Rääpysjärvi Assay Results

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")

Räpysjärvi 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 Räpysjärvi 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 Räpysjärvi 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.

· Räpysjärvi 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 Räpysjärvi 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 Räpysjärvi 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 Räpysjärvi, 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 Räpysjärvi 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: [phone]
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill / Adam Cowl	Tel: [phone]
BlytheRay
Tim Blythe / Megan Ray	Tel: [phone]

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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