RCS - Beowulf Mining PLC - Prospective Exploration Targets at Parkijaur nr 7

Beowulf MiningAnnouncement

26/03/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240326:nRSZ2429Ia&default-theme=true

RNS Number : 2429I  Beowulf Mining PLC  26 March 2024

 

 

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 km(2) 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.

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAZZGZFFKKGDZZ