REG - Blencowe Resources - Deep Drilling at Northern Syncline

Blencowe ResourcesAnnouncement

02/07/2025 07:00

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RNS Number : 3810P  Blencowe Resources PLC  02 July 2025

Date: 02 July 2025

 

Blencowe Resources Plc

("Blencowe" or the "Company"),

 

Deep Drilling at Northern Syncline Confirms Significant Continuity of Graphite

Further deep holes reconfirm world-class scale of Orom-Cross, as successful
drill program concludes

 

Blencowe Resources Plc (LSE: BRES) is pleased to report the successful
completion of three deep drill holes at the Northern Syncline, following on
from the recently reported success at the Beehive target. The Northern
Syncline drilling complements earlier results from Beehive and reinforces the
potential for a materially larger resource base at depth, supporting longer
mine life and an expanded valuation in the Company's upcoming Definitive
Feasibility Study (DFS).

These deep holes at Beehive and Northern Syncline, which are 3kms apart, have
for the first time both tested and confirmed the continuity of mineralisation
to depths below 100 metres - more than three times deeper than the previous
30-metre production horizon. These results continue to highlight the Project's
vast commercial opportunity and their completion marks the conclusion of the
Stage 7 drilling programme at the Orom-Cross Graphite Project in Uganda.

Reported resources and drilling to date has all been focused on tenement ML
1959, which already has a 21-year mining licence in place. Blencowe also
controls several proximal additional tenements, covering a much larger area
(see Fig 1 below), which based on limited fieldwork also show evidence of
similar graphite deposits and offers still greater potential for resource
expansion.

 

Highlights:

·    Stage 7 drilling programme completed, totalling 6,750m across 221
resource holes, 8 geotechnical holes and 6 deep holes.

·    All three Northern Syncline deep holes have delivered wide graphite
intersections to vertical depths below 100 metres.

·    All three deep holes ended in mineralisation, confirming the orebody
remains open at depth.

·    Significant number of assays pending from over 230 holes drilled.

·    Results expected to drive consistent newsflow and underpin strategic
discussions and DFS advancement.

·    Independent geologists estimate Orom-Cross may host over 2 billion
tonnes of graphite.

 

Ongoing Programme and Forward Workstreams

Final sample processing and assay submissions are underway, with results from
the 230+ holes drilled during Stage 7 anticipated to be released progressively
as they are received. These results will directly support both the planned
JORC Resource upgrade and ongoing DFS workstreams, with parallel inputs also
advancing across offtakes, mine design, infrastructure, ESG, and permitting.

A larger and deeper resource model - underpinned by consistent mineralisation
at Beehive and now at Northern Syncline - will feed into strategic engagement
with offtakers and funding partners. The next US$0.75 million tranche from the
US International Development Finance Corporation (DFC) grant is expected
shortly, as Blencowe continues to receive strong support for a project of
global significance in the energy transition supply chain.

 

Executive Chairman Cameron Pearce commented:

"Further success from the three deep holes at Northern Syncline underlines
once again the sheer scale of this graphite deposit at Orom-Cross.  With all
deep holes ending in mineralisation, Orom-Cross is shaping up to be even more
substantial than previously recognised - and this is before we have received
most of the assays from the broader programme.  Blencowe still owns 100% of
this license area, which is a huge advantage in considering commercial
outcomes."

"We are now working towards reaching two significant value accretive targets
in the near term. The scale of data collected, coupled with the positive
drilling results, will help deliver a compelling upgraded JORC Resource. This
will feed into the Definitive Feasibility Study, which is well advanced.  We
believe that both will have a measurable impact on the value of Blencowe and
with ongoing strategic discussions progressing. With strong graphite demand
tailwinds we are well positioned for a transformative period in the months
ahead."

 

Blencowe CEO, Mike Ralston, provided an interview on the link below:

https://media.focusir.com/MikeRalston-CEOofBlencoweResources-discussesthesignificantdiscoveryatNorthernSyncline (https://media.focusir.com/MikeRalston-CEOofBlencoweResources-discussesthesignificantdiscoveryatNorthernSyncline)

 

For further information please contact:

   Blencowe Resources Plc

  Sam Quinn                 www.blencoweresourcesplc.com

                            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 Securities          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.

 

Fig 1:  Blencowe's extensive tenement holding around Orom-Cross Project
Mining License (ML 1959).

 

Fig 2: Proximity of Beehive deposit to Northern Syncline and Camp Lode
deposits

 

Drill rig commencing deep holes at Northern Syncline deposit

 

Deep ore zone intersection in hole NSDD237B

 

Deep ore zone intersection in hole NSDD-L910

 

 

 

Deep ore zone intersection in hole NSDD-L910B

 

 

 

Deep ore zone intersection in hole NSDD-L908B

High grade ore intersections in deeper zones NSDD-L909B

 

 

 

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