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(Alliance News) - Beowulf Mining PLC said Wednesday it upgraded its resource estimate for its graphite project in Finland by 81%.
Oy Fennoscandian Resources AB - the graphite business of Beowulf - reported that the Aitolampi grphite project now had a contained graphite resource estimate of 17.2 million tonnes at 5.2% graphitic carbon on an indicated and inferred basis.
The new estimate implies 887,000 tonnes of contained graphite, an 81% increase on the previous estimate.
"The Fennoscandian team has delivered a strong result with an 81% increase in contained graphite for the higher-grade western lens at Aitolampi," Beowulf Chief Executive Officer Kurt Budge said.
"The team has had a busy year, following-up drilling at Aitolampi with fieldwork across four other graphite prospects in the Fennoscandian portfolio, while effectively using funding from the 'Green Minerals' and 'BATCircle' projects to support metallurgical testwork and value-add processing for battery-grade anode material," Budge added.
"Fennoscandian is active across the value chain, as the company continues to pursue its strategy to develop a 'resource footprint' of natural flake graphite prospects that can provide 'security of supply' and enable Finland to achieve its ambition of self-sufficiency in battery manufacturing," Budge continued.
"I look forward to keeping the market updated on further developments", Budge said.
Shares in Beowulf were 0.4% higher at 6.28 pence in London on Wednesday.
By Ahren Lester; ahrenlester@alliancenews.com
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