Beowulf Mining’s Ruoutevare project in Sweden has a JORC-based resource.
Beowulf’s joint venture partner WAG has revealed that Ruoutevare contains 140m tonnes inferred JORC resource at 39.1% iron, 5.7% titanium and 0.2% vanadium. WAG is earning 50% of Ruoutevare in return for A$1m investment in drilling and testing. It is funding a drilling programme starting in November.
The drilling programme could significantly increase the resource level.
This news did little for the Beowulf share price which fell 0.25p to 1.875p, valuing the mining company at £1.52m.
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