Picture of Beowulf Mining logo

BEM Beowulf Mining News Story

0.000.00%
gb flag iconLast trade - 00:00
Basic MaterialsHighly SpeculativeMicro CapSucker Stock

REG - Beowulf Mining PLC - Rääpysjärvi Assay Results

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221222:nRSV5421Ka&default-theme=true

RNS Number : 5421K  Beowulf Mining PLC  22 December 2022

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

22 December 2022

Beowulf Mining plc

("Beowulf" or the "Company")

Rääpysjärvi Assay Results confirm High-Grade Graphite Mineralisation

 

Beowulf (AIM: BEM; Spotlight: BEO), is pleased to provide an update on the
progress being made by the Company's wholly owned Finnish subsidiary Grafintec
Oy ("Grafintec") and the results and assays of a trenching programme for
Grafintec's wholly owned Rääpysjärvi natural flake graphite prospect.

Samples were taken from four trenches in different locations within identified
electromagnetic ("EM") conductive Zone 1 and assays confirm the existence of
significant flake graphite mineralisation, grade and intersected width.

The Rääpysjärvi exploration permit is located in the municipality of
Tuusniemi in Eastern Finland and only eight kilometres north-northwest of
Grafintec's wholly owned Aitolampi graphite project. Grafintec's exploration
programme is targeted at securing long-term sustainably produced primary raw
material supply to support a Finnish graphite anode value chain.

Assay Highlights:

·    Flake graphite mineralisation discovered in all four trenches
sampled, including:

·    RAA-TR1-22: 10.6 metres ("m") at 4.33 per cent Total Graphitic
Carbon ("TGC") and 3.8m at 5.77 per cent TGC;

·    RAA-TR2-22: 9.96 per cent TGC from grab sample;

·    RAA-TR3-22: 5.8m at 7.25 per cent TGC and 7.1 m at 7.43 per cent
TGC; and

·    RAA-TR4-22: 1.0m at 26.00 per cent TGC.

·    Rääpysjärvi EM conductive area cover 1.1 square kilometres,
including 13 highly conductive EM zones which adds to the potential for a new
major flake graphite discovery.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

 

"To have a high-grade intersection with 26 per cent Total Graphitic Carbon is
tremendous and overall these are very encouraging assay results.

"Grafintec announced, in October, that the EM conductive anomalies at
Rääpysjärvi are more extensive than seen at Aitolampi and therefore could
indicate significant potential for a larger tonnage of graphite mineralisation
in the area.

"Grafintec already has a Mineral Resource Estimate at Aitolampi of 26.7
million tonnes at 4.8 per cent TGC for 1,275,000 tonnes of contained graphite
(as announced 30 October 2019), and our work at Rääpysjärvi is targeted at
increasing our natural flake graphite resources to support the development of
a Finnish graphite anode value chain.

"With only one of thirteen identified EM conductive zones trenched and assayed
at Rääpysjärvi, we are excited about the potential and what continued
geological mapping, sampling and possible drilling can deliver in 2023."

Exploration Summary

In November 2022, Grafintec contracted a local entrepreneur to excavate
trenches at four different locations within EM conductive Zone 1, see Figure
1. The trenches were mapped and sampled, after which representative samples
were sent to ALS Finland Oy for chemical analysis of Graphitic Carbon by
Infra-Red Spectroscopy using a LECO instrument. Flake graphite mineralisation
was discovered in all four trenches:

·    RAA-TR1-22: 10.6m at 4.33 per cent TGC and 3.8m at 5.77 per cent
TGC;

·    RAA-TR2-22: 9.96 per cent TGC in grab sample;

·    RAA-TR3-22: 5.8m at 7.25 per cent TGC and 7.1m at 7.43 per cent
TGC; and

·    RAA-TR4-22: 1.0m at 26.00 per cent TGC.

RAA-TR1-22, RAA-TR2-22, and RAA-TR3-22 were all trenched within the main EM
conductive Zone 1, while RAA-TR4-22 was trenched at the north-western limit
of the same zone, along the south-eastern strike extension of the historic
graphite quarry which has previously reported graphite contents from grab
samples of more than 50 per cent TGC (limit of the analysing methodology).
The sample of 1.0m at 26.00 per cent graphite in RAA-TR4-22 highlights the
potential for localised and re-mobilised exceptionally high-grade graphite
mineralisation yet to be discovered in the Rääpysjärvi area.

Previously, in June 2022, the Geological Survey of Finland ("GTK") was
contracted to carry out an EM survey. The survey used a portable GEM-2
instrument over an area of approximately five square kilometres. GEM-2 is a
hand-held, digital, multi-frequency broadband EM sensor which measures the
ground conductivity. High EM ground conductivity can be a typical indicator of
graphite-bearing rocks.

The GEM-2 survey identified 13 highly conductive EM zones, with isolated
south-east to north-west striking zones extending for up to 850m strike length
and 250m width, see Figure 1.

In addition, outcrops in the area have been mapped and sampled during
fieldwork carried out in 2017 and in June 2022.  A total of eight grab
samples from outcrops have been analysed with assays ranging between 0.52 and
>50 per cent TGC, see Table 1.

The sample assaying more than 50 per cent TGC (limit of the analysing
methodology)  was taken from a historic graphite quarry mined in the 1940s
and situated close to the north-western limit of EM conductive Zone 1.

Assay results from eight grab samples from outcrops analysed by ALS Finland Oy
for Total Graphitic Carbon by IR Spectroscopy using a LECO instrument are
shown in the table below:

 

 Sample       Total Graphitic Carbon %
 2017-HN-052  > 50
 2017-ME-077  3.30
 2017-ME-106  0.79
 2017-ME-113  0.52
 2017-ME-114  6.85
 2017-ME-126  6.59
 RAA-SR22003  9.46
 RAA-SR22005  10.20

 

Figure 1: Map below illustrating the location of the 13 EM conductive zones
and the location of trenches with TGC assay results.

 

About Grafintec:

Beowulf Mining's 100 per cent owned subsidiary Grafintec is recognised in
Finland as one of the main companies in the anode space and continues to be
supported by Business Finland, the Finnish governmental organization for
innovation funding and investments.

In 2021, Grafintec was granted EUR 791,000 funding by Business Finland as part
of the BATCircle2.0 (Finland-based Circular Ecosystem of Battery Metals)
consortium. The funding will be used to develop a sustainable technological
solution, utilizing renewable energy, to spheronise and purify graphite within
a Finnish industrial ecosystem, for use in the manufacture of lithium-ion
battery anodes.

The project has three objectives, which are to:

·    Validate a process to support progress to a Bankable Feasibility
Study for construction of a commercial scale unit within three to five years.

·    Secure and protect any arising intellectual property.

·    Deliver a detailed strategic marketing and commercialisation plan.

Grafintec's exploration programme is targeted at securing long-term
sustainably produced primary raw material supply to support a Finnish graphite
anode value chain. The Company has reported a Mineral Resource Estimate at
Aitolampi of 26.7 million tonnes at 4.8 per cent TGC for 1,275,000 tonnes of
contained graphite.

30 October 2019 - RNS Announcement - Contained Graphite Increased by 81% For
Aitolampi Higher-Grade Western Zone - Upgraded Mineral Resource Estimate

https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/w1o096r

 

Qualified Person Review:

 

The information in this announcement has been reviewed by Mr. Rasmus
Blomqvist, a Qualified Person ("QP") who is a Member of the Australasian
Institute of Mining and Metallurgy.  Mr. Rasmus Blomqvist has sufficient
experience relevant to the technical statements disclosed herein and approves
the disclosure of technical information in the form and context in which it
appears in his capacity as a QP as required under the AIM rules.

Mr Blomqvist qualifies as a Competent Person as defined in the 2012 Edition of
the "Australasian Code of Reporting of Exploration Results, Mineral Resources
and Ore Reserves".  Mr. Rasmus Blomqvist is a full-time employee of Grafintec
Oy, a 100% owned subsidiary of Beowulf.

 

Enquiries:

 Beowulf Mining plc
 Kurt Budge, Chief Executive Officer        Tel: +44 (0) 20 7583 8304
 SP Angel

 (Nominated Adviser & Broker)
 Ewan Leggat / Stuart Gledhill / Adam Cowl  Tel: +44 (0) 20 3470 0470
 BlytheRay
 Tim Blythe / Megan Ray                     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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFEWESFEESELE

Recent news on Beowulf Mining

See all news