TIDMBEM
RNS Number : 2622Z
Beowulf Mining PLC
13 March 2017
The following amendment has been made to the 'Update for
Graphite Drilling in Finland' announcement released on 13 March
2017 at 07:00 under RNS No 1562Z.
Figures for the drill results of graphite intersections for
AITDD17002 have been inserted to the table.
All other details remain unchanged.
The full amended text is shown below.
13 March 2017
Beowulf Mining plc
("Beowulf" or the "Company")
Update for Graphite Drilling in Finland
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Beowulf (AIM: BEM; AktieTorget: BEO), the mineral exploration
and development company, focused on the Kallak magnetite iron ore
project and the Åtvidaberg polymetallic exploration licence in
Sweden, and its graphite portfolio in Finland, is pleased to
provide an update on its graphite drilling programme at its
Aitolampi prospect, part of Beowulf's 100 per cent owned
Exploration Permit, Pitkäjärvi 1.
Highlights:
-- Four diamond drill holes completed as part of an eight hole programme.
-- Approximately 505 metres ("m") drilled in total, with drill
holes extended 350m along strike for the main conductive zone.
-- Substantial widths of graphite mineralisation, up to 100m
down-hole width, have been intersected, which correspond with
identified electromagnetic ("EM") conductors. It should be noted
that the mineralisation intercept is the down-hole width and may
not be the true width.
-- Samples are being sent for assay at ALS Minerals in Finland,
concurrently with the drilling programme.
-- Please visit www.beowulfmining.com to view plans, relevant to
this announcement, showing drill hole locations, and mini-Slingram
and Slingram EM anomalies.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"We are making excellent progress with the graphite drilling at
Aitolampi and, having
completed approximately 505m out of a 1,300m drilling programme,
we are encouraged by
the results. We have observed significant lengths of graphite in
all holes drilled to date, in
the areas where we have previously identified EM conductors.
"Drilling should be completed shortly, and with sample
deliveries, to ALS Minerals in Outokumpu, having already commenced,
we look forward to reporting the assay results in April.
"Composite samples are also being prepared, which will be sent
to an accredited laboratory, for metallurgical testwork, after
drilling is completed.
"All this work will further support our assessment of a
potential resource and the commercial prospects of the graphite
that we are finding."
Background
-- The Pitkäjärvi graphite prospect is in eastern Finland
approximately 40 kilometres southwest of the well-established
mining town of Outokumpu.
-- In 2016, exploration conducted by the Company showed the
Aitolampi area, in the eastern most part of Pitkäjärvi, to be
prospective for graphite mineralisation, and was considered by the
Company's geologists as a priority target for drilling.
-- The area has extensive EM anomalies (conductive zones) that
were first defined by an airborne survey carried out by the
Geological Survey of Finland ("GTK"). Graphite is a great conductor
and the presence of graphitic schists on a fold limb coincidental
with the anomalies suggests potential for extensive graphite
mineralisation at Aitolampi.
-- In 2016, the Company carried out its own horizontal loop
electromagnetic Slingram surveys ("HLEM") to further investigate
the area. Numerous zones of conductance were further defined from
the survey. Although in most cases glacial till obscured possible
graphite mineralisation, at some locations graphite mineralisation
was located, mapped, and sampled. These included road cuttings,
outcrops and mineralised boulders.
-- On 25 January 2017, the Company announced testwork results
for composite "grab" samples taken from its Pitkäjärvi and
Aitolampi graphite prospects. Testwork on composite samples for
Pitkäjärvi and Aitolampi has produced combined concentrate grades
of 94.5 per cent and 94.7 per cent Total Carbon ("Ct"),
respectively, and grades of at least 95.7 per cent Ct in all size
fractions between 65 mesh and 200 mesh (210-75 micron), with the
highest grade of 97.4 per cent Ct obtained from the -80/+100 mesh
(180-150 micron) size fraction for Pitkäjärvi (see Company
announcement dated 25 January 2017 for details).
-- Flake size analysis for Pitkäjärvi concentrate showed 83 per
cent fine (<150 micron), 5.6 per cent medium (150-180 micron)
and 11.4 per cent large/jumbo (+180 micron) flakes. Flake size
analysis for Aitolampi concentrate showed 78.3 per cent fine, 8.8
per cent medium and 12.9 per cent large/jumbo flakes.
-- Analysis was conducted by SGS in Canada.
-- The Company started drilling at Aitolampi on 22 February 2017.
Summary of work
-- Objectives for the drilling programme are to assess the
extent, width, depth, and continuity, of sub-surface graphite
mineralisation along a major EM conductive zone trending 700m in
length, and 200m to 300m in width, to provide representative sample
material for assaying and metallurgical testwork.
-- The Company has completed four diamond drill holes and 505.4m drilling.
-- The eight hole programme will deliver up to 1,300m of drill core in total.
-- Observed graphite mineralisation from the first four drill
holes is summarised in the table below. It should be noted that
these are observations made by the Company's geologists, which are
based on examination of the recovered drill core, and cannot be
considered a definitive assessment until the results of assays and
metallurgical testwork have been taken into consideration. Grades
will be reported when assay certificates have been received from a
certified laboratory.
-- Drill Hole (lengths Total length of drill -- Initial graphite -- *Total observed Maximum individual
in metres) hole intersection - depth graphite graphite
from collar intersection intersection
----------------------- ---------------------- --------------------- --------------------- ---------------------
-- AITDD17001 175.0 23.9 100.0 35.15
----------------------- ---------------------- --------------------- --------------------- ---------------------
-- AITDD17002 142.0 9.1 69.4 44.20
----------------------- ---------------------- --------------------- --------------------- ---------------------
-- AITDD17003 100.3 13.7 39.4 19.96
----------------------- ---------------------- --------------------- --------------------- ---------------------
-- AIRDD17004 88.1 15.3 34.3 15.75
----------------------- ---------------------- --------------------- --------------------- ---------------------
*It should be noted that the mineralisation intercept is the
down-hole width and may not be the true width.
Competent Person Review
The information in this announcement has been reviewed by Mr.
Rasmus Blomqvist, a Competent Person who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr. Rasmus
Blomqvist has sufficient experience, that is relevant to the style
of mineralisation and type of deposit taken into consideration, and
to the activity being undertaken, to qualify as a Competent Person
as defined in the 2012 Edition of the "Australasian Code of
Reporting of Exploration Results, Mineral Resources and Ore
Reserves".
Mr. Rasmus Blomqvist is a full-time employee of Oy Fennoscandian
Resources, a 100 per cent owned subsidiary of the Company.
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771 6993
Officer
Cantor Fitzgerald Europe
(Nominated Advisor & Broker)
David Porter/Craig Francis Tel: +44 (0) 20 7894 7000
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204
Cautionary Statement
Statements and assumptions made in this document with respect to
the Company's current plans, estimates, strategies and beliefs, and
other statements that are not historical facts, are forward-looking
statements about the future performance of Beowulf. Forward-looking
statements include, but are not limited to, those using words such
as "may", "might", "seeks", "expects", "anticipates", "estimates",
"believes", "projects", "plans", strategy", "forecast" and similar
expressions. These statements reflect management's expectations and
assumptions in light of currently available information. They are
subject to a number of risks and uncertainties, including, but not
limited to, (i) changes in the economic, regulatory and political
environments in the countries where Beowulf operates; (ii) changes
relating to the geological information available in respect of the
various projects undertaken; (iii) Beowulf's continued ability to
secure enough financing to carry on its operations as a going
concern; (iv) the success of its potential joint ventures and
alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding
any mineral project at an early stage of its development, the
actual results could differ materially from those presented and
forecast in this document. Beowulf assumes no unconditional
obligation to immediately update any such statements and/or
forecasts.
Glossary:
Micron - a unit of length equal to one millionth of a metre.
Mesh size - the number of openings in a one US inch of screen is
the mesh size e.g. a 4-mesh screen means there are four squares
across one linear inch of screen. A 100-mesh screen has 100
openings, and so on. As the number describing the mesh size
increases, the size of the particles passing through the mesh
decreases. Higher numbers equal finer material. Mesh size is not a
precise measurement of particle size. If minus (-) and plus (+)
plus signs are shown when describing mesh sizes, this is best
explained with an example: -200-mesh would mean that all particles
smaller than 200-mesh would pass through. +200 mesh means that all
the particles 200-mesh or larger are retained.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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