LONDON (ShareCast) - (ShareCast News) - Mineral exploration and development company Beowulf Mining provided an exploration update on its Åtvidaberg licence on Friday, confirming that to date, only a small part of the licence area has been studied.
The AIM-traded firm said resources had so far been focused on areas in the vicinity of former mines, and areas with known mineralisation and geophysical anomalies.

It said the licence is split into two main areas - Bersbo to the north-east and Mormors to the south-west.

In the Bersbo area, 'grab' samples from road fill of sphalerite have yielded up to 19.7% zinc, Beowulf said, while samples from waste dumps of chalcopyrite have yielded up to 1.7% copper.

Two waste dump samples in the Mormor area have yielded 4.42% and 8.46% copper, and waste dump samples from Mormorsgruvan - with quartz-veined mineralisation - have yielded up to 2.05 ppm gold.

'Grab' samples were reportedly collected in isolation, so could not be considered representative of the grade of mineralisation over a deposit.

Nonetheless, Beowulf said the samples 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.

"I am pleased to provide this further update on the Åtvidaberg licence," said CEO Kurt Budge.

"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."

Budge said Beowulf has only scratched the surface, focusing its efforts on areas in the vicinity of former mines, and areas with known mineralisation and 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."

At

1411 BST, shares in Beowulf Mining were down 1.64% to 5.41p.

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