REG - Blencowe Resources - 7,000m Drilling Programme

Blencowe ResourcesAnnouncement

14/02/2025 07:15

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RNS Number : 0811X  Blencowe Resources PLC  14 February 2025

Date: 14 February 2025
 

Blencowe Resources Plc

("Blencowe" or the "Company")

 

Blencowe Advances 7,000m Drilling Programme at Orom-Cross

 Expanded campaign targeting significant JORC Resource & Reserve upgrade

 

Blencowe Resources Plc (LSE: BRES) is pleased to provide an update on its
7,000 meter drilling programme, currently underway at the Orom-Cross graphite
project in Uganda.

 

Drilling Programme Highlights:

·    Geotechnical Drilling Completed at Camp Lode: Four holes drilled (70m
per hole), providing critical data for mine design and safety parameters.

·    Additional Drill Rig Mobilised: A second rig have arrived, with a
third scheduled this week to accelerate the drilling campaign.

·    Site Inspection by DGSM and EU: Ugandan Mines Inspectors and an EU
representative visited Orom-Cross, evaluating the project's progress and
potential funding support.

 

Blencowe has successfully completed all geotechnical holes at the Camp Lode
deposit, a key requirements for finalising mining design parameters. Logging
and sampling of three holes is also complete with all four holes confirming
mineralisation over the majority of the length (70m per hole).

The drilling programme is structured in three phases:

1.            Geotechnical drilling (now completed).

2.            Infill drilling at the two existing deposits to
increment Reserves (Camp Lode deposit and Northern Syncline deposit).

3.            Step-out drilling to consider a newly identified
potential higher grade deposit to the south (to increase the overall Resource
size).

Blencowe aims to achieve a substantial increase to both JORC Resources and
Reserves, positioning Orom-Cross for higher production levels as well as
longer life of mine within the DFS.

With several new potential offtake opportunities opening, including the
possibility of large volumes of graphite concentrate to be sold into the EU's
SAFELOOP initiative, Blencowe is seeking to aggressively add to both Resource
and Reserves at Orom-Cross to scale production.  It is believed that this
will make a substantial difference to the DFS outcome.

Government & EU Engagement

This past week, Orom-Cross hosted officials from the at the Ugandan
Directorate of Geological Survey and Mines (DGSM), alongside a local
government representative, who reviewed site progress and the overall work
area. The DGSM expressed satisfaction with the project's advancement.

Additionally, a European Union Representative conducting a fact-finding
mission to assess Uganda's critical mineral projects (including Orom-Cross)
was hosted, which opens a new channel in relation to potential EU funding
support for strategic raw materials.

 

Cameron Pearce, Executive Chairman, commented:

"We continue to make strong progress with this drilling campaign, a critical
final step in delivering an expanded DFS for Orom-Cross. The infill drilling
is expected to significantly upgrade our Reserves, while the step-out drilling
in the south presents an exciting opportunity to materially expand our overall
Resource base. We are particularly eager to test a completely new deposit in
this region, which, if successful, could further demonstrate the immense scale
and potential of the graphite mineralisation at Orom-Cross which has
previously been estimated at 2-3 billion tonnes.

 

With increasing demand for graphite, particularly through initiatives like
SAFELOOP, expanding our production capacity becomes a key focus. Graphite is
recognised as a strategic and critical mineral worldwide, and Orom-Cross is
positioned to play a significant role in global supply chains.

 

We have also included some photos and drone footage from site below, which we
hope provides investors and stakeholders with valuable insight into the scale
of the programme and the progress being made. With 7,000m of drilling planned,
including 280m completed so far, we look forward to providing regular updates
as the programme advances."

 

Figure 1:  Core samples from Camp Lode deposit (Feb 2025)

 

Figure 2: Site visit from DGSM to better understand drilling program (Feb
2025)

 

Figure 3: Rig setup and drilling the 1st Geotechnical hole

 

Figure 4: Drill rig set up and drilling the 1st geotechnical hole

 

Figure 5: Access road to the Northern Syncline deposit

 

Figure 6: Exploration camp showing temporary tent accommodation and the area
cleared in preparation of the permanent camp arrival in mid-February

 

 

 

For further information please contact:

   Blencowe Resources Plc    www.blencoweresourcesplc.com

 Sam Quinn                   Tel: +44 (0)1624 681 250

                             info@blencoweresourcesplc.com (mailto:info@blencoweresourcesplc.com)

 Investor Relations          Tel: +44 (0) 7891 677 441

 Sasha Sethi                 sasha@flowcomms.com (mailto:sasha@flowcomms.com)

 Tavira Financial            Tel: +44 (0)20 3192 1733

 Jonathan Evans              jonathan.evans@tavira.group (mailto:jonathan.evans@tavira.group)

Twitter https://twitter.com/BlencoweRes (https://twitter.com/BlencoweRes)

LinkedIn https://www.linkedin.com/company/72382491/admin/
(https://www.linkedin.com/company/72382491/admin/)

 

 

 

 

 

 

Background

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and
end-product quality, with a high component of more valuable larger coarse
flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government
in 2019 following extensive historical work on the deposit.  Blencowe
completed a successful Pre-Feasibility Study on the Project in July 2022 and
is now within the Definitive Feasibility Study phase as it drives towards
first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial
JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total
Graphite Content). This Resource has been defined from only ~2% of the total
tenement area which presents considerable upside potential ahead.
Development of the resource is expected to benefit from a low strip ratio and
free dig operations together with abundant inexpensive hydro-electric power
off the national grid, thereby ensuring low operating costs.  With all major
infrastructure available at or near to site the capital costs will also be
relatively low in comparison to most graphite peers.

In 3Q 2024 Blencowe introduced a Joint Venture concept with experienced
downstream graphite processing partners to ultimately produce upgraded 99.95%
SPG in Uganda.  This strategy has several key advantages plus substantial
cost savings which will assist deliver a world class project once DFS is
completed.

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