Beowulf Mining Acquires Finnish Graphite Company

Beowulf Mining plc (LSE:BEM) announced that it’s acquired Oy Fennoscandian Resources AB, a privately owned graphite company with projects in Finland. At the moment, Beowulf is primarily focused on its Kallak iron ore project, located in Northern Sweden.
Highlights of the deal include:

• Through this acquisition Beowulf has acquired a portfolio of four early-stage graphite exploration projects located in Finland, with all projects being held by Fennoscandian under 100 per cent owned Claim Reservations:
  • Viistola – A potentially high grade deposit, anticipated to contain graphitic carbon (“Cg”) grading 20-35 per cent Cg.
  • Haapamäki – A high grade Cg project with attractive flake sizes. Historic studies have reported visually estimated flake sizes ranging 0.1-2.0 millimetres in length.
  • Piipumäki – This project has shown evidence of high quality graphite flakes with visible hexagonal growth, and physical characteristics reportedly comparable with synthetic graphite.
  • Kolari – A single diamond drillhole R1 intersected 170 metres of mineralisation starting from surface, with an average grade of 8.9 per cent Cg. The graphite at the project has been described as very fine to fine microcrystalline.
• Finland is believed to be highly prospective for graphite exploration. Studies have combined maps of ‘black schist’ trends with metamorphic grade, which have resulted in the identification of potential areas for high quality flake graphite.
• Each of the projects has been explored historically, with exploration data readily available especially for the Viistola project. More recently the FennoFlake project, a collaborative group with partners representing the entire graphite value chain, from identification to exploration and mining, processing to end products and market applications, has carried out additional exploration.
• Fennoscandian is a key partner in FennoFlake. Beowulf’s role in FennoFlake will provide the Company with access to market insight, and will help the Company allocate resources to projects that demonstrate the greatest commercial potential.

Click here to read the full Beowulf Mining plc (LSE:BEM) press release.