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The Ruoutevare Magnetite Project consists of one exploration permit covering a total area of 850 hectares located approximately 1,100km north of Stockholm, in Norrbotten County, 13km north-west of the small village of Kvikkjokk. The 2.3 billion tonne Kiruna iron ore mine, the world’s second largest underground mine, is located approximately 150km northeast and the Malmberget iron ore mine is located 120km to the east. LKAB own and operate both the Kiruna and Malmberget iron ore mines as well as the Luleå-Malmberget-Kiruna-Narvik railway route used to transport iron concentrates and pellets.

The project area is approximately 180km by road from the nearest potential road-rail loading site, on the Luleå-Malmberget-Kiruna-Narvik railway route. Power accessibility and relative cost are excellent in Sweden, with the Seitevare hydroelectric plant located 75km by road from the project.

In August 2008, Beowulf announced a maiden JORC Code compliant Inferred Mineral Resource estimate for the project. Completed by independent geological consultants Runge Limited, the Inferred Mineral Resource estimate of 140 million tonnes (Mt) grading 39.1% iron (Fe), 5.7% titanium (Ti) and 0.2% vanadium (V) (cut-off grade of 30% Fe) exceeded the initial estimate of between 116-123Mt of mineralisation.

The estimate is based principally on 32 diamond core drill holes totalling 6,223m, drilled by the Geological Survey of Sweden (SGU) in the early 1970s. SGU estimated 116Mt at 38.2% Fe, 5.6% Ti and 0.17% V. Detailed ground magnetic and metallurgical test work was made available to Runge Limited, together with geological mapping of the deposit completed in 2006. A comprehensive review of the drill data and geophysical information, together with the findings of the 2006 geological mapping report by Beowulf indicate that mineralisation extends beyond the area drilled by the SGU.

Detailed metallurgical test work of the Ruoutevare deposit was first carried out by the Swedish government-owned iron ore mining company LKAB with subsequent work by Finnish steel company Rautaruukki.

The Ruoutevare magnetite deposit is an out-cropping, flat-lying to gently dipping magnetite rich layer about 150m thick within an anorthositic gabbro. The magnetite ranges from massive to disseminated and is associated with ilmenite.

The magnetite mineralisation consists of four lenticular pods of mineralisation that are interpreted to be the result of magmatic layering within the intrusive complex. The most significant mineralised body is approximately 1,500m long and 200m to 300m wide.

There appears to be good potential to substantially increase the resource by drilling extensions to the existing resource and by testing other magnetite bearing zones in the vicinity of the deposit.

The resource was estimated in a standard block model using Ordinary Kriging interpolation. The interpolation was constrained by resource outlines based on mineralisation envelopes prepared using a nominal 30% Fe cut-off grade.

During the period under review, a series of metallurgical tests on material from Ruoutevare have been conducted by MINPRO at its research laboratory at Stråssa, Central Sweden.  Latest results from tests conducted on milled ore material to optimise a reduction technique process have shown that a final sponge iron powder containing up to 95% iron (Fe) with 1.5% titanium (Ti) is obtainable. The initial grades of Fe 52.1% and TiO2 11.4% from the milled ore material studied, compared very favourably with a 1970s study by the SGU showing grades of Fe 53% and TiO2 12.3%. Bench tests have also been successful in producing a magnetite pellet feed product containing 67.8% Fe of high commercial quality with low levels of contaminating metals.  MINPRO has indicated that the ongoing test programme to apply the reduction/segregation process should further improve the quality of the sponge iron powder obtainable from the Ruoutevare deposit.

In addition to the metallurgical test programme, in July 2009 the Company commissioned RMG of Sweden to update its 2006 scoping study on Ruoutevare, using the Company’s most recent geological and technical data, with the objective of further defining the commerciality of the project. The updated independent conceptual study was completed in February 2010 and showed that Ruoutevare contains a significant resource of iron ore close to the surface and is very amenable to open-pit mining. On the basis of its conceptual financial analysis, RMG concluded that the project is robust and warrants further drilling and analytical work, being one of the largest known remaining iron ore deposits in Scandinavia still awaiting commercial exploitation.

The complete RMG report is found here >

A brief presentation is shown here >

Kallak North

The Kallak iron ore deposit is located about 40km west of the Jokkmokk municipality centre in the Norrbotten County in Northern Sweden. The licence covers an area of 500 hectares of forested, low hilly ground close to the main paved road between Kvikkjokk (Ruoutevare) and Jokkmokk. A high standard forest road passes across the deposit and a major hydroelectric powerstation with associated electric powerlines is located only a few kilometres away.

The Kallak iron ore was discovered by the SGU in 1947-48. Between 1968 and 1970, detailed ground geophysical surveys were carried out in the entire area of interest including closely grid spaced magnetic, gravimetric and electromagnetic measurements. Diamond drilling of seven holes was also carried out. It was found that two iron ore deposits were present, separated by only some several hundred metres in distance.  Being in the same geological structure, they may well be connected at depth.

The iron ores are outcropping and consist of relatively massive magnetite and minor hematite, interlayered with quartz, feldspar and some hornblende. The dominant host rock is a grey volcanite. The ores occur in a north-south oriented syncline of sediments and felsic volcanic rocks of early Proterozoic age within granitic gneisses.

The iron ores are more than 300 metres wide and confirmed extension for the northern deposit is more than one kilometre.

Geophysical calculations by the SGU have estimated a tonnage for the northern deposit of 92 million tonnes and 29 million tonnes for the southern deposit. The ores have average grades varying between 35-42% of iron and have only low background values of TiO2 (< 0.1%), phosphorous (0.04%) and sulphur (<0.6%).

Results from qualitative metallurgical testing on Kallak ore material commissioned from MINPRO during the reporting period are anticipated to be available in April.  

In addition, a conceptual study on Kallak commissioned from RMG has recently been received and the report is available here >

In April 2010 Beowulf will started it's own diamond drilling campaign in Kallak.

Some 3,760 metres of drilling in over 32 holes was completed and is now being analysed.

We have completed some initial Davis Tube tests on Kallak North and the results are shown here >   

Further tests will take place

A brief presentation is shown here >

Kallak South

In September 2010 Beowulf acquired the company Iron of Sweden which became a 100% subsidiary.

Iron of Sweden has a number of Licences the key ones for Beowulf are Parkijaure 1 and 2 which are just south of our existing property Kallak North.

From now on the Parkijaure Licences will be known as Kallak South

With the acquisition of the Iron of Sweden Licences we have considerably extended the area that was covered in the Raw Materials Group study.

Kallak North and South ground magnetic map here >

Kallak North and South map
here >

There is considerable potential in this area as seen in the following cross section  here >  

Extract from an independent report with comments on Kallak South here >