REG - Blencowe Resources - Commencement of Drilling

Blencowe ResourcesAnnouncement

09/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250109:nRSI7283Sa&default-theme=true

RNS Number : 7283S  Blencowe Resources PLC  09 January 2025

Date: 09 January 2025

Blencowe Resources Plc

 

Commencement of Drill Programme to Increase and Upgrade Mineral Resource
Inventory at Orom-Cross Graphite Project

Drilling programme to significantly expand Orom-Cross resources base

 

Highlights:

·    6,750 metre programme designed to substantially increase both
Resources and Reserves for inclusion into Definitive Feasibility Study
("DFS").

·    Infill drilling on existing deposits to upgrade resource base and
classification of all Inferred materials to Indicated and Measured.

·    Drilling of new high grade target deposits to define additional
Resources.

·    Geotechnical drilling for confirmation of pit slope parameters for
mine planning.

·    Trenching and mapping over licences for future resource targeting

·    Upgrade of access roads for all weather access.

·    Permanent exploration camp to be commissioned.

 

Blencowe Resources Plc ("Blencowe" or the "Company"), is pleased to announce
that drilling has now commenced on the Phase 7 exploration programme at its
Orom-Cross graphite project in Uganda. This 6,750 metre campaign will be the
final drilling programme for the purposes of completing the DFS and
establishing an updated JORC Resource to support the expanded mining
operations at Orom-Cross.

The Phase 7 programme will involve drilling over the identified Camp Lode and
Northern Syncline deposits, where the Company has already established an
existing JORC Resource of 24.5Mt @ 6%. The objective of this drilling is
primarily to upgrade existing Indicated and Inferred resources to Measured,
under the JORC guidelines.

The Company will also target extensions to the Northern Syncline (Western
Limb) as well as the exciting new prospective Southern GT-01 target. Whilst
the current average grade of 6% at Orom-Cross is already in the top quartile
globally of graphite projects, historical work undertaken by the Company has
highlighted the potential for even higher grades in these areas.

As a component of the programme several holes will be drilled to provide the
necessary geotechnical information for the confirmation of pit design
parameters and slope stability parameters for the project. These holes will
also double as Resource definition information. The drilling and subsequent
assessment will be undertaken by local Ugandan drilling firm ADT Drilling,
whilst Minrom Consulting from South Africa will undertake the geological
assessment alongside Middindi Consulting. Both ADT and Minrom have been
associated with the Orom-Cross project since 2012 and have a solid
understanding of the project.

Other works planned as part of this programme include trenching and mapping on
additional areas outlined from aeromagnetics, designed to identify further
areas for future resource expansion, noting the existing JORC Resource sits on
just ~2% (as drilled to date) of the broader Orom-Cross licence.

The Company has also commissioned the establishment of a permanent exploration
camp onsite, with portable units for accommodation and messing being erected
onsite to support ongoing operations.  These constitute the first fixed
facilities on-site, representing a key milestone for Blencowe as it drives
Orom-Cross towards first production.

 

Executive Chairman Cameron Pearce commented:

"We have now started the latest drilling programme at Orom-Cross after
considerable preparation work undertaken during December.  This extensive
campaign will be one of the last key components to wrapping up the DFS and we
aim to deliver considerably larger Resources and Reserves to support the
higher production levels expected, as well as a longer life of mine.

 

"We remain on track to complete the DFS in H1 2025 and we expect to begin
reporting drilling results during the current quarter."

 

 

Map 1:  Orom-Cross drill programs, including Phase 7 and the new GT 01a drill
target

 

 

 

 

 

 

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@tavirasecurities.com
                            (mailto:jonathan.evans@tavirasecurities.com)

 First Equity Limited       Tel: +44(0)20 7330 1833

 Jason Robertson            jasonrobertson@firstequitylimited.com
                            (mailto:jasonrobertson@firstequitylimited.com)

 

 

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 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 and Blencowe 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 a maiden
JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total
Graphite Content. Development of the resource is expected to benefit from a
low strip ratio and free dig operations, thereby ensuring lower operating and
capital costs.

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

Blencowe also announced full Minerals Security Partnership (MSP) accreditation
in 2024 which provides additional tier-one credibility plus further support
from this highly influential quasi-Government organisation.  Together with
the US$5 million grant funds received from the US Government via the
Development Finance Corporation, the Company is building unique and solid
relationships to assist with funding solutions for Orom-Cross project
implementation.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFIFVRLFIAIIE