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

Jangada MinesAnnouncement

10/01/2025 07:00

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RNS Number : 8296S  Jangada Mines PLC  10 January 2025

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

10 January 2025

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. 7% interest.

 

Jangada Executive Chairman, Brian McMaster, said: "The commencement of this
drilling programme marks a pivotal step forward in realising the full
potential of the world-class Orom-Cross Graphite Project. We anticipate that
Blencowe's comprehensive programme, which includes infill drilling, new
resource identification, and geotechnical studies, will support expanded
operations at Orom-Cross, further de-risking it while driving significant
value for shareholders."

 

Start of Blencowe Resources PLC announcement

 

9 January 2025

Blencowe Resources Plc

 

("Blencowe" or the "Company")

 

Commencement of Drill Programme to Increase and Upgrade Mineral Resource
Inventory at Orom-Cross Graphite Project

 

Drilling programme to significantly expand Orom-Cross resources base

 

Highlights:

·    6,750 metre programme designed to substantially increase both
Resources and Reserves for inclusion into Definitive Feasibility Study
("DFS").

·    Infill drilling on existing deposits to upgrade resource base and
classification of all Inferred materials to Indicated and Measured.

·    Drilling of new high grade target deposits to define additional
Resources.

·    Geotechnical drilling for confirmation of pit slope parameters for
mine planning.

·    Trenching and mapping over licences for future resource targeting

·    Upgrade of access roads for all weather access.

·    Permanent exploration camp to be commissioned.

 

Blencowe Resources Plc ("Blencowe" or the "Company") is pleased to announce
that drilling has now commenced on the Phase 7 exploration programme at its
Orom-Cross graphite project in Uganda. This 6,750 metre campaign will be the
final drilling programme for the purposes of completing the DFS and
establishing an updated JORC Resource to support the expanded mining
operations at Orom-Cross.

 

The Phase 7 programme will involve drilling over the identified Camp Lode and
Northern Syncline deposits, where the Company has already established an
existing JORC Resource of 24.5Mt @ 6%. The objective of this drilling is
primarily to upgrade existing Indicated and Inferred resources to Measured,
under the JORC guidelines.

 

The Company will also target extensions to the Northern Syncline (Western
Limb) as well as the exciting new prospective Southern GT-01 target. Whilst
the current average grade of 6% at Orom-Cross is already in the top quartile
globally of graphite projects, historical work undertaken by the Company has
highlighted the potential for even higher grades in these areas.

 

As a component of the programme several holes will be drilled to provide the
necessary geotechnical information for the confirmation of pit design
parameters and slope stability parameters for the project. These holes will
also double as Resource definition information. The drilling and subsequent
assessment will be undertaken by local Ugandan drilling firm ADT Drilling,
whilst Minrom Consulting from South Africa will undertake the geological
assessment alongside Middindi Consulting. Both ADT and Minrom have been
associated with the Orom-Cross project since 2012 and have a solid
understanding of the project.

 

Other works planned as part of this programme include trenching and mapping on
additional areas outlined from aeromagnetics, designed to identify further
areas for future resource expansion, noting the existing JORC Resource sits on
just ~2% (as drilled to date) of the broader Orom-Cross licence.

 

The Company has also commissioned the establishment of a permanent exploration
camp onsite, with portable units for accommodation and messing being erected
onsite to support ongoing operations.  These constitute the first fixed
facilities on-site, representing a key milestone for Blencowe as it drives
Orom-Cross towards first production.

 

Executive Chairman Cameron Pearce commented: "We have now started the latest
drilling programme at Orom-Cross after considerable preparation work
undertaken during December.  This extensive campaign will be one of the last
key components to wrapping up the DFS and we aim to deliver considerably
larger Resources and Reserves to support the higher production levels
expected, as well as a longer life of mine.

 

"We remain on track to complete the DFS in H1 2025 and we expect to begin
reporting drilling results during the current quarter."

 

Map 1:  Orom-Cross drill programs, including Phase 7 and the new GT 01a drill
target

 

 

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)

 Investor Relations                    Hugo de Salis              hugo@lepanto.co.uk

 

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