The updated resource estimate shows the project has increased its contained graphite by 81 percent for the higher-grade western zone.
The study indicates that the project, which is part of the company’s Pitkäjärvi 1 asset, has increased its contained graphite by 81 percent for the higher-grade western zone.
Indicated and inferred mineral resources at the western zone stand at 17.2 million metric tons (MT) at 5.2 percent total graphitic carbon (TGC) containing 887,000 MT of contained graphite.
The indicated and inferred mineral resource for the eastern lens remains unchanged at 9.5 million MT at 4.1 percent TGC, for 388,000 MT of contained graphite.
The report, which was released on Wednesday (October 30), also updates the global indicated and inferred mineral resource for Aitolampi to 26.7 million MT at 4.8 percent TGC, for 1,275,000 MT of contained graphite.
The company’s graphite business in Finland, Fennoscandian Resources, was in charge of delivering results for the asset.
“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,” CEO Kurt Budge said.
Looking ahead, the company is reviewing its plans for a scoping study for the Finland-focused project, which was postponed last year to allow more baseline environmental data to be collected, the company said in its quarterly statement.
Supported by funding from Business Finland, Fennoscandian is also developing its knowledge in processing and manufacturing value-added graphite products, as the company seeks to move downstream.
“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,” Budge said.
On Wednesday, shares of Beowulf Mining jumped 9.4 percent, but closed up 0.4 percent at GBX 6.28.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.