Last checked at 30 Oct 2007 08:00
Beowulf Mining plc ("Beowulf" or "the Company") High grade uranium results Ballek Joint Venture with Agricola Resources plc
30 October, 2007
Agricola Resources plc, a PLUS-traded company(" Agricola") have today announced the following:
The directors of Agricola Resources PLC ("Agricola") the Plus market listed uranium explorer, are pleased to inform that analytical results have been received from local boulder samples from the Rebraur West prospect within the Ballek no. 5 licence area located in the municipality of Arjeplog in N. Sweden about 20 km northeast of the town centre. Uranium contents of up to 1.75% have been obtained.
The Ballek Joint Venture concerns four licences covering 106 square kilometers, Ballek 2, 3, 4 and 5. They are considered prospective for iron oxide copper gold and uranium (IOCG) deposits.
During the 2007 field season scintillometer measurements and sampling of boulders and outcrop over the Rebraur West uranium prospect was undertaken. Drill holes and refilled trenches from 1980's exploration were studied and highly radioactive boulders that are proximal to one of the trenches were sampled.
The analytical results received show that the uranium content varied from 0.19% to 1.75 % in the boulders that gave the highest scintillometer readings. The boulders are considered remnants of the local bedrock within or close to the trench, which is now refilled. The uranium grade is much higher than original reported levels from bedrock (max 0.07 % of uranium) from the area in 1984. Only background levels of thorium were noted, but high contents of lead is accompanying high levels of uranium.
Future studies will include detailed soil grid radon cup surveys in order to define drill targets in the area outside the previously drill tested zone.
The Rebraur West uranium prospect was originally discovered by the Geological Survey of Sweden (SGU) in the early1970s. Limited drilling and trenching outlined a uranium mineralization at outcrop between 1-8 m wide and extending along several parallel fractures for 150 m but open in both directions along strike. Grades of up to 700 ppm of uranium were reported. The fine-grained uranium minerals occur in an albite-quartz-chlorite hostrock, (Gustafsson, B, "Uranium report 1981-8", SGU, Mal¡º£, IRAP 84005).
Analytical results of these samples have now been received (table 1 below).
Table 1: Uranium, thorium and lead contents of boulders from trench area of the Rebraur West prospect, Agricola Resources, October, 2007.
Sample no Uranium assay % Thorium % Lead %
REB 07 001 0.264 0.004 0.08REB 07 001b 0.394 0.004 0.10REB 07 002 1.54 0.004 0.25REB 07 003 0.192 0.005 0.37REB 07 003b 0.953 0.005 1.02REB 07 004 1.75 0.006 0.24
All samples were analysed by ALS Chemex laboratories at Vancouver, Canada. Thirty six elements including uranium, thorium, base metals and gold and silver were determined by ICP- analysis. Samples with high uranium were reanalyzed by XRF techniques. No gold was recorded.
Background:
Agricola has signed an option and earn-in agreement with Beowulf Mining PLC ("Beowulf") the AIM listed copper, gold and uranium explorer on the Ballek 2, 3, 4 and 5 exploration permits that cover 110 square kilometres of Arjeplog County of Northern Sweden.
Agricola has been granted an option to acquire a 51% interest in the licences in exchange for undertaking magneto telluric, induced polarisation and resistivity surveys, followed by 3,000 metres of diamond drilling. Initially these surveys will be concentrated on the Ballek 2, 3 and 4 licences. Agricola has agreed to conduct the programme by 31 December 2008.
The surveys are intended to identify targets associated with a large gravity anomaly under the claim block, and to identify any iron oxide copper gold and uranium (IOCG) deposits that maybe present in the Ballek area.
As announced on 3 May 2007 Beowulf will incorporate a new Swedish subsidiary company to hold the Ballek exploration permits (the "Project Company"). Following completion of the agreed work programme, Agricola will have earned a 51% shareholding in the Project Company and will have the option to increase this to a 70% shareholding by investing a further US$ 500,000 in the Project Company.
Subsequent expenditure on the Ballek exploration permits will be made pro rata to Beowulf and Agricola's respective interests, subject to adjustment of these interests in the event that one party chooses not to fund their proportion of such expenditure.
Agricola recently raised GBP 467,800 in exploration finance through an investment made by Energy Ventures Limited (EVE), a Perth based investment company listed on the Australian Securities Exchange (ASX). EVE will also provide Agricola with technical expertise for its exploration programmes.
The information in this announcement has been reviewed and signed off by Dr. Jan Ola Larsson, (Fil. Kand, PhD, DIC). Technical Director of the Company, who has over 30 years relevant experience within the sector.
Contact :
Dr. Robert Young, ChairmanBeowulf Mining plc Tel: +44-(0)1353 649 701Gavin BurnellRuegg & Co. Limited Tel: +44-(0)207 584 3663Nick BealerKing & Shaxson Capital Limited Tel: +44-(0)207 426 5986Gary MiddletonSt Swithin's Public Relations Tel : +44-(0) 207 929 4391
BEOWULF MINING PLC