08:00 Mon 18 May 2020
Beowulf Mining PLC - Finnish Graphite Update
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
("Beowulf" or the "Company")
Finnish Graphite Update
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides an update on the activities of its 100 per cent owned subsidiary
Fennoscandian continues to develop a 'resource footprint' of natural flake graphite to provide 'security of supply' to
Since Fennoscandian was acquired in
Update Highlights:
· Testwork on a composite sample for Karhunmäki, a new graphite prospect, produced a concentrate grade of 96.4 per cent Total Graphitic Carbon ("TGC"), with 51.3 per cent large/jumbo flakes (+180 micron). An Exploration Permit application has been submitted.
· After upgrading the Mineral Resource Estimate ("MRE") for Aitolampi in 2019, now with an Indicated and Inferred Mineral Resource of 26.7 million tonnes at 4.8 per cent TGC for 1,275,000 tonnes of contained graphite, Fennoscandian will report, in the coming weeks, on the results of spheroidization testwork and battery tests on Aitolampi graphite.
· Fennoscandian is supporting a study into the supply chain for LIBs in
· Fennoscandian has joined, as a consortium member, the Business Finland funded BATTrace project, which aims to improve traceability along the battery raw materials value chain using mineralogical/geochemical fingerprinting, to validate responsible and sustainable sourcing of cobalt, nickel, lithium and graphite.
"While Finland remains on lockdown, the Fennoscandian team is busy assessing the results of spheroidization and battery tests on Aitolampi graphite, and contributing to studies on the supply chain for Lithium Ion Batteries in
"COVID-19 has brought attention to supply chain risk across many industry sectors, no more so than feeding the growing demand for batteries for electric vehicle and energy storage. As Finland develops its battery manufacturing capability, the Country can address its 'security of supply' issues for the minerals and metals needed to be self-sufficient.
"With Karhunmäki, another seemingly attractive exploration prospect has been added to the exploration portfolio, and Fennoscandian is continuing with its strategy of developing a 'resource footprint' of natural flake graphite in
Finnish Translation:
"Suomen pysyessä eristyksessä Fennoscandianin tiimi on kiireinen arvioidessaan Aitolammen grafiitin palloitus- ja akkutestien tuloksia sekä osallistuessaan tutkimuksiin liittyen litiumioniakkujen toimitusketjuihin Suomessa ja akkujen valmistuksessa käytettävän grafiitin jäljitettävyyteen."
"COVID-19 on kiinnittänyt huomion toimitusketjun riskeihin monilla toimialoilla, kuten myös kasvavassa kysynnässä sähköajoneuvoissa ja energian varastoinnissa käytettävissä olevien akkujen osalta.
"Karhunmäen myötä malminetsintä valikoimaan on lisätty toinen ilmeisen houkutteleva malminetsintä kohde, ja Fennoscandian jatkaa strategiaansa kehittää luonnollisen suomu grafiitin "resurssi jalanjälkeä" Suomessa ja tullakseen anodimateriaalin ja jalostettujen grafiittituotteiden toimittajaksi. Odotan innolla lisäpäivityksiä."
Karhunmäki Exploration Permit
In 2019, the Fennoscandian team continued to explore for natural flake graphite prospects in
In
Highlights from Karhunmäki fieldwork include:
· 33 graphite bearing boulders and outcrops were sampled over a strongly Electromagnetic ("EM") conductive area, measuring 7.0 kilometres by 4.0 kilometres.
· The 33 samples were analysed for TGC by Leco furnace at ALS Finland in Outokumpu. The resulting grades ranged between 1.1 per cent TGC to 10.0 per cent TGC.
· Metallurgical testwork on a composite of boulder and outcrop samples taken from a highly EM conductive area measuring 1,200 metres by 700 metres, named the Kiviniemi prospect and within Karhunmäki, produced a concentrate grade of 96.4 per cent TGC, with 51.3 per cent large/jumbo flakes (+180 micron).
Rääpysjärvi Exploration Permit
Rääpysjärvi is situated in the municipality of Tuusniemi in
The Exploration Permit for Rääpysjärvi project, first awarded by the
From fieldwork in 2018, a composite of grab samples from historic graphite workings was sent to SGS Mineral Services in
During 2019, further drilling at Aitolampi supported an upgraded MRE, with an 81 per cent increase in contained graphite (compared to the 2018 MRE) for the higher-grade western zone, and an updated global Indicated and Inferred Mineral Resource of 26.7 million tonnes at 4.8 per cent TGC for 1,275,000 tonnes of contained graphite.
In March last year, the Company announced that Fennoscandian had received additional grant funding from Business Finland, a 50 per cent contribution to a budget of
Business
Both spheroidization testwork and battery tests on Aitolampi graphite have been undertaken in recent months and results will be reported in the coming weeks.
During 2019, Fennoscandian continued with baseline water quality monitoring at Aitolampi. The Finnish contractor
Further Studies - Supply Chain, Traceability
From
The study will provide:
· A deeper understanding of the Chinese graphite supply chain and global LIB business.
· Understanding of the current LIB business ecosystem in
· Identification of various scenarios for supply of graphite for LIB production in
· New business opportunities for a Finnish graphite mining and refinement industry.
· Security of supply of one of the critical raw materials in the EU.
· Possibility to produce LIB within EU with a lower environmental impact using traceable raw materials.
In
Competent Person Review
The information in this announcement has been reviewed by Mr.
Mr.
Enquiries:
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Tel: +44 (0) 20 3771 6993 |
SP Angel (Nominated Adviser & Broker) |
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Tel: +44 (0) 20 3470 0470 |
Blytheweigh |
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Tel: +44 (0) 20 7138 3204 |
Cautionary Statement
Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.
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