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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.

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.

Blencowe Resources #BRES Nears Completion of Phase 1 Drilling Program at Orom-Cross Graphite Project

The Company is pleased to provide a further update to the comprehensive JORC Resource diamond drilling program that has commenced on its Orom-Cross Graphite Project in Northern Uganda (“Project”).

Highlights

· 59 hole drill program targeting western anomaly

· 57 holes completed, first batch of 20 holes to be assayed from next week

· Second drill rig has now been mobilised at the newly identified high grade zone

· Maiden JORC (2012) Indicated Resource anticipated early Q4 2020

Drilling Program Update

The Company has made good progress following the resumption of drilling at the Project after the nationwide lockdown during Q2 2020 as a result of the Covid-19 pandemic. Drilling has focused on the western anomaly, which includes a newly identified ‘high-grade’ zone, with 57 holes now completed and 2 remaining.

Of the 57 holes, 50 holes have already been logged and sampled, with the first batch of 20 holes due to leave site this week for assaying in the nearest JORC accredited independent laboratory in Mwanza (Tanzania). The second batch will be dispatched next week.

As part of the decision to further test the identified high-grade zone close to the camp site, a second drill rig has been mobilised to site and drill-out of this lode will commence this weekend. These extra holes are expected to fall within the Company’s existing 2020 drilling budget given the efficiency of operations to date.

The Company expects the full drill program to be completed by late July, with all remaining samples dispatched to the Mwanza lab at a similar time. Drill-hole sites will then be rehabilitated as part of the outlined work program.

To date all drilling has gone according to plan with visible graphite showing in all areas, including larger flakes as targeted by the Company.  The next phase of the program will focus on assaying and samples from this drilling campaign will be sent to technical experts to recommence metallurgical test work in Q4 2020.

The current drill program has been 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. The area targeted represents less than 1% of the Project.

Cameron Pearce Executive Chairman commented:

“We are pleased with the quality and speed of execution for the current drilling program at Orom-Cross, as well as all preliminary indications.  We are grateful to our in-country partners for their considerable efforts to effectively manage this campaign in challenging circumstances and we look forward to delivering a maiden JORC Resource for Orom-Cross early in Q4 2020.”

“Blencowe acquired this Project as we believe graphite demand is set to increase materially over the next decade and beyond due to a combination of rapidly increasing demand for lithium-ion batteries coupled with a supply chain that remains relatively stagnant, particularly for larger flake and higher value projects such as those expected from Orom-Cross.  We believe that Orom-Cross production will coincide neatly with this anticipated shortfall of graphite in world markets.”

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 – Update on recently identified High-Grade Graphite Zone at Orom-Cross Project

Update on the recently identified High-Grade Graphite Zone at Orom-Cross Project

 

  • First diamond drill hole returns visible high-grade graphite
  • Further drilling now underway to delineate the lode
  • First hole now being prepared for assay

The Company is pleased to provide a further update to the comprehensive JORC Resource diamond drilling program that is underway on its Orom-Cross Graphite Project in Northern Uganda.

Background

Following the decision to test the recently identified High-Grade zone close to the existing camp site and close to where the proposed processing plant would be situated, a single diamond drill hole has been completed to a depth of 30m to test both the weathered zone and possible graphite mineralisation.

The hole has returned visible high grade graphite over 28m of 30m of intersection, with weathering extending to the base of the hole. Based on prior samples taken in this particular area the expectation is for grades of up to double the 6-8% average Orom-Cross grade. Subsequent logging by company geologists has also identified zones of large to jumbo flakes in the core.

The core has been sampled and is being prepared for dispatch to assay laboratories in Tanzania.

Following confirmatory identification of this potential High-Grade Zone in close proximity to the intended plant location the company has authorised the redirection of a drill rig to complete a 9-15 hole program to delineate the Lode, following completion of the current drill program.

Executive Chairman Cameron Pearce commented;

“We are very enthusiastic to note the potential of this new high-grade zone based on visual inspection. We look forward to receiving the assay results and in the meantime, we are going to escalate the drill programme in the vicinity to identify the extent of this zone. This additional high grade zone would add material value to the overall project and we look forward to reporting further on the drilling and assays in due course.

For further information please contact:

 

Blencowe Resources Plc

Sam Quinn (London Director)

 

 

 

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

sam@lionsheadconsultants.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.

Daily Mail – Blencowe Resources completes takeover of Ugandan graphite project

Talking about joining markets, there has been a lot of chatter in the market about Blencowe Resources, which relisted on AIM in April at 6p and peaked at around 9p earlier this week, before succumbing to a bout of profit-taking.

Following a £2million fundraise and the reverse takeover of Consolidated African Resources, Blencowe now owns the Orom Graphite Project in northern Uganda, a development that has clearly resonated with investors.

Graphite is a core material used in batteries that power electric vehicles, laptops and phones and is an often-overlooked element in the energy storage revolution.

Link here to view the full article

Blencowe Resources #BRES – New High-Grade Graphite Zone Identified at Orom-Cross Project

The Company is pleased to provide a further update to its ongoing comprehensive JORC Resource diamond drilling program at the Orom-Cross Graphite Project in Northern Uganda.

Highlights

Following a review and remodelling of geophysical survey program data acquired earlier this year, as well as historical pitting and drill results, a highly prospective High-Grade Zone has now been outlined approximately 250m from the current exploration camp site.

The identification of this new High-Grade Zone, which is also in close proximity to the intended plant location, has the potential to lower operating costs as well as deliver additional economic benefits for the overall project.

Following the lifting of travel restrictions as a result of COVID-19, the Company is mobilising drill teams to site this week to recommence the previously outlined broader drilling program. It has now authorised the redirection of a drill rig to test the zone with a single drill hole. This hole is subsequently expected to be completed within the next 10 days and will be reported on in due course along with additional drilling results.

Executive Chairman Cameron Pearce commented;

“Blencowe is looking at all ways possible to continuously add value to the Orom-Cross Project and the identification of this High-Grade Zone near to infrastructure is further indication of this.  We will complete initial confirmatory drilling on this first hole shortly and if the results are positive we will consider how best to include this zone into the overall JORC Resource program that is underway.”

 

For further information please contact:

Blencowe Resources Plc

Cameron Pearce / Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

sam@lionsheadconsultants.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.

Graphite miner Blencowe set to shine in 2020 – UK Investor Magazine

The latest resource company to list on LSE – Blencowe Resources (LON: BRES) – has enjoyed a strong few weeks of trading since relisting on April 28th, moving up nearly 50% from 6p towards 9p in a weak market where many of its peers are heading in the opposite direction. What makes Blencowe and its Orom-Cross Graphite Project in Uganda stand out as special?

Graphite is not particularly high profile as a mining commodity, but it is a naturally occurring form of crystalline carbon. It has many uses today, but key to its importance is that graphite makes up approximately half the weight of a lithium-ion battery, used extensively for powering electric vehicles (EV) and storing renewable energy around the globe.

Every EV currently contains between 30-50kgs of graphite within its lithium-ion battery, and like all batteries, from time to time they need replacing. Most auto manufacturers around the world have thrown down markers and timelines to replace current diesel and petrol vehicles with electric versions, and although the pace of change around the EV revolution hasn’t swept all before it as dramatically as was initially predicted, the burgeoning levels of investment into battery production and EV production suggests that demand for the core minerals is set to extrapolate over the next decade and beyond.

Enter Blencowe Resources and its Orom-Cross Project, which is one of the largest graphite deposits in the world, estimated to contain over three billion tonnes. Furthermore, most of its graphite is near to surface, which means it can be mined easily and at very low cost.

Add to this the high quality of the graphite, its ability to upgrade to a highly sought-after concentrate and a recently awarded 21- year mining license and it is clear that Blencowe has all the attributes to develop into a world class graphite play. Another important factor is the project’s location in Uganda. The English-speaking nation is universally viewed as one of the most stable African countries, with all the requisite qualities in which to develop a world class resource project.

With over 50% of the world’s graphite currently forecast to come out of much higher risk Southern African countries such as Mozambique, Madagascar and Tanzania, lithium-ion battery producers and auto manufacturers are rightly concerned that one of their key source products may be at risk of a supply bottleneck, all of which makes the case for Blencowe’s Orom-Cross project even more compelling.

And at a paltry £8m market cap, Blencowe may be one junior resource company worth following closely over the next few years as it develops this extraordinary asset into production. Covid-19 restrictions notwithstanding, Blencowe has plenty lined up in 2020, with a maiden JORC resource number and strategic partnerships announcements expected. One thing is already clear – the Orom graphite project will be right on time for the anticipated explosion in demand for EV’s and battery technology.

Blencowe Resources #BRES – Recommencement of Phase Two Metallurgical Test Work for Orom-Cross Graphite Project

Blencowe Resources Plc, is pleased to announce it has now recommenced key metallurgical test work on its Orom-Cross graphite project in Northern Uganda. The test work, which began in South Africa at the start of 2020, had been placed on hold for six weeks from late March due to a nationwide lockdown introduced by the government to help combat Covid-19. Blencowe is pleased to report these restrictions have now been partially lifted, allowing for labs to recommence the processing of existing samples from Orom-Cross. This work is being undertaken by technical experts Metanza.

The objective of the ongoing metallurgical test work is to further understand the quality of the end- product that Orom-Cross can deliver, as well as what the process flow will look like. Blencowe believe Orom-Cross has the potential to deliver a high grade graphite concentrate, which would prove desirable to potential offtakers and the broader market.

The Company recently announced that it’s ongoing 59 hole and 1800 metre diamond drilling programme in Uganda was also due to recommence in the near term, following Covid-19 related shutdown. The drill programme (of which circa 25% has already been completed) is designed to deliver a maiden JORC Resource for Orom-Cross during the middle of 2020. Both the drilling and the metallurgical test work are fully funded and form integral parts of the development of this project. The Company looks forward to both sets of results ahead of the commencement of a feasibility study later in the year.

Phase 2 Metallurgical Testwork Program

In the second half of 2019 Metzana Minerals in South Africa was commissioned to undertake a first phase confirmatory metallurgical test work program to confirm Total Graphite Content (TGC) of at least 94%, and to consider recoveries, impurities and retention of flake size within the concentrate. This was successfully achieved along with confirmation of low impurities.

In February 2020 a resultant second phase test work campaign commenced to build on the positive findings in phase one and to confirm the liberation pathway for increased recoveries and an even higher grade within the concentrate.

The first two (of six) stages for this work was completed prior to Coronavirus lockdown in South Africa, and work is now resuming on the remaining stages as that country re-opens.

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

  • Confirm a 95-97% TGC pure concentrate is possible with low impurities (particularly 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-takepartners.

If Blencowe is able to deliver a concentrate with these properties it will have a graphite product of considerable value. Early results are encouraging with both recovery and grades at higher levels than the first stage testwork program.

Upon completion Blencowe will be able to initiate discussions with various potential offtake parties as regards sale of product, which is a critical part of the overall process to bring Orom-Cross into production.

Likely timing to complete this exercise is approximately three months but this remains dependant on business practises returning to normal in South Africa to allow for work there to continue unhindered.

Cameron Pearce Executive Chairman commented; “The first phase of metallurgical test work completed during the Orom-Cross due diligence exercise provided evidence that the graphite concentrate could achieve a 94% TGC, which was a highly encouraging result for a first pass, being an acceptable level for sale of product. This next phase of work is designed to take the product to the next level by targeting a higher grade 95-97% TCG as well as increased recoveries. If successful it will significantly increase the desirability and value of the Orom- Cross product. Understanding both the end product and the process flow to deliver this, is a significant step forward in terms of value creation.
 
We are confident we can achieve our stated objectives and thus deliver a quality product that will be higher up the price curve as well as in greater demand. I look forward to providing further updates in due course.”

For further information please contact:

Blencowe Resources Plc

Sam Quinn (UK Director)

Brandon Hill Capital Limited

Jonathan Evans (Corporate Finance)

www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250 info@blencoweresourcesplc.com

www.brandonhillcapital.com
Tel: +44 (0)20 3463 5000 jonathan.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.

Blencowe Resources (BRES) – New Research Initiation

Blencowe Resources, the recently relisted natural resources company focused on development of the Orom-Cross Graphite Project in Uganda, is pleased to advise that Align Research has today initiated research coverage on the Company.

The initiation piece covers both an overview of operations and a review of the broader graphite market and sets an initial target price for the Company of 18.1p per share.

The research has been placed on the Company’s website and can be found here:

https://blencoweresourcesplc.com/analyst-coverage/

For further information please contact:

Blencowe Resources Plc

Cameron Pearce / Mike Ralston

Sam Quinn

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

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