REG - Blencowe Resources - Further Drilling Results - Camp Lode

Blencowe ResourcesAnnouncement

Tue 07:00

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RNS Number : 1853E  Blencowe Resources PLC  21 October 2025

Date: 21 October 2025

 

Blencowe Resources Plc

("Blencowe" or the "Company")

 

Camp Lode Deposit Delivers High-Grade, Near-Surface Graphite

Further results expected imminently from Northern Syncline infill programme

 

Blencowe Resources Plc (LSE: BRES), the natural resources company advancing
the Orom-Cross graphite project in Uganda, is pleased to announce further
assay results from its Stage 7 drilling programme at its flagship Orom-Cross
graphite project in northern Uganda.

The Stage-7 campaign, the largest undertaken by the Company to-date, combined
geotechnical drilling, infill drilling and exploration drilling (both step-out
and deep drilling) across multiple deposits, including Camp Lode, Northern
Syncline and Beehive.

The programme is designed to both expand and upgrade existing mineralisation
with the infill component specifically focused on converting existing JORC
Resources into Reserves for inclusion within the Definitive Feasibility
Study (DFS), which remains on track for completion in Q4 2025.

Initial assays from the infill drilling at Camp Lode have delivered a
sequence of strong, high-grade near-surface hits, underscoring Orom-Cross's
exceptional blend of scale, shallow mineralisation and low-cost, open-pit
potential.

First results from the Northern Syncline, where drilling targeted both infill
and deeper extensions, are now in final lab stages and will be reported on
imminently in a separate announcement.

 

Highlights - Camp Lode:

·    Hole L1602: 27.49m @ 8.18% TGC; including 6.4m @ 10.19% TGC and
10.95m @ 11.13%TGC

→ Confirms high-grade continuity to the south-east.

·    Hole L1703: 25.39m @ 7.34% TGC, including 10.41m @ 11.27% TGC.

·    Hole: L1803: 27.75m @ 5.41% TGC, including 10.89m @ 9.73%TGC from
surface to 12m.

·    Hole L1502: 16.26m(TW) @ 7.37% TGC from surface to 17m in depth.

·    Hole L1601: 13.63m @ 6.18% TGC.

·    Hole L1703: 27.49m @ 8.18% TGC, including 6.4m @ 10.19% TGC and
10.95m @ 11.13%TGC

Significance:

These results confirm high-grade extensions within and adjacent to the
planned pit area, providing additional higher-grade tonnes that
will strengthen early-stage project economics. Access to elevated-grade
material early in the mine schedule is expected to enhance cash flow and
shorten payback once operations commence.

 

Drilling Programme Integration

·      Geotechnical and infill drilling data will be combined in the
updated geological model to feed detailed mine design and mine sequencing for
the Definitive Feasibility Study.

·      Combined with assay results from the Northern Syncline infill
this data will feed into the JORC Resource and Reserve upgrade, targeted to
materially increase the mineable tonnage within the DFS.

·      Northern Syncline extensions and Beehive deposit will both
deliver tonnes into a revised Orom-Cross exploration target to highlight
future potential.

·      Laboratories have confirmed that Northern Syncline infill assays
are being finalised, and results are expected shortly. This area
hosts large-tonnage, moderate-grade mineralisation, ideal for long-term
production feed and blending flexibility.

 

Permanent Camp Construction

Work is now nearing completion on a permanent camp at Orom-Cross, which will
support further exploration in 2026 and provide facilities for contractors
during mine construction.  This permanent camp is scheduled for completion in
late October 2025 (see Appendix).

 

Executive Chairman Cameron Pearce commented:

"The infill assays are beginning to come through and thus far they are
excellent. The results from Camp Lode confirm further long intersections of
high-grade, near-surface graphite that will strengthen early-stage project
economics, while the broader Stage 7 drilling programme continues to deliver
exactly what we hoped for, namely growth, continuity, and more tonnes for
conversion to Reserves.

All this data will feed directly into our upgraded JORC Resource statement and
the Definitive Feasibility Study, which both remain on track for completion
for Q4 2025. The DFS will in turn allow us to move directly into project
financing discussions, leveraging the strong relationships we have already
built and opening new ones as we take Orom-Cross into Phase 1 development.

At the same time, extensive testing programmes continue to validate Orom-Cross
as a globally competitive graphite source. Independent laboratories including
graphite specialists Wuhan University in China and American Energy
Technologies in the U.S. have confirmed SPG purities up to 99.99%, while
recent SAFELOOP testing demonstrated one of the highest natural graphite
loadings ever recorded in an EV battery anode at 68%. Most recently, Apollo
Energy Systems in the U.S. achieved a 12% performance gain using Orom-Cross
graphite in lead-acid batteries, opening another diversified large market
opportunity.

These are all exceptional outcomes that reinforce the tier one quality and
versatility of our product and project.  They come as we near completion of
the DFS, which will showcase Orom-Cross as one of the cleanest, most advanced
and commercially attractive graphite projects globally."

 

Preliminary drill results Camp Lode

 

Further Drilling Detail

The Company drilled 11 diamond drillholes in the Camp Lode deposit as part of
a Resource infill and upgrade exercise. At Camp Lode, these holes have
indicated a possible grade extension to the orebody in the south-east, with
the holes infilling an area between the main drilling from the Stage 6 program
and exploratory holes drilled in Stage 5 to define the probable limit of the
lode. The resultant assays represent very high grades of graphite in
comparison to the overall Orom-Cross resource.

The intersections from the program all occur within the area of the completed
drilling with the majority of the intersection occurring within 26 meters of
the surface.  The ability to mine substantial volume of graphite from shallow
depths contributes to Orom-Cross having operating costs sitting within the
lowest percentile of graphite projects worldwide, and this is considered a
major advantage as Blencowe drives towards first DFS completion and Phase 1
production.

The results from these 11 holes at Camp Lode, plus the 4 geotechnical holes
recently announced, will be included within the resource model updates. The
assay labs are continuing to prioritise the Orom-Cross samples and the Company
expects further results shortly.

 

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 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
finalising 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.

 

Appendix

First permanent camp facilities nearing completion at Orom-Cross.

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