Aim-listed Beowulf has announced a maiden mineral resource estimate for its Aitolampi graphite project, which it believes has the potential to serve the developing battery manufacturing market in Finland and Sweden.

The Aitolampi project, in eastern Finland, has an indicated and inferred mineral resource of 19.3-million tonnes at 4.5% total graphitic carbon (TGC) for 878 000 t of contained graphite, reported from all material within the eastern and western lenses, which are interpreted above a nominal 3% TGC cutoff grade.

The project contains a higher-grade western zone with an indicated and inferred mineral resource of 9.8-million tonnes at 5% TGC for 490 000 t of contained graphite. An eastern zone has an indicated and inferred mineral resource of 9.5-million tonnes at 4.1% TGC for 388 000 t of contained graphite.

Reporting above a 4% TGC cutoff grade, based on the grade-tonnage curve for Aitolampi, gives an indicated and inferred mineral resource of 12.8-million tonnes at 5% TGC for 639 000 t.

"Tonnes are not in short supply at Aitolampi, as evidenced by the maiden 19.3-million-tonne resource, but it's pleasing to see a higher-grade 5% TGC western zone, that could be the focus for initial production,” commented CEO Kurt Budge in a statement.

"Aitolampi is benefited by its location in Finland, a stable political, fiscal, legal and permitting jurisdiction, its access to cheap power, reliable transport infrastructure (roads and ports), a highly skilled workforce, and by Finland's desire to become a world-class platform for battery manufacturing. 

In terms of next steps, Beowulf is in the process of tendering a scoping study, which will provide a preliminary technical and economic assessment of the project.

Aitolampi is about 13 km from the town of Heinävesi,and 40 km southwest of the well-established mining town of Outokumpu.