REG - Jangada Mines PLC - Investee Company Update: Blencowe Resources PLC

Jangada MinesAnnouncement

15/04/2024 09:00

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RNS Number : 6032K  Jangada Mines PLC  15 April 2024

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

15 April 2024

 

Jangada Mines plc ('Jangada')

 

Investee Company Update: Blencowe Resources PLC

 

Jangada Mines plc, a natural resources development company with interests in
Brazil and elsewhere, is pleased to note the announcement released by Blencowe
Resources PLC (LON:BRES) in which it holds a c. 10% interest.

 

Jangada Executive Chairman, Brian McMaster, said: "Blencowe's progress across
all its DFS objectives highlight Orom-Cross as a world-class graphite project
with unique potential.  This latest bulk sample testing is particularly
pivotal as it looks to provide sufficient quantities of 99.95% spheronised
purified graphite for testing with tier one offtakers to qualify its product.
We look forward to receiving further updates as Blencowe focuses on delivering
significant incremental upside to the project's already strong economics: a
2022 PEA indicated a long-life, high margin, low capital cost mining operation
with a post-tax NPV of US$482m."

 

Start of Blencowe Resources PLC announcement

 

15 April 2024

Blencowe Resources Plc (the "Company")

 

Bulk Sample Processing underway at Pilot Plant Facility in China

 

Progression towards Product Qualification and Offtake Contracts

 

Blencowe Resources Plc is pleased to report significant progress on the
Definitive Feasibility Study ("DFS") works for the 100%-owned Orom-Cross
graphite project in Uganda including commencement of the 600 tonne bulk sample
test work at the Jilin Huiyang New Material Technology Company Ltd ("Jiliin")
facility in China.

 

Highlights:

·    Bulk Sample Processing - commencement of the 600-tonne commercial
scale processing at Jilin in China marks a significant step forward for
Orom-Cross DFS.

·    Off-take Agreements Progress - senior management and potential
offtake partners to meet during April 2024 to advance off-take discussions
following strong interest in the large-scale test work, samples delivered to
date, and Orom-Cross products across the board.

·    Final Sample Delivery - both 96% concentrate and 99.95% spheronised
purified graphite ("SPG") provided from this latest bulk sample testing are
expected to be delivered in Q2 2024 to potential off-taker parties in
sufficient quantity for review, leading to product qualification and
ultimately contracts.

 

Following the delivery of the 600 tonne bulk sample materials to China,
processing has commenced at the Jilin facility. This same facility previously
conducted successful bulk metallurgical test work for Blencowe on the
100-tonne Orom-Cross sample in 2023.

 

Blencowe plans to utilise this product to generate large volumes of both 96%
concentrate and 99.95% uncoated SPG product for final qualification with
potential off-take partners.  This process aims to maintain the same
consistently high quality as previously delivered via this commercial-scale
production process in 2023.

 

Senior management will visit both China and South Korea over the next few
weeks to continue discussions on offtake agreements.  Strong interest has
been shown to date and Blencowe is confident that this will continue with the
ongoing large-scale test work.

 

Executive Chairman Cameron Pearce commented: "This latest 600 tonne bulk
sample testing is a critical part of our DFS. We aim to demonstrate that end
products maintain the same high quality and purity in commercial scale
processing that have already been achieved in all previous testing to date.
The 100 tonne testing last year confirmed this quality maintains to scale and
we are confident we can achieve similar results from this latest 600 tonne
testing.  Thereafter we will have sufficient quantity of 99.95% SPG to
provide for testing with tier one offtakers for product qualification."

 

Mr Pearce added "We are making significant progress across all DFS objectives.
Orom-Cross is a world class graphite project with unique characteristics, and
its potential is becoming increasingly evident as we deliver each milestone."

 

End of Blencowe Resources PLC announcement

 

**ENDS**

 

For further information please visit www.jangadamines.com
(http://www.jangadamines.com/)  or contact:

 

 Jangada Mines plc                     Brian McMaster (Chairman)  Tel: +44 (0)20 7317 6629
 Strand Hanson Limited                 Ritchie Balmer             Tel: +44 (0)20 7409 3494

 (Nominated & Financial Adviser)       James Spinney

 Tavira Securities Limited             Jonathan Evans             Tel: +44 (0)20 7100 5100

 (Broker)

 St Brides Partners Ltd                Ana Ribeiro                jangada@stbridespartners.co.uk

 (Financial PR)                        Isabel de Salis

 

 

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