REG - Blencowe Resources - Stage 7 Drill Program Nears Completion

Blencowe ResourcesAnnouncement

07/05/2025 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:20250507:nRSG6504Ha&default-theme=true

RNS Number : 6504H  Blencowe Resources PLC  07 May 2025

Date: 07 May 2025

Blencowe Resources Plc

("Blencowe" or the "Company")

 

Stage 7 Drill Program Nears Completion at Orom-Cross Graphite Project

Progress Continues across Resource Upgrade & Expansion Drilling

 

Blencowe Resources Plc is pleased to announce that drilling on its 6,750 metre
exploration program at its Orom-Cross graphite project in Northern Uganda is
nearing completion. This drilling and exploration campaign is the latest in
the Company's ongoing definition of the resources available at Orom-Cross and
targeting to deliver a material increase in both the JORC Resources and
Reserves at this world class deposit.

Highlights:

·    Infill drilling 100% complete at Camp Lode and Northern Syncline
deposits.

·    Exploration drilling completed on new Northern Syncline (West)
target.

·    Step-out drilling at the exciting new Beehive deposit is underway.

·    Surface mapping reveals extensive near-surface ore zones which
supports low-cost mining.

·    Consistent ore intersections in all holes drilled to date, with
graphite continuing beyond 30 meter depth in most of them.

·    Permanent exploration camp construction advancing onsite.

·    Government approval in place for export of assay samples for testing

 

Camp Lode and Northern Syncline

Blencowe has completed all infill reserve drilling on the Camp Lode and
Northern Syncline deposits. All core has been logged, sampled and dispatched
to accredited labs in Tanzania and South Africa for assaying. Geological
logging continues to confirm consistent in geology and ore zones aligned with
the Company's current Resource models.

Surface mapping during access road construction has revealed extensive areas
of surface ore expressions in both deposit areas, which will translate into
reduced mining costs, lower strip ratios and a quicker production ramp-up once
mining begins.

Meanwhile, 70 exploration holes have been successfully drilled and logged at
the new Northern Syncline (West) extension deposit.

 

Beehive - First Step Out Drilling

The drill rigs have now relocated south to the exciting new 'Beehive' deposit,
the first major step-out target to be tested beyond the original two lodes
being Camp Lode and the Northern Syncline. Initial indications are
encouraging, with multiple deeper (+100m) holes planned to test ore continuity
at depth.

The Company believe that drilling success at Beehive could further validate
independent geologist's estimates of 2-3 billion tonnes of graphite for the
entire Orom-Cross deposit.  This would make Orom-Cross one of the largest
graphite deposits worldwide, with a substantial portion easily accessible at
shallow depths meaning lower cost mining and extraction.

General

Unseasonal weather and typical mechanical issues with drill rigs have been
managed without material disruption by an experienced drilling team and are
not expected to impact the timing of completion of the drill programme.

Government permission to export samples for assaying has now been granted,
which will then provide results to feed into the updated Orom-Cross JORC
Resource and Reserves Statement, and ultimately the Definitive Feasibility
Study.

Blencowe is also continuing the establishment of a permanent exploration camp
marking the first physical infrastructure onsite ahead of first production
targeted for 2026, which would represent a significant achievement moving from
early-stage acquisition to production in just six years.

 

Figure 1:  Orom-Cross Project showing drill holes at the two existing
deposits as well as the new Beehive Lode (GT01a).

 

 

 

Executive Chairman Cameron Pearce commented:

"We are delighted to report continued success in our Stage 7 drilling program
to expand and upgrade the JORC Resource.  The Beehive Lode is an exciting new
step-out target that we have wanted to test with the drill bit for some time
and early indications are very promising.  Our independent geologists have
estimated Orom-Cross to be one of the most substantial graphite deposits
worldwide and success at Beehive will further enhance our confidence in that
evaluation."

 

"All of this work is integral to expanding both Resources and Reserves and
will ultimately feed into the Definitive Feasibility Study underway.
Importantly, this technical progress supports the commercial traction we're
now seeing with offtake partners and lays the groundwork for strategic
project-level funding discussions already underway."

 

 

 

 

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.sethi@blencoweresourcesplc.com
                            (mailto:Sasha.sethi@blencoweresourcesplc.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
completing the Definitive Feasibility Study 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.

 

 

Drill Core from Northern Syncline (West) showing extensive ore intersection

Surface Ore expression at Northern Syncline Lode

 

Ore Intersection in Northern Syncline Core (with pen for scale)

 

Drill Rig operating at the Beehive Lode

COO with Geology team, inspecting progress at the Beehive Lode during recent
site visit

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  DRLUPUACAUPAUAM