Back in with just 17.5k shares. I don't know why, I couldn't just leave it. I've been in and out for years now.. and have only lost... and lost again. My head tells me that I'm probably just chasing those losses, but my heart tells me this will go good eventually. Probably 2015....
We might have some explanation here regarding the drilling speed:
"Oops Oops Oops, if you are negative for core drilling speed, you notice that you can not really anything about it.
Dala Exploration and Ludvika Borrteknik are probably the sharpest drills in Sweden. Things messes, deliveries will not be in time. If a particular hydralslang goes down it can take several days to get a new one up north, if not available in stock, in the woods. Delivered bits of fault diameter, canopy has smth wrong, it can take an extremely long time to get new ones. Casing pipe may be out at supplier etc etc etc. Add late to extreme cold in there and you might get a picture of the drilling industry is not like sitting in an office and figure meters and write blog.
The large companies drill definitely not faster"
"One factor is that the mountain is ruggit hard when there is high magnetite content. Drill pipe gets even magnetic (of constant spin in magnetic magnetite) and it gets really slow for the machine to spin the tubes at over 100m deep. Add a fourth level (just a bit softer than diamond) and you get nature's own armor. Keep in mind that since it is difficult, almost impossible, to come by so soft bits to cope with the hardness of the rock to get a better picture of what it probably looks like.
Fears over China’s current growth prospects may have knocked the investment appeal of iron ore for now, but Beowulf Mining (BEM), the AIM and Stockholm-listed company doggedly pursuing iron ore projects at Kallak in the north of the country, as well as copper and gold prospects in the same region, remains determinedly upbeat. Sampling from pilot test mining has produced 2.7 tonnes of concentrate at the Kallak North deposit with 69.4 per cent iron at a magnetite recovery of 95 per cent and entrepreneurial executive chairman Clive Sinclair-Poulton says he expects more work on the hematite ore in May or June.
Describing these results as ‘encouraging’ for Kallak North, whose historic formal (Joint Ore Reserve Committee) resource estimate still stands at 144 million tonnes with a relatively modest 30 per cent iron, Sinclair-Poulton declares ’what we have here is commercially viable as a mine and would be perfect for open-pit operation.’ He says Beowulf, whose shares traded at more than 30p four years ago but now change hands at 4.38p, is ‘on budget’ with £1.5 million in the bank, having raised £4 million last year at 6.25p from investment group Lanstead Capital, and is keen to be able to talk about product specification for Kallak North -- once certain obstacles have been overcome.
Chief among these is opposition from among North Sweden’s indigenous Sami people, which has forced Beowulf to take back its original application to mine Kallak North to answer more questions. ‘We shall re-present our application in April,’ says Sinclair-Poulton, who argues more negotiation and explanation should win round the objectors.
By late autumn, he suggests work now being undertaken should also provide a ‘better understanding’ and an ‘enhanced’ formal resource figure for Kallak North, together with a formal resource estimate for its sister project, Kallak South, and an improved picture of the way ahead at Ballek, the company’s copper and gold project in partnership with venture capital concern Energy Ventures. Sinclair-Poulton says Energy Ventures has compared Ballek to South Australia’s massive Olympic Dam iron oxide, gold copper and uranium deposit and says Beowulf expects assay results for Ballek in the second quarter of this year.
The company, which lost £2.2 million last year after a £1.1 million accounting charge for a ‘fair value’ loss on derivative financial assets, has also won an exploration permit for the potentially promising Agasjegge nr2 prospect close to Kallak. The Geological Survey of Sweden has indicated this prospect could hold 74 million tonnes of magnetite iron ore.
According to Sinclair-Poulton, the ‘infrastructure in the area is fine’. The Swedish government is improving rail services and the project is close to sources of hydroelectric power.
A correction. JIMAB had a meeting with the authorities before submitting their expanded application, which shall be submitted early April. This meeting did not result in a delay, it was held only to prevent further delays. A good move from JIMAB.
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