Beowulf updates on Aitolampi mineralisation

Beowulf Mining said drilling has confirmed that the electromagnetic (EM) anomalies identified at the Aitolampi prospect are associated with wide zones of graphite mineralisation.

There was a mineralised strike length of at least 350m along the main conductive zone drill-tested, dipping between 40 and 50 degrees to the southwest. The main EM zone extended for 700m.

"We have drilled half the length of the 700m EM conductive zone and confirmed mineralisation," said chief executive Kurt Budge in a statement.

"We look forward to the results of the metallurgical testwork on three composite samples, which will add to the current picture, and demonstrate what we can produce from Aitolampi, in terms of concentrate grades and flake size distribution."

He added that, on 8 May, Beowulf's exploration team began a two months' field programme at Haapamaki, Pitkajarvi and Aitolampi, which included further Slingram EM surveys and geological mapping, with the objective of defining new drill targets.

"Over the summer, the team will be carrying out fieldwork on the company's Kolari and Viistola graphite projects, which will help us improve our understanding of both. Also, the fieldwork programmes will enable us to rank all our prospects and best allocate investment capital."

At 15:00 BST, shares in AIM-listed Beowulf were flat at 7.75p each.