Drilling for higher-grade mineralisation starts at Aitolampi

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

27 March 2019

Beowulf Mining plc

(“Beowulf” or the “Company”)

Drilling for higher-grade mineralisation starts at Aitolampi

Beowulf (AIM: BEM; Spotlight: BEO), the Nordic focused mineral exploration and development company, is pleased to announce that drilling, targeting both higher-grade mineralisation and high-priority geophysical anomalies, has started at its Aitolampi graphite project in Finland (“Aitolampi”). Aitolampi is part of the Company’s 100% owned Exploration Permit Pitkäjärvi 1.

The drill plan includes seven holes for an approximate total of 1,040 metres (“m”). Four holes, 620m of drilling, are planned to test potential higher-grade mineralised zones to the south-east of drill hole AITDD18018 (completed in 2018 and which intersected 92.5m at 6.19% Total Graphitic Carbon (“TGC”)). The three remaining holes will target high-priority geophysical anomalies untested by previous drilling. The drilling contract has been awarded to the Finnish contractor, Northdrill Oy.

The drilling programme will also generate sample material to support baseline environmental studies for Aitolampi, for graphite purification and spheroidization testwork, and the further assessment of Aitolampi graphite for battery applications as part of the Business Finland funded BATCircle Project.

Follow the link below for the recent announcement on the funding received by Fennoscandian Resources (“Fennoscandian”) from Business Finland in conjunction with the BATCircle Project:

https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns_widget/story/x53om2r.  

Kurt Budge, CEO, commented:

“I am pleased that our exploration team is back in the field, and that we are again working with the Finnish contractor Northdrill at Aitolampi, as we seek to add higher-grade mineralisation to our existing resource.

“In 2018, Fennoscandian delivered a JORC compliant mineral resource estimate for Aitolampi, and in 2019 we are focused on further developing a ‘resource footprint’ of natural flake graphite in Finland that can provide ‘security of raw material supply’ and enable the country to achieve its ambition of self-sufficiency in battery manufacturing.

“I look forward to making further updates on our progress”.

Aitolampi Mineral Resource Estimate (“MRE”):

•  On 13 August 2018, the Company announced the completed MRE for Aitolampi, highlights as follows:
  • A global Indicated and Inferred Resource (JORC Code, 2012 edition) of 19.3 million tonnes (“Mt”) at 4.5% TGC for 878,000 tonnes (“t”) of contained graphite, comprising eastern and western lenses above a 3.0% TGC cut-off grade.
  • A higher-grade Western Zone with an Indicated and Inferred Resource of 9.8 Mt at 5.0% TGC for 490,000 t of contained graphite.
  • An Eastern Zone with an Indicated and Inferred Resource of 9.5 Mt at 4.1% TGC for 388,000 t of contained graphite.
  • Using a 4.0% TGC cut-off grade on the grade-tonnage curve for Aitolampi, gives an Indicated and Inferred Resource of 12.8 Mt at 5.0% TGC for 639,000 t.

The Company’s exploration team continues to evaluate each prospect in the Company’s portfolio, with the objective of establishing a ‘resource footprint’ of natural flake graphite, that could support the developing battery manufacturing sector in Finland and satisfy the country’s ambition to be self-sufficient in the production of battery minerals. 

Competent Person Review

The information in this announcement has been reviewed by Mr. Rasmus Blomqvist, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy.  Mr. Rasmus Blomqvist has sufficient experience, that is relevant to the style of mineralisation and type of deposit taken into consideration, and to the activity being undertaken, to qualify 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 Oy Fennoscandian Resources AB, a 100% owned subsidiary of Beowulf.

Mr Blomqvist consents to the inclusion in the announcement of the information presented in the form and context in which it appears.

Enquiries:

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.