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London-listed Beowulf Mining has released a maiden mineral resource estimate for its Aitolampi graphite project in Finland.
Graphite-focused Beowulf Mining (AIM:BEM) has released a maiden mineral resource estimate for its Aitolampi graphite project in Finland, the company announced on Monday (August 13).
The estimate shows an indicated and inferred mineral resource of 19.3 million tonnes at 4.5-percent total graphitic carbon (TGC) for 878,000 tonnes of contained graphite, reported from all material within the eastern and western lenses, which are interpreted above a nominal 3-percent TGC cut-off grade.
“Tonnes are not in short supply at Aitolampi, as evidenced by the maiden 19.3 million tonnes resource, but it’s pleasing to see a higher-grade five percent TGC western zone, that could be the focus for initial production,” CEO Kurt Budge said.
Beowulf reported a higher-grade western zone with an indicated and inferred mineral resource of 9.8 million tonnes at 5-percent TGC for 490,000 tonnes of contained graphite, and an eastern zone with an indicated and inferred mineral resource of 9.5 million tonnes at 4.1-percent TGC for 388,000 tonnes of contained graphite.
“Reporting above a 4 percent TGC cut-off grade based on the grade-tonnage curve for Aitolampi, gives an indicated and inferred mineral resource of 12.8 million tonnes at 5 percent TGC for 639,000 tonnes,” the company said.
Aitolampi was discovered by Beowulf in 2016, and together with the Pitkäjärvi prospect is an extension to the Haapamäki prospect. The project is located in Eastern Finland, with road access and good availability of high-voltage power.
“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,” Budge added.
Looking ahead, the company is in the process of tendering a scoping study, which will provide a preliminary technical and economic assessment of the project. Budge added that the company intends to use the results to support discussions with local stakeholders.
To date, Beowulf has invested over 760,000 euros in Aitolampi and 1.4 million euros across its graphite portfolio. On Monday, shares of Beowulf were down 2.98 percent, closing at GBX 4.56.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
