Overview

  • The Viistola graphite project is in eastern Finland approximately 30 kilometres (“km”) southeast of the town of Joensuu.
  • Fennoscandian has a 100 per cent owned Claim Reservation over an area of 97.68 square kilometres (“km²”), which includes an electromagnetic (“EM”) conductor associated with graphite schist, which is over 20km in length.

Geology

  • The graphite is hosted in a massive to brecciated graphitic schist associated with gabbro, quartzite, dolomite and phyllite country rocks.
  • Based on historical diamond drilling, rock chip drilling, trenching and ground geophysics, a potential high grade target at Hyypiä, a prospect which forms part of the Viistola Project, has been identified, anticipated to grade around 20-35 per cent graphitic carbon (“Cg”) based on the preliminary evaluation of historic exploration data. The target represents less than 10 per cent of the total strike length of the prospective EM conductor.
  • Two diamond drill holes tested the EM conductor 6km south of the Hyypiä prospect and intersected 9-10 metres (“m”) apparent thickness of graphite schist.
  • Historic exploration at Viistola includes:
    • 1973-1974: The Geological Survey of Finland (“GTK”) drilled 10 diamond drill holes (Pekkarinen,1979), which included:
    • R310: 21.7m of mineralisation from 47.6m (no grade reported). It should be noted that the mineralisation intercept is the down-hole width and may not be the true width;
    • R311: 7.8m at 36.2 per cent Cg from 172.0m. It should be noted that the mineralisation intercept is the down-hole width and may not be the true width; and
    • Flotation tests on core samples from drill hole R311 indicated that the Hyypiä flakes are predominately fine, with approximately 13 per cent larger than 210 microns and approximately 40 per cent finer than 63 microns.
    • 1981-1983: GTK identified a graphite-bearing horizon associated with a 2km non-magnetic ground EM anomaly. GTK conducted trenching, including 72 surface drilling samples to identify the apparent width and quality of the graphite schist and drilled three holes. It should be noted that the mineralisation intercepts are the down-hole width and may not be the true width, and that core loss may have affected some of the drill results, which included the following composited assays using LECO equipment:
      • R430: 14.6m at 31.8 per cent Cg from 48.5m;
      • R431: 15.2m at 25.3 per cent Cg from 44.2m; and
      • R432: 13.2m at 30.3 per cent Cg from 24.6m.
    • 1984: Based on a combination of drilling and EM data, Sarapää and Kukkonen (1984) estimated a (historical) Mineral Resource of 4 million tonnes at 28.6 per cent Cg within the central part of the Hyypiä deposit (700m strike length).
    • The deposit was 10-12m thick, dipping at 70 degrees to the southwest and was interpreted to extend to at least 200m depth.

It should be noted that this historical estimate of Mineral Resource does not comply with any modern international reporting codes (such as JORC and has not been the subject of technical evaluation at this stage, and insufficient verification study has been undertaken to date by either Beowulf or the Competent Person (“CP”) to assign confidence to this estimate and this information is disclosed as reflecting project potential only.