26 March
2024
Beowulf Mining Plc
("Beowulf" or the
"Company")
Highly Prospective Exploration Targets
Identified at Parkijaur nr 7
Beowulf (AIM: BEM; Spotlight: BEO),
and its wholly owned Swedish subsidiary Jokkmokk Iron Mines AB
("Jokkmokk Iron"), are pleased to provide an update on recent
exploration work at the Parkijaur nr 7 license situated to
south-west of Kallak exploitation concession, in the municipality
of Jokkmokk in northern Sweden.
Highlights
·
Jokkmokk Iron completed geological mapping and
boulder sampling during 2023 and has compiled and reprocessed
historic geological, geophysical, soil geochemical and drilling
data within the license area to identify 16 high priority target
areas.
·
A rock chip sample from a boulder immediately to
the east of the largest target zone assayed 14.6% copper ("Cu"),
0.56% zinc ("Zn"), 119 grammes per tonne ("g/t") silver ("Ag") and
0.35g/t gold ("Au").
·
Historic drilling intersected 6.2 metres
("m") of 1.53% Cu (including 3.6m of 2.45% Cu) and 2.6m at 0.96% Cu
in diamond drillhole 74002, and 110m of 0.42% Cu, 0.54 g/t
Au and 0.16% Zn (including a higher-grade zone of 37.6m at 0.63%
Cu, 0.87 g/t Au and 0.21% Zn) in diamond drillhole
MAJ04001.
·
Re-processing of historic soil sampling data has
identified an extensive area of anomalous copper in soil, including
an anomalous zone striking up to 2 kilometres north-west to
south-east and intersecting the largest target zone.
Ed
Bowie, Chief Executive Officer of Beowulf,
commented:
"Receiving the assay result
of 14.6% Cu from our 2023 boulder sampling programme clearly piqued
our interest. Our detailed review and reinterpretation of the
historic exploration work has thrown up some very interesting
results and future exploration targets. The historic intercept of
110m at 0.62% Cu, 0.54g/t Au and 0.16% Zn is now interpreted as
being drilled sub-parallel to the mineralisation however, it does
demonstrate the scale and tenor of the mineralising system. This is
further corroborated by the drill intercept of 6.2m of 1.53% Cu
which is interpreted as being across the mineralised structure and
therefore closer to the true width.
"We will look to refine and enhance the targets through
low-cost field work during the 2024 field
season."
Historic Exploration Work by the Swedish Geological Survey
("SGU")
The Parkijaur nr 7 exploration
license is 22.12 km2 in size and is situated 7 km
(Figure 1) to the south-west of the Kallak Exploitation Concession.
The exploration license, awarded in June 2021, has historically
been explored by SGU between 1970 and 1985 where three copper
targets, Iekelvare, Malmtjärn and Pälkasbäcken, were identified.
Historic exploration work included diamond drilling, trenching,
geological and boulder mapping, geochemical soil sampling, and
different geophysical methodologies (including
magnetic anomaly field, slingram, resistivity and induced
polarization ("IP")).
Figure 1. Jokkmokk Iron
exploration permit areas and exploration targets.
In the summer of 1972, SGU
discovered several copper-bearing boulders at Iekelvare. The
discovery was followed-up by a geochemical soil sampling program
where several highly prospective copper targets were identified. A
diamond drilling programme totalling 13 holes and 2,063m was
completed in the area between 1974 and 1977.
Copper mineralisation was identified
by drilling within a 50 to 100m wide and 250m long zone, close to
the contact between granites and supracrustal gneisses. The copper
content reached several per cent in places but was generally
irregular and associated with fracture zones indicating a
structural control. Diamond drillhole 74002 intersected 6.2m of
1.53% Cu (including 3.6m of 2.45% Cu) and 2.6m at 0.96% Cu. It
appears that the down-dip extension of the copper mineralisation
intersected in drillhole 74002 has never been tested by later
drilling and is therefore a highly prospective target for future
drilling.
The historic exploration work
completed by SGU indicates that the base metal mineralisation in
the area occurs within or adjacent to the area's supracrustal
gneisses. Geochemical anomalies and mineralised boulder findings
suggest additional mineralisation to the south-southeast of the
historic drill intercepts. SGU concluded that possibilities of
finding further mineralisation in the area were good, including in
the little explored areas to the southwest and northwest of
Iekelvare.
Historic Exploration Work by Beowulf
Exploration work in the area was
undertaken by Beowulf in 2003 and continued by Phelps Dodge in 2004
and 2005 under the terms of a joint venture agreement. The work
undertaken by Beowulf in 2003 consisted of boulder mapping focused
on two separate boulder fields. The best assay result returned from
the boulder sampling campaign contained 15.75% Cu with several
boulder samples assaying more than 1% Cu. Gold associated with
quartz veins has also been reported with up to 9.4g/t Au from
boulder sampling.
The work undertaken by Phelps Dodge
in 2004 and 2005 included a total of 613 soil samples using
the mobile metal ion ("MMI") sampling technique which clearly
demonstrated a copper anomalous zone extending for more than 1,000m
in a northwest to southeasterly direction. Phelps Dodge also
completed a total of 12 diamond drillholes in 2004 and 2005. The
best drillhole MAJ04001 intersected 110m of 0.42% Cu, 0.54g/t Au
and 0.16% Zn from 34.80m down hole (including a higher-grade zone
of 37.6m at 0.63% Cu, 0.87g/t Au and 0.21% Zn from 91.4m down
hole).
Exploration Potential
In 2023, Jokkmokk Iron´s exploration
team, assisted by independent consultants Geovista AB ("Geovista"),
compiled a number of historic geological, geochemical and
geophysical data sets and then followed this by reconnaissance
mapping and sampling in October 2023. In November 2023, Geovista
completed a reprocessing and reinterpretation of the historic
geophysical datasets including magnetic anomaly field,
slingram, resistivity and IP.
The work by Geovista identified a total of 16 target areas based on a combined interpretation
of the reprocessed historical geophysical datasets (Figure 2). The
target at Iekelvare is the largest and has also been the attention
for most of the historic exploration conducted by SGU and later by
Beowulf and Phelp Dodge. The drilling campaigns completed between
1974 and 1977 intersected irregular copper mineralisation
associated with fracture zones which highlights the exploration
potential for copper mineralisation in the area. The best
intersection of drillhole 74002 was 6.2m of 1.53% Cu (including
3.6m of 2.45% Cu) and 2.6m at 0.96% Cu is of special interest as it
also highlights the potential for zones of high-grade copper
mineralisation. This drillhole has never been followed up with
down-dip drilling and there is therefore potential to extend the
mineralisation to depth. Boulder sampling conducted by Beowulf in
2023 from a boulder 150m south-east of Iekelvare and in direction
of the modelled ice movement returned a peak assay result of 14.6%
Cu, 0.56% Zn, 119g/t Ag and 0.35g/t Au. This result was from the
same area as the historic 15.75% Cu boulder sample. None of the
previous drilled holes has returned such high grades and,
therefore, the source of the mineralisation has not been located.
Other anomalous samples include 0.24% Cu and 0.17% Cu within the
same boulder field. A further grab sample from an outcrop
approximately 4km to the East assayed 2.33% Cu.
The work undertaken by Beowulf and
Phelps Dodge between 2003 and 2005 also highlighted the
prospectivity for copper and gold mineralisation in the area. The
intersection of 110m of 0.42% Cu, 0.54g/t Au and 0.16%
Zn from 34.80m down hole (including a higher-grade zone of 37.6m at
0.63% Cu, 0.87g/t Au and 0.21% Zn from 91.4m down hole) in MAJ04001
is very encouraging. By reviewing historic drill sections, it
appears that Drillhole MAJ04001 is likely to have been drilled
parallel to a mineralised structure, however the wide
mineralisation intersected still highlights the potential for
extensive mineralisation in the area. Further, the source of the
extensive mineralisation has not been identified.
From the desktop reviews of
historical exploration work and the 2023 reconnaissance mapping and
sampling in the Parkijaur nr 7 license, it can be concluded that
the area is highly prospective with the potential to identify new
high quality drill targets. The exploration team are working on a
field programme for 2024 to advance our understanding on the
geological controls and setting and allow us to refine future drill
targets.
Figure 2. Parkijaure nr 7,
drilling highlights, sample analysis, soil Cu MMI geochemistry and
combined ground geophysical targets.
Enquiries:
Beowulf Mining
plc
Ed Bowie, Chief Executive
Officer
ed.bowie@beowulfmining.com
SP
Angel
(Nominated Adviser & Joint
Broker)
Ewan Leggat / Stuart Gledhill / Adam Cowl
Tel: +44 (0) 20 3470 0470
Alternative
Resource Capital
(Joint Broker)
Alex
Wood
Tel: +44 (0) 20 7186 9004
BlytheRay
Tim Blythe / Megan Ray
Tel: +44 (0) 20 7138 3204
About Beowulf Mining plc
Beowulf Mining is a mining company
with main activities in exploration and development in Sweden,
Finland and Kosovo. Beowulf's portfolio is diversified by
commodity, geography and stage of development of the
projects and consists primarily of iron ore, graphite,
gold and base metals. Beowulf Mining is headquartered in London,
England.
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 Grafintec Oy, a 100 per cent owned subsidiary of
Beowulf.
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 forecast.