Beowulf plans extensive drilling programme

20th Oct 2011 12:45

Mineral exploration company Beowulf has announced plans to begin an extensive drilling programme at its Kallak deposits in Sweden. The firm is planning a two phase drilling programme consisting of around 7,000m in the first phase beginning later this year and phase two consisting of a significantly larger area of 50,000m. The a new exploration licence has been granted over 2,219 hectares which sit next to the limits of the deposit as they are currently known. An estimation for the deposit is expected by the end of the month. Clive Sinclair-Poulton, executive chairman of Beowulf, said: "I am delighted to announce that, subject to securing the requisite financing, we currently plan to embark on an extensive drilling programme at our Kallak deposits. We remain convinced that Kallak North and South are one large ore body and look forward to confirming this via the drill bit."It is our intention to further define and prove up the Kallak iron ore project as quickly and efficiently as possible and to this end we plan to conduct a two phased drilling campaign. With such additional drilling planned on our most promising licence areas and an expansion of our areas held under licence, the value of our asset base continues to increase."The company must now secure the necessary finances to fund the programme, which is set to begin at the end of this year.Shares were up 0.8% at 42.34p by 13:03.NR