Executive Chairman Clive Sinclair-Poulton said: "The initial assay results from our ongoing drill programme at Kallak South are most promising and include the highest average grade of iron mineralisation ever recorded for a section of analysed drill core from the Kallak South deposit to date."This referred to one 1.1m section that contained 55.9% iron, with another inclined drill hole with a long intercept of 89.46m showing 32.1% iron. Beowulf said the initial results confirmed the bedrock of the mineralised sections appeared to be of a similar composition to that found at Kallak North.With almost 4,000 metres drilled so far at wholly owned Kallak South, Beowulf has planned 1,500 further metres of drilling to be completed by the end of October. Said Sinclair-Poulton: "We expect to receive the next set of assay results in Q4 2013 and are endeavouring to complete as much of our planned further drilling as practicable prior to the scheduled expiry of the current work plan."He added that an additional drill campaign on Kallak North was "progressing well" with six holes completed to date as it builds up towards the blasting stage of our test mining programme there, with field work currently intended to be completed by the end of the third quarter.Shares in Beowulf Mining were up 4.3% to 7.3p at 12:02 on Friday.OH