REG - Blencowe Resources - Iyan Deposit Delivers Multiple Intercepts over 30M

Blencowe ResourcesAnnouncement

Mon 07:00

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RNS Number : 2711R  Blencowe Resources PLC  02 February 2026

Date: 2 February 2026

 

Blencowe Resources Plc

("Blencowe" or the "Company"),

 

Iyan Deposit Delivers Multiple Intercepts over 30 Metres

High-Quality Bulk Results Reinforce Multi-Decade Scale, Resource Growth as
Funding Discussions Advance in Parallel

 

Blencowe Resources Plc (LSE: BRES) is pleased to provide an update on assay
results from shallow drilling at the Iyan deposit, one of the two new deposits
recently discovered at the Company's Orom-Cross graphite project in Uganda.
The Iyan deposit (named after the local indigenous peoples) represents the
western extension of the Company's Northern Syncline graphite system.

As part of the Stage 7 drilling programme, the Company completed 72 shallow
drill holes at Iyan, designed to test the continuity, thickness and
near-surface extent of graphite mineralisation across the deposit. This
announcement reports assay results received to date from an initial 15 holes,
which are considered representative of the broader drilling programme.

The shallow Iyan drilling was deliberately designed to define near-surface,
bulk mineable graphite mineralisation, with holes drilled to a planned depth
of approximately 30 metres. Importantly, the majority of reported holes
intersected graphite mineralisation from near surface to end-of-hole, with
many holes ending in mineralisation, highlighting clear potential for
continuation below the current drilling depth.  This continuation was
underlined by the results as previously reported for the deeper holes
completed at Iyan which indicated strong mineralisation all the way to 100
metres.

 

Iyan Drilling Highlights

·    Initial results from 15 of 72 shallow holes confirm thick,
continuous near-surface graphite mineralisation at Iyan.

·    The majority of reported holes are mineralised to end-of-hole at the
planned ~30m depth, supporting depth continuity.

·    Drilling confirms a laterally continuous graphite system well
suited to bulk, low-strip mining.

·    Average grades are consistent with DFS assumptions, with multiple
higher-grade zones within bulk mineralisation.

·    Selected holes demonstrate 30-31 metres of continuous mineralisation
from surface.

·    Results reinforce potential to add meaningful near-surface
tonnage within trucking distance of planned processing facilities.

·    Outcomes support near-term resource growth as the Company
advances funding discussions in parallel.

 

While graphite deposits are typically assessed on a bulk-tonnage basis, the
Orom-Cross system continues to demonstrate that even its bulk mineralisation
contains numerous higher-grade zones, providing flexibility for mine
planning, blending and value optimisation. This combination of scale,
consistency and quality is increasingly relevant for downstream processing
pathways and long-term offtake discussions.

The Company notes that further Iyan assay results are expected shortly,
with laboratory results being passed directly to the Company's independent
geological consultants, Minrom for validation and quality assurance
procedures. Results will be reported progressively following completion of
this work, ultimately supporting an updated resource estimate and providing
further clarity on scale, mine life and development readiness as Blencowe
advances funding discussions.

 

Selected Significant Shallow Intercepts - Iyan Deposit

(Downhole intervals; mineralisation from surface unless stated otherwise)

• NSDD-L1003: 30.27m @ 6.27% TGC,

  o including 6.0m @ 8.59% TGC,

  o including 8.0m @ 8.29% TGC, and

  o including 5.27m @ 7.13% TGC (ended in mineralisation)

• NSDD-L705: 31.20m @ 6.84% TGC,
  o including 12.16m @ 10.89% TGC (ended in mineralisation)

• NSDD-L707: 30.20m @ 7.55% TGC,
  o including 5.0m @ 11.74% TGC (ended in mineralisation)

• NSDD-L1104: 25.20m @ 5.90% TGC,
  o including 7.00m @ 7.54% TGC, and

  o including 4.08m @ 8.15% TGC (ended in mineralisation)

• NSDD-L706: 30.76m @ 5.27% TGC,
  o including 8.56m @ 6.54% TGC,

  o including 8.01m @ 8.55% TGC, and

  o including 5.00m @ 6.16% TGC (ended in mineralisation)

 

These results are representative of the broader shallow drilling programme and
highlight a desirable combination of thickness, continuity and grade, with
bulk-tonnage mineralisation at Orom-Cross continuing to deliver multiple
higher-grade zones, a favourable characteristic for mine planning and
blending.

The Iyan deposit has currently been identified over a strike length of
approximately 1,800 metres, with drilling and supporting geophysical
interpretation indicating potential extensions of 200-300 metres to the
south and 100-200 metres to the west. While some areas present terrain
challenges for drilling, geological continuity is supported by both assay
results and geophysical overlays.

 

 

Blencowe Resources Executive Chairman, Cameron Pearce commented:

"We are seeing even the Orom-Cross's bulk-tonnage mineralisation deposits
delivering multiple higher-grade zones, which is a standout characteristic for
a graphite project of this scale and consistency. These initial Iyan results
reinforce the underlying quality of the Orom-Cross asset and its suitability
for long-life, low-cost production.

I would also like to acknowledge the excellent work of the Blencowe technical
team, our drilling contractors ADT and our independent geological consultants
Minrom. The shallow drilling programme was deliberately designed to test
near-surface continuity rather than depth, yet as with our Beehive deposit
many holes still ended in mineralisation, clearly highlighting upside beyond
the current drilling limit.

The exceptional results in all of the six deep holes we drilled underline the
massive potential for depth extensions across the system, which could
contribute to additional resources and further extension of mine life as the
geological limits to this project continue to be evaluated.

With further results progressing through independent validation and a resource
update to follow, these outcomes come at an important time as we advance
funding and downstream discussions. In a market increasingly focused on
securing sustainable, high grade, non-Chinese graphite via new critical
mineral supply chains, Orom-Cross stands out for both scale and product
quality, supported by renewable hydroelectric power."

Interview

A recorded interview with Blencowe Resources' CEO Mike Ralston, is available
at the following link:

https://media.focusir.com/BlencoweResourcesQ12027
(https://media.focusir.com/BlencoweResourcesQ12027)

 

Iyan Deposit - Key Drill Results

Figures 1-2: Iyan Deposit drill sections showing thick, continuous graphite
mineralisation remaining open at depth.

 

 

 

Figure 3: Orom-Cross graphite project showing ML1959 as a part of the overall
licensed area.

 

 

 Blencowe Resources Plc                   www.blencoweresourcesplc.com (http://www.blencoweresourcesplc.com/)

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

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

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

                                          sasha.sethi@blencoweresourcesplc.com
                                          (mailto:sasha.sethi@blencoweresourcesplc.com)
 Tavira Financial (Joint Broker)

 Jonathan Evans                           Tel: +44 (0)20 3192 1733

                                          jonathan.evans@tavira.group (mailto:jonathan.evans@tavira.group)
 Oak Securities (Joint Broker)

 Calvin Man /Mungo Sheehan / Jerry Keen   Tel: +44 (0)20 3973 3678

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

 

 

Map 1: Showing the 4x Orom-Cross deposits, including Camp Lode, Northern
Syncline, and new Iyan (NS western limb) and Beehive (GT 01a) deposits.

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