Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, focused on the Kallak magnetite iron ore project and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, is pleased to announce a Maiden Mineral Resource Estimate (“MRE”) for its Aitolampi graphite project in Finland. Aitolampi is part of the Company’s 100 per cent owned Exploration Permit, Pitkäjärvi 1.
Highlights:
· A global Indicated and Inferred Mineral Resource (reported in accordance with the JORC Code[1]) of 19.3 million tonnes (Mt) at 4.5% Total Graphitic Carbon (“TGC”) for 878,000 tonnes (“t”)
of contained graphite, reported from all material within the eastern and western lenses which are interpreted above a nominal 3% TGC cut-off grade.
· A higher-grade Western Zone with an Indicated and Inferred Mineral Resource of 9.8 Mt at 5% TGC for 490,000 t of contained graphite.
· An Eastern Zone with an Indicated and Inferred Mineral Resource of 9.5 Mt at 4.1% TGC for 388,000 t of contained graphite.
· Reporting above a 4% TGC cut-off grade based on the grade-tonnage curve for Aitolampi, gives an Indicated and Inferred Mineral Resource of 12.8 Mt at 5% TGC for 639,000 t.
· The Mineral Resource was estimated by CSA Global PTY Ltd (“CSA Global”) of Australia.
· To date, the Company has invested over Euros 760,000 in Aitolampi and approximately Euros 1.4 million across its graphite portfolio.
Kurt Budge, CEO, commented:
“It’s great news for our exploration team to achieve the milestone of a Maiden Mineral Resource Estimate for Aitolampi. It is another building block, to add to the metallurgical testwork results that we have achieved, and highlights the potential of the project to serve the developing battery manufacturing market in Finland and Sweden.
“Tonnes are not in short supply at Aitolampi, as evidenced by the maiden 19.3 Mt resource, but it’s pleasing to see a higher-grade five percent TGC Western Zone, that could be the focus for initial production.
“Aitolampi is benefited by its location in Finland, a stable political, fiscal, legal and permitting jurisdiction, its access to cheap power, reliable transport infrastructure (roads and ports), a highly skilled workforce, and by Finland’s desire to become a world-class platform for battery manufacturing.
“In terms of next steps, we are in the process of tendering a Scoping Study, which will provide a preliminary technical and economic assessment of the project, the output of which we will use to support our discussions with local stakeholders.
“In the first half of September, I will be in Finland to support our Finnish team, meeting key decision makers, in Heinävesi and the region, to discuss the Aitolampi project in more detail, and present the Company’s approach to developing a modern and sustainable mining operation in partnership with the community.
“We look forward to updating shareholders on our progress in due course.”
Aitolampi – Background
Aitolampi is in eastern Finland, approximately 13 kilometres north northwest of the town of Heinävesi, and 40 kilometres southwest of the well-established mining town of Outokumpu. Infrastructure in the area is excellent, with road access and good availability of high voltage power.
Extract from MRE report prepared by CSA Global.
Competent Person Review
The in situ 2018 Mineral Resource for the Aitolampi Graphite Project is based on information compiled by Mr Grant Louw, under the direction and supervision of Dr Andrew Scogings, who are both full time employees of CSA Global Pty Ltd. Dr Scogings takes overall responsibility for the report.
Dr Scogings PhD Geology, MAIG, MAusIMM, RPGeo (Industrial Minerals) is a Member of both the Australian Institute of Geoscientists and Australasian Institute of Mining and Metallurgy, and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves’ (JORC Code 2012). Dr Scogings consents to the inclusion of such information in this announcement in the form and context in which it appears.
Dr Andrew Scogings approves the disclosure of technical information in the form and context in which it appears in this announcement, in his capacity as a Competent Person (“CP”), as required under the AIM rules.
Dr Scogings is a geologist with more than 25 years’ experience in industrial minerals exploration, product development and sales management. Andrew has published papers on reporting requirements of the JORC Code 2012, with specific reference to Table 1 and Clauses 18 and 19 (industrial mineral Exploration Results) and Clause 49 (industrial mineral specifications). He has published numerous articles on industrial minerals, addressing aspects of QA/QC, bulk density methods and petrography for industrial minerals exploration. He was recently senior author of two significant reviews: Natural Graphite Report – strategic outlook to 2020 and Drilling grade barite – Supply, Demand & Markets published in 2015 by Industrial Minerals Research (UK), and has co-authored several papers ranking global graphite exploration projects. Andrew is a Registered Professional Geoscientist (RP Geo. Industrial Minerals) with the Australian Institute of Geoscientists.
SOURCE: LONDON SOUTH EAST
DATE: AUGUST 13, 2018