Beowulf (LON:BEM) was one of the sector's biggest risers after announcing assay results from reconnaissance "grab" sampling at its Haapamäki and Pitkäjärvi graphite projects located in eastern Finland, approximately 40 kilometres southwest of the well-established mining town of Outokumpu.
- Sampling and geological mapping have been undertaken at Haapamäki, and at two newly discovered prospective areas, Pitkäjärvi and Aitolampi.
- The previously identified airborne electromagnetic ("EM") anomaly from Pitkӓjӓrvi to Aitolampi extends more than 16km in length and up to 0.6 km in width, with the EM conductive zone being associated with outcrops of graphite schist, together with numerous graphitic boulders in glacially transported till.
- For the 13 "grab" samples taken at Pitkäjärvi, assays ranged between 1.61% and 13.4% graphitic carbon ("Cg").
- Two assays for "grab" samples taken from the Käärmerinne area of Haapamӓki, yielded 44.8% and 45.2% Cg. Summary of the work:
- Sampling and geological mapping have been undertaken over an area that has several historic workings, which correspond to ground and airborne EM anomalies, identified by Company's geophysical survey with Slingram horizontal loop electromagnetic ("HLEM"), completed in March 2016, and by historic airborne survey work undertaken by Geological Survey of Finland ("GTK").
- Identified conductive zones were located on the ground, in most cases glacial till obscured possible graphite mineralisation, but in some locations graphite mineralisation was located, mapped and sampled; these included road cuttings, old quarries and pits, outcrops and mineralised boulders.
- 28 samples were assayed at Activation Laboratories ("Actlabs") in Canada. 15 samples taken at Haapamӓki and 13 samples taken at Pitkӓjӓrvi.
- The results shown in this announcement are from reconnaissance "grab" samples (of approximately 1.5 to 2kg each in weight) collected from mineralised outcrops and boulders.
- The samples were collected in isolation and therefore cannot be considered representative of the grade of the mineralisation over a deposit, but nevertheless give a range of values, some with high Cg content, that are indicative of the potential at Haapamäki and Pitkäjärvi, and which have assisted the field teams to determine areas for further investigation.
- Four composite samples for different areas have also been prepared from the "grab" samples collected for those areas, and despatched to SGS Minerals Services in Canada for preliminary metallurgical test-work, to evaluate graphite flake size and distribution, and provide an indication of graphite concentrate Cg grade.
- The Company will wait for these results before finalising the next stage of exploration work, which will likely include trenching, and potentially, drilling.
Chief executive Kurt Budge said: "We continue to make good progress with our graphite assets in Finland and, having recently identified two new prospects, we have now completed reconnaissance 'grab' sampling which has delivered encouraging results.
"It is pleasing that where we can inspect rock outcrops, located within areas of medium to strong EM conductors, we find medium to high grade flake graphite.
"We are keen to push forward with our exploration work, especially as the EM anomaly for our new prospects, Pitkӓjӓrvi and Aitolampi, extends more than 16km in length and up to 0.6 km in width. "I look forward to providing shareholders with further updates of our progress."
At 4:10pm: (LON:BEM) Beowulf Mining PLC share price was +0.38p at 4.63p