25th Jan 2017 10:03
LONDON (Alliance News) - Beowulf Mining PLC on Wednesday said positive results have come from testwork on the composite samples taken from the Pitkajarvi and Aitolampi prospects, which are both eastern extensions to the Haapamaki prospect in Finland.
Beowulf shares were trading 17% higher at 11.57 pence per share on Wednesday.
Both Pitkajarvi and Aitolampi were discovered in 2016, and testwork has delivered concentrate grades of 94.5% total carbon and 94.7% carbon.
A secondary cleaning circuit produced grades of at least 95.7% carbon, with the highest grade of 97.4% carbon obtained from Pitkajarvi.
"Most of the carbon in the samples was associated with graphite, with only small amounts of organic carbon and carbonate carbon," said Beowulf.
"It's good to get some positive testwork results for the composite samples taken from Pitkäjärvi and Aitolampi. We are now finalising plans to drill up to 2,000 metres on the most promising electromagnetic targets at these two prospects, with a start date timed in early March," said Kurt Budge, chief executive of the miner.
"The drilling programme is expected to significantly enhance our geological understanding of these two prospects, provide representative sample material for further testwork and an assessment of commercial prospects, for example in battery, micronised and expandable graphite applications," Beowulf added.
By Joshua Warner; [email protected]; @JoshAlliance
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