Beowulf Mining secures licence for largest molybdenum deposit in Sweden
25 November 2009
Beowulf Mining, the AIM and Aktietorget traded mineral explorer that owns several exploration projects in Sweden, has been granted a new exploration licence covering the Munka area.
The licence covers 800 hectares and hosts Sweden’s largest, drill confirmed deposit of molybdenum. It is located in the Rappen geological district of the Arjeplog County in northern Sweden. Beowulf has secured an initial three-year licensing period, but can extend the term by up to six years after that.
Based on historic drilling results, the Geological Survey of Sweden (SGU) estimated resources for the Munka deposit up to 100m depth to be 1.7 million tons at 0.156% molybdenum. At the estimated tonnage, the Munka deposit is the largest molybdenum deposit in Sweden, with the available data indicating that the deposit may be significantly larger.
With additional control studies in the field and some further limited drilling, Beowulf anticipates being able to rapidly achieve a JORC compliant resource estimate.
The company said the addition of the Munka molybdenum deposit to its existing iron ore exploration assets at Ruoutevare and Kallak, put it in a positive position to potentially become a future supplier of raw materials to the European steel industry.
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