Aitolampi

The Pitkäjärvi exploration area including the Aitolampi graphite deposit was discovered by Grafintec in 2016, and is now one of Europe’s largest known flake graphite deposits. The area is part of an eastern extension to known old graphite workings from when graphite prospecting was undertaken many years ago. The project area is located in Eastern Finland, approximately 40km southwest of the well-established mining town of Outokumpu.

Infrastructure in the area is excellent, with good road access and the availability of high voltage power. Beowulf’s 100% owned subsidiary company Grafintec Oy holds an exploration permit Pitkäjärvi 1 ML2016:0040-02, which covers 407.45 ha. The permit is valid until 26.4.2024, with the possibility to extend.

During 2019, the Grafintec team produced an upgraded Mineral Resource Estimate (“MRE”) for the Aitolampi project, with a global Indicated and Inferred Mineral Resource of 26.7 million tonnes at 4.8 per cent Total Graphitic Carbon for 1,275,000 tonnes of contained graphite (reported in accordance with the 2012 JORC Code), and is one of Europe’s largest known flake graphite deposits.

Mineral Resource Estimate for Aitolampi as at 28 August 2019

ClassificationMtTGC %S %Density (t/m3)Contained graphite (kt)
Indicated11,04,94,92,80542
Inferred15,74,74,62,81733
Indicated + Inferred26,74,84,72,811.275
Note: The Mineral Resource was estimated within constraining wireframe solids defined within the logged graphitic schist host unit and nominally above a 3% TGC cut-off. The Mineral Resource is reported from all blocks within these wireframe solids Differences may occur due to rounding.

Geology/Exploration

The Aitolampi graphite schists occur on a fold limb within a high metamorphic quartz-feldspar-biotite gneiss (QFB) host rock and are coincidental with an extensive electro-magnetic (EM) anomaly defined by an airborne survey undertaken by Geological Survey of Finland (GTK). Beowulf has carried out its own additional geophysical survey, utilising Slingram horizontal loop electromagnetic (HLEM) and other geophysical methods, to provide a rapid and initial assessment of the project for potential sub-surface graphite mineralisation.

The results of the surveys were very encouraging and metallurgical test-work carried out on composited grab samples. Aitolampi was quickly considered by Beowulf’s geologists to be the most prospective for follow-up exploration by drilling.

In 2019, the Company announced an upgraded JORC compliant global Indicated and Inferred Mineral Resource of 26.7 million tonnes at 4.8 per cent TGC for 1,275,000 tonnes of contained graphite. The Mineral Resource was estimated by CSA Global PTY Ltd (CSA Global) of Australia.

The western zone is higher grade with a reported Indicated and Inferred Mineral Resource of 9.8 million tonnes (Mt) at 5% TGC for 490,000 tonnes of contained graphite. The Eastern Zone has an Indicated and Inferred Mineral Resource of 9.5 Mt at 4.1% TGC for 388,000 tonnes of contained graphite.

Aitolampi Resource Estimate by mineralisation zone:

ZoneClassificationMtTGC %S %Density (t/m3)Contained graphite (kt)
Western lensIndicated

Inferred

Indicated + Inferred
9,2

8,0

17,2
5,1

5,2

5,2
5,0

4,7

4,8
2,80

2,80

2,80
468

419

887
Eastern lensIndicated

Inferred

Indicated + Inferred
1,8

7,7

9,5
4,1

4,1

4,1
4,4

4,5

4,5
2,82

2,82

2,82
74

314

388
TOTALIndicated + Inferred26,74,84,72,811.275
Note: The Mineral Resource was estimated within constraining wireframe solids defined within the logged graphitic schist host unit and nominally above a 3% TGC cut-off. The Mineral Resource is reported from all blocks within these wireframe solids. Differences may occur due to rounding.

All reported mineralisation is contained within the two graphitic zones, the eastern and western lenses. The drilling has confirmed a mineralised strike length of at least 525m for the eastern zone and 530m for the western zone. Mineralisation for both zones remains open along strike and at depth. A number of EM conductive zones still remain untested by drilling.

Metallurgical Testwork

Three composite drill core samples of approximately 10kg each were sent in 2017 to SGS Minerals Services (SGS) in Canada for metallurgical testing. Positive results were obtained from all three samples compared to surface samples from previously tested outcrops. The tests used a simple process flow chart, which proved to be very effective. The combined contents ranged from 96.8% to 97.5% total carbon (Ct) in the three samples. All three samples reacted similarly in terms of concentrate contents for the different size fractions. The -400 mesh size fractions also gave high grades of between 95.0% and 97.8% Ct.

In 2019, the Geological Survey of Finland (GTK) produced 10.7 kg of 94.7% Cg (graphitic carbon) graphite concentrate from 350 kg of 6.2 Ct drill core. From the graphite concentrate produced, 6.3 kg of concentrate was sent to ProGraphite Gmbh (ProGraphite) for micronisation, spheronisation and purification.

ProGraphite produced two spherical graphite grades, namely SPG20 and SPG15, which were considered final products and subsequently analysed in more detail. SPG20 was also used for the purification test, together with a sample of micronised material that had previously been used for the production of SPG20.

All physical properties were consistent with the typical specifications of SPG and the efforts to convert the graphite into spherical graphite were at a normal level. The testing and analytical values of SPG show that the graphite is a suitable precursor for the production of SPG. SEM images confirm the high level of rounded, i.e. spherical graphite. For the purification, an alkaline roasting (NaOH treatment) was performed. The results of the purification treatment were good; the purification was successful, which is reflected in the low amount of elemental impurities. The “critical” elements measured by ICP are all below the typical requirements of anode producing companies. The carbon content measured by the combustion method was 99.95 % and higher.

From the results, it can be concluded that the graphite from the Aitolampi deposit seems to be suitable for the production of spherical graphite, as it has a favourable density, can be easily transformed from flake to spherical form and also the purification gave good results.

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