Beowulf Mining (LON:BEM) is excited by high grade ‘grab’ samples at former mine sites on the Atvidaberg licence and to have identified so many follow-up targets.
Beowulf says only a small part of the licence area has been studied with resources focused on areas in the vicinity of former mines, and areas with known mineralisation and/or geophysical anomalies.
The licence is split into two main areas: Bersbo to the north-east; Mormors to the south-west.
In the Bersbo area, ‘grab’ samples from road fill of sphalerite (zinc ore) have yielded up to 19.7 per cent zinc, while samples from waste dumps of chalcopyrite (copper ore) have yielded up to 1.7 per cent copper.
In the Mormor area, two waste dump samples have yielded 4.42 per cent and 8.46 per cent copper.
In addition, waste dump samples from Mormorsgruvan, with quartz-veined mineralisation, have yielded up to 2.05 ppm gold.
‘Grab’ samples were collected in isolation and therefore cannot be considered representative of the grade of mineralisation over a deposit, but nevertheless give a range of values, that are indicative of the potential for the targets being investigated, and which have assisted the company’s exploration team in planning future work.
All samples have been assayed for the company by ALS Minerals in Sweden.
Chief executive Kurt Budge said: “I am pleased to provide this further update on the Atvidaberg licence. It’s early days, but it’s exciting to find such high grade “grab” samples at former mine sites, and to have identified so many targets to follow-up on.
“We’ve only scratched the surface, focusing our efforts on areas in the vicinity of former mines, and areas with known mineralisation and/or geophysical anomalies.
“Our magnetics interpretation has given us a further 26 targets to investigate, for which we are planning geological mapping and ground geophysics to be carried out in 2017.
“The field season is far from over, the exploration team will shortly be starting a regional till sampling programme, and I look forward to updating shareholders on our progress in due course.”
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Mariana Resources (LON:MARL) has entered into a binding term sheet to acquire an 80% interest in Awale Resources.
Awale is a private exploration company focussing on gold projects in Cote d’Ivoire. Mariana’s experience and ability is being leveraged to acquire a majority interest in Awale, in a region which hosts one of the largest known prospective underexplored greenstone belts in West Africa.
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The sector’s biggest risers were Arian Silver (LON:AGQ) and Churchill Mining (LON:CHL) – up by more than 21.4% and over 19.5% respectively in late trading. The biggest fallers were Regency Minces (LON:RGM) and Edenville Energy (LON:EDL) – down by more than 9% and over 6.5% respectively.
(LON:AGQ) Arian Silver Corporation share price was +0.15p at 0.85p
(LON:BEM) Beowulf Mining PLC share price was 0p at 5.5p
(LON:BKY) Berkeley Energia Ltd share price was 0p at 52p
(LON:CEY) Centamin PLC share price was +6.95p at 152.25p
(LON:CHL) Churchill Mining PLC share price was +5.25p at 35.25p
(LON:CZA) Coal of Africa Ltd share price was +0.01p at 2.88p
(LON:FDI) Firestone Diamonds PLC share price was +0.5p at 52.5p
(LON:FRES) Fresnillo PLC share price was +55.5p at 1669.5p
(LON:GEMD) Gem Diamonds Ltd share price was -2.25p at 117.75p
(LON:HOC) Hochschild Mining PLC share price was +16.3p at 266.1p
(LON:KMR) Kenmare Resources PLC share price was +8.75p at 335p
(LON:MARL) Mariana Resources Ltd share price was +2p at 63p
(LON:RGM) Regency Mines PLC share price was -0.05p at 0.5p
(LON:VED) Vedanta Resources PLC share price was +13.5p at 628p
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