Beowulf Mining reports updated mineral resource at Aitolampi

Mineral exploration and development company Beowulf Mining announced an upgraded mineral resource estimate (MRE) for its Aitolampi graphite project in Finland on Wednesday, which is part of its wholly-owned exploration permit Pitkäjärvi 1.

The AIM-traded firm said its graphite business in Finland, Oy Fennoscandian Resources, was pursuing a strategy to develop a “resource footprint” of natural flake graphite prospects that could provide “security of supply”, and enable the country to achieve its ambition of self-sufficiency in battery manufacturing.

Fennoscandian was also developing its knowledge in processing and manufacturing value-added graphite products, as the company was seeking to move downstream.

Beowulf reported an 81% increase in contained graphite, compared to the 2018 MRE, for the higher-grade western zone of the project, with an indicated and inferred mineral resource of 17.2 million tonnes (Mt) at 5.2% total graphitic carbon (TGC), containing 887,000 tonnes of contained graphite.

It also reported an unchanged indicated and inferred mineral resource of 9.5 Mt at 4.1% TGC, for 388,000 tonnes of contained graphite for the eastern lens.

The company said its updated global indicated and inferred mineral resource was 26.7 Mt at 4.8% TGC, for 1,275,000 t of contained graphite, with all material contained within two graphite mineralised zones - the eastern and western lenses, interpreted above a nominal 3% TGC cut-off grade.

An augmented global indicated and inferred mineral resource of 11.1 Mt at 5.7% TGC, for 630,000 t of contained graphite, reporting above a 5% TGC cut-off, was based on the grade-tonnage curve for the resource, the board added.

“The Fennoscandian team has delivered a strong result with an 81% increase in contained graphite for the higher-grade western lens at Aitolampi,” said Beowulf chief executive officer Kurt Budge/

“The team has had a busy year, following up drilling at Aitolampi with fieldwork across four other graphite prospects in the Fennoscandian portfolio, while effectively using funding from the 'Green Minerals' and 'BATCircle' projects to support metallurgical testwork and value-add processing for battery-grade anode material.

“Fennoscandian is active across the value chain, as the Company continues to pursue its strategy to develop a 'resource footprint' of natural flake graphite prospects that can provide 'security of supply' and enable Finland to achieve its ambition of self-sufficiency in battery manufacturing.”

As at 1423 GMT, shares in Beowulf Mining were up 0.4% at 6.28p.