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Blencowe Resources #BRES – Orom-Cross Samples to Labs for Preparation leading to Maiden JORC Resource and Metallurgical test work

Blencowe is pleased to announce that core samples from its recently completed 69-hole diamond drill program (for approx. 1,950 meters), at the Orom-Cross graphite project in Uganda, have been dispatched to an accredited SGS laboratory in Tanzania. The samples will now be prepared and then forwarded to SGS in South Africa to enable completion of the studies and verification by SGS ahead of inclusion in the Company’s maiden JORC Resource at Orom-Cross, expected in Q4 2020.

Additional samples will be sent to SGS in Toronto, one of the leading technical experts in graphite processing, to complete Phase Two metallurgical test work and identify optimal concentrate figures for a high quality, large flake product. These results are expected in Q1 2021.

Both the JORC Resource and the metallurgical test work are integral parts of the next stage of development and follow on from a highly successful drilling campaign in 2020 at Orom-Cross. Blencowe intends to incorporate these results to present a Feasibility Study in 2021, which will deliver first commercial outcomes for the project.

In other corporate activities, Blencowe can advise one of the subscribers in the recent admission to the standard list of the main market (“Admission”), Apul Investments, was unable to deliver on its subscription commitments. Consequently, the Board has now replaced Apul Investment’s subscription with existing and supportive shareholders at the same terms being 6p per subscription share. The CEO and COO being Mike Ralston and Iain Wearing respectively have participated in this reallocation and subscribed for £12,500 each (208,333 shares each).

Executive Chairman Cameron Pearce commented;

We have successfully navigated the initial phase of post-acquisition work at Orom-Cross, designed to underline its size and quality as a world class graphite asset. We are now moving into the next phase where we intend to deliver commercial outcomes through 2021 and beyond.”

“Blencowe remains highly optimistic on the longer term outlook for flake graphite, particularly as a key component of the lithium-ion battery that will power electric vehicles and store renewable energy from various sources.  As the world emerges from Covid-19 many analysts are forecasting an even stronger bias towards growth in renewables than ever before. Having a substantial project within our Company that will deliver a critical element of this seismic shift will be very valuable, particularly given current forecasts of a substantial flake graphite shortage from 2025 onwards.”

PDMR Notification Form

1  Details of the person discharging managerial responsibilities / person closely associated  
a)  Name   Michael Ralston ATF the Ralston Family Trust
2  Reason for the notification  
a)  Position/status   Chief Executive Officer
b)  Initial notification /Amendment   Initial Notification
3  Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor  
a)  Name   Blencowe Resources PLC
b)  LEI   213800UXIHBIRK36GG11
4  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted   
a)  Description of the financial instrument, type of instrument Ordinary shares 
  
Identification code GB00BFCMVS34
  
b)  Nature of the transaction   Purchase
c)  Price(s) and volume(s)     
  Price(s)Volume(s) 
  £0.06208,333 
     
d)  Aggregated information  
  
– Aggregated volume208,333
  
– Price£12,500
  
e)  Date of the transaction   18/9/2020
f)  Place of the transaction   Outside a trading venue
1  Details of the person discharging managerial responsibilities / person closely associated  
a)  Name   Iain Wearing
2  Reason for the notification  
a)  Position/status   Chief Operating Officer
b)  Initial notification /Amendment   Initial Notification
3  Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor  
a)  Name   Blencowe Resources PLC
b)  LEI   213800UXIHBIRK36GG11
4  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted   
a)  Description of the financial instrument, type of instrument Ordinary shares 
  
Identification code GB00BFCMVS34
  
b)  Nature of the transaction   Purchase
c)  Price(s) and volume(s)     
  Price(s)Volume(s) 
  £0.06208,333 
     
d)  Aggregated information  
  
– Aggregated volume208,333
  
– Price£12,500
  
e)  Date of the transaction   18/9/2020
f)  Place of the transaction   Outside a trading venue

For further information please contact:

Blencowe Resources PlcSam Quinn (London Director)www.blencoweresourcesplc.comTel: +44 (0)1624 681 250info@blencoweresourcesplc.com
Brandon Hill Capital LimitedJonathan Evans (Corporate Finance)Tel: +44 (0)20 3463 5000jonathan.evans@brandonhillcapital.com

About Orom-Cross Project

Orom-Cross is a substantial graphite project in northern Uganda.  Blencowe Resources acquired 100% of this asset in April 2020 following extensive due diligence and a capital raise of £2 million in the UK.  These funds will be utilised to advance Orom-Cross through to a maiden JORC Resource, followed by a feasibility study and ultimately to a decision mine.

Orom-Cross has several key characteristics that suggest it can be a standout graphite project; namely considerable size and scale, significant graphite near to surface that suggests low strip ratio for mining and a low cost operation, predominantly large flakes which may yield a high grade, highly sought after concentrate as its end-product, and a lower sovereign risk location as considered in relation to many other similar large graphite projects in Africa.

Alan Green talks China, commodities, Cadence Minerals #KDNC & Amapa, plus Blencowe Resources #BRES on UK Investor Magazine podcast

Alan Green talks China, commodities, Cadence Minerals #KDNC & Amapa, plus Blencowe Resources #BRES on the UK Investor Magazine podcast

Blencowe Resources #BRES – Updated presentation on the company website

Please visit www.blencoweresourcesplc.com to view updated presentation. 

 

For further information please contact:

Blencowe Resources Plc

Sam Quinn (London Director)

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Brandon Hill Capital Limited

Jonathan Evans (Corporate Finance)

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of larger flakes identified from previous work performed. A 21-year Mining Licence was issued by the Ugandan Government in 2019 following extensive historical work on the deposit.

Orom-Cross presents as a large, shallow open pitable deposit, with an estimated resource in excess of 3 billion tonnes of graphite. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

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Blencowe Resources #BRES – First Stage Value-Add Completed at Orom-Cross

The Company is pleased to provide an update on all progress to date since its acquisition of the Orom-Cross Graphite Project in April, and its return to trading on LSE immediately thereafter.

Highlights

The Company’s Prospectus laid out its intention to fast-track value creation for the Project, by moving Orom-Cross up the development curve as quickly as possible through a combination of drilling and metallurgical studies.  The key requirements to fulfil this were identified as follows;

  • A substantial diamond drilling programme to deliver enough resource to support an initial mine life of over ten years.
  • A maiden JORC Resource for the asset, to provide both the Company and industry participants sufficient confidence with respect to the development of a modest part of Orom-Cross.
  • Completion of further metallurgical test work, using samples from this drilling programme to better understand end product from the area considered for initial mining.
  • Complete land acquisition and social responsibility programmes to ensure on-the-ground support.
  • Develop key relationships in-country to ensure ongoing support and activities moving forward.
  • Deliver a first commercial model outlining an initial mining scenario, once all drilling and metallurgical test work has been successfully completed.

Blencowe is pleased to report that a number of these objectives have already been met this year, with the balance expected to be completed by year end. This has been achieved despite the various challenges faced via Covid-19 restrictions in both Uganda and UK.

A 69-hole (1,950m) diamond drill programme was planned, executed and completed, with initial results looking positive.  These included the discovery of a new high grade lode of graphite, which was subsequently drilled within the original drilling budget and is expected to boost the overall JORC Resource estimate. The drilling programme also reconfirmed the Company’s belief that the majority of the Orom-Cross deposit contains larger flake size graphite, which commands a significant premium in terms of pricing per tonne.

Logging of core has been completed and samples are in transit to JORC-accredited labs in Tanzania ahead of the delivery of a maiden JORC Resource for Orom-Cross before the end of 2020.  Due to the vast size and scale of the asset this initial JORC is expected to be on just 1% of the overall deposit, however, it will represent a key step forward and is expected to provide sufficient resources to deliver the Project into first production with a mine life in excess of ten years.

In parallel to those samples sent to Tanzania, samples will also be sent to Canada for metallurgical testing by the experienced and market leading graphite specialist SGS, who have done similar work for many other graphite projects worldwide.  This work will not only reconfirm the data from Tanzania, but also identify what the exact end product (concentrate) at Orom-Cross will look like and the process flow to deliver that. Upon receipt of these findings, Blencowe will be able to look to enter into discussions with potential off-takers and industrial consumers to aid with the financing of the ultimate development.

The Company has continued to engage the local community, including making payments to those impacted, as set out within the terms of the mining license.  This support is considered vital to the long term viability of Orom-Cross and Blencowe is pleased to report that these funds have already been utilised for tractors and other equipment necessary to assist local communities in the area to grow their crops. In terms of disruption, both Orom-Cross and surrounding area benefit from limited existing settlement and as a result the requirement for relocations of households is expected to be minimal. However, the Company remains keen to support the regional community and will continue in both its dialogue and direct investment efforts to help boost the development of the region.

Further positive meetings and discussions with senior Government officials have continued, with an underlying tone of support and goodwill. Blencowe is grateful of their ongoing support, which is crucial in terms of long term viability of the Project and its subsequent impact on the local economy.

Significant new cash was raised in London to provide the means to deliver this work programme and an experienced management team is now in place and working hard to continue to deliver on all programmes ahead.

Blencowe is a firm believer that demand for high quality flake graphite will surge in the next decade.  This is to be driven by not only the demand in retardants, which require exclusively a larger flake size graphite product (as expected in Orom Cross), but also as the demand for lithium-ion (Li-ion) batteries exponentially increases, to store energy for electric vehicles and other renewable sources.  Flake graphite is a key component of the anode within the Li-ion batteries and technical experts suggest that this battery will remain the primary product in this market over the medium and longer terms.  Several larger graphite projects worldwide have either ceased or reduced production due to a wide variety of issues, whilst many of the existing deposits and proposed future developments are located in less stable regions across the globe. Accordingly, the Company believe that the graphite market may be in shorter supply in the future than the market is currently considering, whist the location of Orom-Cross in a stable African jurisdiction should make it more desirable to a potential off-takers looking for surety and continuity of supply.

Executive Chairman Cameron Pearce commented;

“This has been a very active and successful quarter since we brought in this excellent project, and recommenced trading on the LSE.  This has been achieved against the backdrop of the COVID-19 pandemic and I thank all those working on the Project who have continued to progress Orom-Cross in these truly unprecedented times.”

“The Board have no doubt that Orom-Cross is a world class graphite deposit, given its size and expected grades and flake sizes. We have a clear strategy to move the asset forward as rapidly as possible towards production. The first step to achieving this will be the publication of the maiden JORC Resource later this year, followed by the results of the metallurgical studies. The Company is well-funded to achieve these objectives following this year’s capital raise and I look forward to updating shareholders in due course.” 

For further information please contact:

Blencowe Resources Plc

Sam Quinn (London Director)

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Brandon Hill Capital Limited

Jonathan Evans (Corporate Finance)

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of larger flakes identified from previous work performed. A 21-year Mining Licence was issued by the Ugandan Government in 2019 following extensive historical work on the deposit.

Orom-Cross presents as a large, shallow open pitable deposit, with an estimated resource in excess of 3 billion tonnes of graphite. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

Blencowe Resources #BRES Appoints SGS Lakefield to complete Metallurgical Test Work for Orom-Cross Project

The Company is pleased to announce that further metallurgical test work will commence shortly on its Orom-Cross graphite project in Northern Uganda.  This work is critical to understanding the quality of the end-product that Orom-Cross can deliver as a high grade graphite concentrate, as well as what the process flow will look like to achieve this.

Blencowe has recently completed a 69 hole, 1950 meter diamond drilling programme, designed to deliver a maiden JORC Resource for Orom-Cross.  Both the drilling and metallurgical test work are integral parts of the development of this Project and both are required prior to commencement of a feasibility study later in the year.

Drillhole samples from the Project are currently in transit to SGS Mwanza (Tanzania) for sample preparation which will prepare samples for grade assays and metallurgical test work.

Following the closure of previous metallurgy partner Metzana, and after evaluation of several organisations, Blencowe is pleased to announce that it has appointed SGS Lakefield (Canada), to conduct further metallurgical assessment of the project. SGS Lakefield have extensive experience in graphite assessment with contribution to over 25 projects in recent years, and several of these have been in East Africa and in similar oxide environments to Orom-Cross.

SGS Lakefield have been commissioned by Blencowe to undertake a metallurgical test work program to confirm Total Graphite Content (TGC) of +95%, high recoveries, concentrate grade and maximising flake sizing. The aim of the additional test work is to confirm the liberation pathway for increased recoveries and higher grade within the concentrate.

Highlights;

The objectives of this Phase Two metallurgical test work are as follows:

  • Confirm a 95-97% TGC (Total Graphite Content) pure concentrate is possible with low impurities (Thorium and Vanadium).
  • Confirm ~80% recovery is achievable for this concentrate.
  • Confirm the liberation process in order to maintain a majority of Jumbo/XL/Large flakes within the concentrate.
  • Confirm the process flow diagram for plant design as part of the forthcoming Feasibility Study.
  • Deliver bulk concentrate to allow Blencowe to initiate discussions with potential off-take partners.

If Blencowe is able to deliver a concentrate with these properties it will have a graphite product of considerable value.  Expected timing to complete this exercise is by the end of 2020 but this remains dependant on business practises remaining normalised with all the challenges Covid-19 presents.

Executive Chairman Cameron Pearce commented;

“The first phase of metallurgical test work completed during the Orom-Cross due diligence exercise provided evidence that the graphite concentrate could achieve minimum standard 94% TGC.  This next phase of work is designed to take the product to the next level and is targeting a higher grade 95-97% TCG as well as increased recoveries. 

We are confident we can achieve these objectives and thus deliver a high quality product that will be higher up the price curve as well as in greater demand.

Thereafter we intend to use these results to assist with process flow and plant design, whilst at the same time we will have a better understanding of the end-product that we can ultimately sell into world markets.” 

For further information please contact:

Blencowe Resources Plc

Sam Quinn (London Director)

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresorcesplc.com

Brandon Hill Capital Limited

Jonathan Evans (Corporate Finance)

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of larger flakes identified from previous work performed. A 21-year Mining Licence was issued by the Ugandan Government in 2019 following extensive historical work on the deposit.

Orom-Cross presents as a large, shallow open pitable deposit, with an estimated resource in excess of 3 billion tonnes of graphite. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

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Blencowe Resources #BRES – JORC Resource Drilling Program Completed

The Company is pleased to advise it has now successfully completed its diamond drilling program on its Orom-Cross Graphite Project in Northern Uganda. The final data from the most recent drilling will be combined with existing results and studies to deliver a maiden JORC resource in Q3 2020.

Recent drilling since the last operation update of 2 July 2020 has focused on further infill and step out drilling at both the Western Anomaly and also the newly discovered High Grade Camp Lode. In total, 65 holes with a combined total meterage of 1,950m have been drilled. Geological logging of the holes and core sample delineation has been completed on this latest drilling and will shortly move the remaining samples to the assay labs in Tanzania.

The drill sites are currently being rehabilitated and the drilling teams departed from site at the weekend. Despite an overall increase in drilling metres following the discovery of a high grade zone, the drill program was successfully completed within budget and without incident. A local team will remain at site for security maintenance.

The drill program was designed to delineate approximately 8 to 10 million tonnes to a JORC (2012) Indicated standard, which would provide the initial resource for 10 years of mining. Initial results suggest the Company will achieve that objective and that there is a significant weighting of higher value jumbo, extra-large and large flake sizes within the identified resource. The area targeted on this initial drilling campaign represents less than 1% of the Project acreage and the Company is well positioned to expand reserves and ultimately production should demand dictate.

Cameron Pearce Executive Chairman’s commented:

“Despite the various challenges faced by Covid-19 restrictions our in-country partners ADT Drilling and Minrom have completed a highly successful drill program in good time.  In the process we discovered a new high grade lode which will add value to our overall project.  The next step is to move the remaining samples for assaying and ultimately to deliver a JORC Resource in the current quarter.

The Phase Two metallurgical test work for Orom-Cross is well underway as we continue to build our knowledge of our end product ahead of engaging in discussions with interested parties.

I look forward to updating the market in due course on both of these fronts.” 

For further information please contact:

Blencowe Resources Plc

Sam Quinn (London Director)

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Brandon Hill Capital Limited

Jonathan Evans (Corporate Finance)

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

 

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of larger flakes identified from previous work performed. A 21-year Mining Licence was issued by the Ugandan Government in 2019 following extensive historical work on the deposit.

Orom-Cross presents as a large, shallow open pitable deposit, with an estimated resource in excess of 3 billion tonnes of graphite. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

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