Åtvidaberg Exploration Update
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.
16 June 201 7
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 Åtvidaberg exploration activities.
The Company has a team of three geologists in the field to conduct geological mapping and to ground-check airborne magnetic targets, Versatile Time Domain Electromagnetic (“VTEM”) targets, and geochemical anomalies from the till sampling programme completed in 2016. In addition, a ground magnetic survey is being conducted in the Mormor area, to supplement our existing airborne magnetic data.
The Company held a three-day field workshop at Åtvidaberg in late April, which brought together the Company’s exploration team, and external experts with major mining company exploration experience, relevant to Bergslagen, volcanogenic massive sulphide mineralisation and modern exploration technologies.
The workshop produced an exciting exploration programme for this year, with work focused on brownfield and greenfield targets at Bersbo (prospective for zinc and copper), Mormor (prospective for copper), and Könserum (prospective for molybdenum, tungsten, bismuth and rhenium).
Kurt Budge, CEO, commented:
“The exploration team has been back in the field at Åtvidaberg for a few weeks.
“In April 2017, we held a very valuable workshop on site, brainstorming our findings from historical information and the 2016 exploration campaign, and sharing our ideas with external experts to develop a comprehensive work programme for this year.
“Åtvidaberg is a historical mining area, and so our work is focused on filling the gaps in our knowledge and answering key questions, with a view to perfecting the exploration model and defining drill targets.
“It’s great to be active on our other business areas, while we wait to kick-start our investment plans for Kallak.
“I look forward to providing further updates to shareholders on progress in due course.”
|Beowulf Mining plc|
|Kurt Budge, Chief Executive Officer||Tel: +44 (0) 20 3771 6993|
|Cantor Fitzgerald Europe (Nominated Advisor & Broker)|
|David Porter / Craig Francis||Tel: +44 (0) 20 7894 7000|
|Tim Blythe / Megan Ray||Tel: +44 (0) 20 7138 3204|
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.