Ballek Assay Results

RNS Number : 3158O

Beowulf Mining PLC

28 June 2010

 



28 June 2010

Beowulf Mining Plc

("Beowulf" or the "Company")

Assay Results for Ballek JV Project

Beowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Sweden, is pleased to provide details of assay results being published today by its joint venture partner, Energy Ventures Limited ("EVE"), in respect of EVE's 1,601m diamond drilling programme completed at the Company's Ballek joint venture project in the first quarter of 2010.

Clive Sinclair-Poulton, Executive Chairman of Beowulf commented:

"In February 2010 I met with EVE's drilling team on site and was encouraged with their progress.  We are delighted that their recent 8 hole drilling programme has confirmed the presence of copper-gold mineralisation and EVE will now review all the available data on the Ballek project to prioritise those areas, for further exploration drilling, that are most likely to add to the existing resource."

The full text of EVE's announcement is set out below:

HIGHLIGHTS:

·     Assay results received for a diamond drilling programme completed at the Ballek copper-gold-uranium project.

·     Results confirm widespread anomalous copper-gold mineralisation in the Ballek area.

·     A review of all exploration information is currently in progress to identify and prioritise targets for further exploration drilling.

OVERVIEW

The Directors of Energy Ventures Limited ("EVE") are pleased to advise that assay results have been received for a diamond drilling programme completed at the Ballek copper-gold-uranium project in northern Sweden. The drilling programme was undertaken to test a series of geophysical targets in the Ballek area and the assay results have confirmed that anomalous copper-gold mineralisation occurs up to 5km along strike from the known Lulepotten deposit.  A review of all exploration to-date is in progress to determine where further exploration drilling should be targeted to discover additional mineralisation.

DRILLING ASSAY RESULTS

A programme of diamond drilling at the Ballek copper-gold-uranium project was completed by EVE in the first quarter of 2010 to test for the continuation, or repetitions of, the known mineralisation at the Lulepotten copper-gold deposit.  A total of 8 holes were completed (Appendix 1), testing a series of geophysical targets to the north and south of Lulepotten.

Visible copper sulphide mineralisation was observed in 3 drill holes and these zones were sampled for assaying.  Mineralisation was contained in fractures within granitic and metavolcanic rocks and comprised fine to coarse grained bornite±chalcocite or chalcopyrite±bornite.  Significant assay results are shown in Table 1.

Table 1: Ballek project assay result summary

Hole ID	From (m)	To (m)	Length (m)	Grade		Comment
				Copper (%)	Gold (g/t)
BAL005	21 22 170.5	21.5 22.5 171	0.5 0.5 0.5	0.52 2.46 0.46	1.54 5.19 0.98	bn±cc bn±cc bn±cp
BAL010	32.75 84.5 85.5	33.5 85 86	0.75 0.5 0.5	2.14 1.64 0.42	1.29 0.19 0.11	cp±bn cp±bn cp±bn
BAL012	32	36	4	0.14	0.04	cp

Downhole length reported, orientation of mineralised structure and true width of intersection not known. 

Bornite=bn, chalcocite=cc, chalcopyrite=cp.

The assay results confirm that narrow zones of fracture hosted copper-gold mineralisation, similar to that observed at Lulepotten, occur up to 5km along strike from the known deposit.

FURTHER WORK

EVE is currently reviewing all exploration and drilling data available from the Ballek project area in order to determine where future exploration drilling should be targeted to discover further resources of copper-gold mineralisation. 

BALLEK JOINT VENTURE

Energy Ventures Limited completed a joint venture agreement with AIM listed Beowulf Mining plc (AIM:BEM, see www.beowulfmining.com) on the Ballek copper-gold-uranium project in September 2009.  The project comprises four exploration permits that collectively cover 110 square kilometres in Arjeplog County, northern Sweden.  The historical Lulepotten copper-gold deposit, which has an Inferred Resource of 5.4Mt grading 0.8% copper and 0.3g/t gold, is contained within the project area.

A joint venture company, Wayland Copper Limited ("Wayland") has been incorporated by Beowulf Mining plc to hold the Ballek project exploration permits.  EVE has recently earned 50% equity in Wayland, which is to be jointly funded by EVE and Beowulf Mining plc in order to complete any further agreed exploration work programme(s) going forwards.  EVE is currently the manager and operator of Wayland.

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. The information contained in this announcement has been presented in accordance with the JORC Code and references to "Measured",  "Indicated" and "Inferred Resources" are to those terms as defined in the JORC Code.

Information in this report relating to exploration results is based on data compiled by Mr Lachlan Reynolds (a full time employee of Energy Ventures Limited), who is a member of The Australasian Institute of Mining and Metallurgy. Mr Reynolds has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person under the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reynolds consents to the inclusion of the data in the form and context in which it appears.

For any further information, please refer to the Company's website (see www.energyventures.com.au) or contact the Company directly on [phone].

Appendix 1 - Summary of Ballek project drilling details

Hole ID	Hole Collar Coordinates*		Dip      (o)	Azimuth (o)	Depth (m)	Comment
	Easting	Northing
BAL005 BAL006 BAL007 BAL008 BAL009 BAL010 BAL011 BAL012	1607539 1607378 1609349 1609453 1609154 1610375 1609386 1609760	7328755 7328511 7331740 7331709 7331769 7335558 7331895 7334177	-45 -45 -50 -50 -50 -50 -50 -50	110 110 90 90 90 300 90 300	221 235 82 132 228 250 220 233	Hole abandoned due to an obstruction
Total					1,601

*Swedish RT90 2.5 gon V grid projection

- ENDS -

Enquiries:

Beowulf Mining Plc
Clive Sinclair-Poulton, Chairman	Tel: [phone]
Strand Hanson Limited
Matthew Chandler / Simon Raggett	Tel: [phone]
Alexander David Securities Limited
David Scott / Nick Bealer	Tel: [phone]
Lothbury Financial Services Limited
Gary Middleton / Michael Padley	Tel: + 44 (0) 207 868 2010
or visit http://www.beowulfmining.net

Notes to Editors:

The Ballek copper-gold-uranium project area in the municipality of Arjeplog, Northern Sweden, comprises four licences covering 11 copper prospects, including the Lulepotten copper-gold deposit.  Lulepotten has a JORC-compliant Inferred Resource estimate of 5.4 million tonnes grading 0.8% copper and 0.3 grammes per tonne of gold (cut-off value of 0.3% for copper).

In July 2009, MINPRO AB ("MINPRO") was commissioned to conduct initial metallurgical tests on ore grade material from the Lulepotten copper-gold deposit to facilitate quality testing by potential clients.  Based upon a small laboratory sample of Lulepotten copper-gold ore, MINPRO was able to obtain a final flotation test copper concentrate containing 32.4% copper, 5.6g/t gold, 320g/t of silver and 29g/t of tellurium.

Energy Ventures Limited ("EVE") (ASX: EVE) is an ASX listed investment company with strategic interests in uranium and base metals projects in Australia, Africa and Europe.  The company's Non-executive Chairman, Dr Ian Duncan, has a wealth of experience in uranium, retiring in 1998 as the General Manager of the Olympic Dam project in Australia, the world's largest uranium deposit, the fourth largest remaining copper deposit and the fifth largest gold deposit. Exploration manager, Lachlan Reynolds, amongst other positions, was involved in the supervision of near-mine exploration at the giant Olympic Dam project. 

 

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