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#BRES Blencowe Resources – Half-year Report

The Company is pleased to announce its Interim Results for the six-month period to 31 March 2022.

Electronic copies of the report will be available at the Company’s website www.blencoweresourcesplc.com

For further information please contact:

 

Blencowe Resources

Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0) 1624 681 250

info@blencoweresourcesplc.com

 

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities Limited

Jonathan Evans

Tel: +44 (0)203 192 1733

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44 (0)20 7330 1883

jasonrobertson@firstequitylimited.com

#BRES Blencowe Resources – Blencowe Continues to Deliver Exceptional Results from Metallurgical Test Work for Orom-Cross Graphite Project

Highlights

 

  • Final Stage 5 metallurgical test results underline a high quality end-product as concentrate from Orom-Cross Graphite Project in Uganda.
  • Composite mix from both deposits delivers a 96-97% LOI concentrate, with battery sales entry level at 94% LOI.
  • Specific attributes highlight Orom-Cross concentrate as particularly desirable to end-users.
  • Technical Data Sheets (TDS) for all products have been sent to prospective end-users to gauge their interest.

 

Blencowe Resources (“Blencowe” or the “Company”) (LSE: BRES) is pleased to announce that recently completed studies on the metallurgical characterisation of Orom-Cross flake graphite concentrate provided very impressive results that will generate significant interest in the ASTM flake graphite grades planned for production from 2023 onwards. The Orom-Cross Graphite Project located in Uganda, Africa, has a unique ore body composition with specific element content that is unequal to other graphite projects. Key results from the lab work are:

 

  • Uniform Mesh Size Distribution with ~50% as higher value +100 Mesh to +50 Mesh Fractions
  • Sulphur Content < 0.1% across all Mesh Size Fractions
  • Tap Density > 0.73 g/cm3 – Suitable Precursor for Advanced Micronisation / SPG Processing
  • Halogen Content – Suitable to meet Advanced Foil Specifications & EBC Nuclear Grade Graphite Product requirements
  • pH Values Indicate Neutral – Alkaline; Suitable for Expandable Graphite to meet Fire Retardant Specifications
  • Low Levels of Fe, Ca, Na, and Mg Content; Ideal for Cathode or SPG Conductive additives for Battery & Electrochemistry Applications
  • Lower Cost to Purify to 99.95% LOI as a Result of lower specific elements; Fe, Si, Na, Ca, Mg.

 

Over the coming months, additional post processing work for new potential applications for Orom-Cross Graphite Products will be completed. This work will support the progressive sales and marketing strategy focusing on both traditional and advanced graphite applications including both Primary and Secondary Battery Markets where is it expected the demand ahead for qualified graphite products will continue to expand and grow.

 

Cameron Pearce, Executive Chairman commented:

 

“The specific attributes highlighted above continue to underline the potential for Orom-Cross to deliver some of the highest quality graphite concentrate into world markets ahead as we transition to first production from 2023.  End users are very discerning as to the quality of product they are seeking, hence these results are particularly encouraging in that our product can meet their high expectations, and thus provide our Project with a strong base of customers to sell into as we start selling graphite from next year.

 

Orom-Cross is shaping up to become a world class graphite project in all respects; with considerable size and scale to expand as necessary to meet anticipated strong future demand, high quality concentrate as evidenced above to sell our products into various markets, low operations costs due to low strip ratio and other key advantages, and a good mix of flake sizes that guarantees a high overall weighted average selling price.  We look forward to sharing these parameters with the market via our Pre-Feasibility Study which is due for completion shortly.”

 

 

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

 

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

 

Alan Green covers Greatland Gold #GGP & Blencowe Resources #BRES on this week’s Stockbox Research Talks

 

Alan Green covers Greatland Gold #GGP & Blencowe Resources #BRES on this week’s Stockbox Research Talks

#BRES Blencowe Resources – Airborne EM Program Commences at Akelikongo Nickel Project

Highlights

·    Blencowe commences exploration program at synergistic nickel sulphide project

·    Substantial 3,200-line kilometres of survey to be conducted

·    Partnering with highly regarded Airborne survey firm in SkyTEM Aps

·    Targeting increased definition of several targets identified in project data review

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce the commencement of an Airborne Electro-Magnetic (AEM) survey over leases associated with the Akelikongo Nickel Project in Uganda. As part of the farm-in arrangements for this highly prospective asset, Blencowe has commissioned SkyTEM Surveys Aps to undertake High Definition AEM over several prospective areas on the leases. The program will consist of approximately 3,200-line kilometres of survey to be flown by helicopter on a 200m spacing. The survey will add significant additional information to assist the company in targeting both extensions to the existing defined mineralised lenses and better define targets identified by the Company in view of the previous work undertaken in the region.

SkyTEM Surveys Aps has undertaken many similar projects in Africa and worldwide and this extensive experience is being leveraged by Blencowe to progress the project. The survey program is expected to run for 2 weeks.

 

Cameron Pearce, Executive Chairman commented;

“We are delighted to commence work on the Akelikongo nickel project so soon after picking up this asset in the first quarter 2022.  We are well aware of the increasing demand for nickel both now and forecast ahead.  Nickel is a key input metal to lithium-ion batteries and as a result it will likely remain in high demand for a long period ahead, and the current exceptional prices for nickel reflect that demand, as well as potential shortages that might emerge as a result of Russia, one of the worlds’ largest nickel producers, involved in a protracted war and resultant sanctions.

 

Our task at Akelikongo is to expand on the good work initially delivered by SIPA and Rio Tinto in order to broaden the mineralised zone.  This AEM work being conducted will highlight further areas of interest that our experienced team of geologists will then consider for a further drilling program expected in 3Q 2022.”

 

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

#BRES Blencowe Resources – Investor Evening – Thursday 12 May 2022

Blencowe Resources would be pleased to welcome current shareholders and potential investors to an Investor Evening on Thursday 12 May 2022 in the City of London.

The event will take place from 6pm for a 6:30pm start in The Partner Room at The Counting House, 50 Cornhill, EC3V 3PD – this is close to Bank station.

Following their return from in-country visits to Uganda, the Company will provide a short presentation followed by opportunities for Investor / Management Q&A and networking.

Hospitality will be provided – to help the Company plan for numbers, it would be appreciated if interested attendees could please RSVP using the following link:

https://tinyurl.com/35drrxms

Alternatively, RSVPs and other queries can be directed to info@blencoweresourcesplc.com 

Executive Chairman Cameron Pearce commented:

“Until recently, opportunities to meet with our UK based investors have been limited and our management team look forward to being able to meet with investors both at this event and in a short non-deal roadshow on our way back from overdue site in-country visits. We have recently released a series of positive operational updates and progress on the project is gathering pace quickly; at this event we look forward to updating shareholders in person on progress to date on both our projects.”

 

 

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

Blencowe Resources #BRES Engages Leading Global Sustainability Consulting Firm ERM to Build Strong ESG Platform

Blencowe Resources (“Blencowe” or the “Company”) is pleased to announce that is has engaged with one of the leading worldwide consultancy firms specifically relating to life cycle sustainability and ESG (environmental, social and governance) credentials.  ERM has led the way in this field globally for some time and their involvement with Blencowe will greatly assist both the Company and its two resource projects deliver a more sustainable pathway into the future.

ERM have been engaged to consider all aspects in this regard and to map out a series of initiatives that will put Blencowe at the front end of the market in terms of delivering green graphite products.  As the world moves towards decarbonisation, electric vehicles (EVs) and clean energy technologies offer a path towards a more sustainable future, however these technologies are mineral intensive and the efficient production of these minerals will play a key role in the clean energy transition.  Graphite is the primary anode material and the single largest component of lithium-ion batteries and as such it has an important role within this drive towards sustainability, both in terms of what the end product is used for as well as how it is produced.  Green graphite may be described as graphite that is delivered with a low environmental footprint, including energy efficient production.

It is not enough that one of the principal uses of graphite moving forward will be within the lithium-ion battery that power EVs, and which ultimately will greatly reduce the number of fossil fuel-driven vehicles; it is also important to produce that graphite within a mining and processing environment that is life cycle sustainable and delivers as low emissions as possible.

Blencowe believes that delivery of green graphite will increase the demand for its products as end users are all coming under increasing pressure to audit their supply chains more closely to ensure the products they use are delivered by companies with strong ESG credentials.  Furthermore, Blencowe believes its Orom-Cross graphite project will be more likely to attract investors to finance production if it has these properties.  As a result the Company has engaged ERM to work with it to deliver a range of policies, targets and initiatives to ultimately deliver green graphite.

Some of the key messages Blencowe will underline within this programme include:

·    Publicly acknowledge global ESG initiatives and develop policies to ensure the Company is managing its projects (and ultimately operations) to the required standards.

·    Put policies in place within Blencowe to consider key areas such as climate control, supply chain responsibility, human rights, indigenous engagement, risk management and cultural awareness.

·    Actively supporting social responsibility within the local and regional communities.

·    Ensure governance is managed to highest possible standards

·    Continue to place environmental impact at the forefront of strategic development initiatives.

All of these focal points will be considered in day to day activities as well as the various feasibility studies that Blencowe is preparing in order to take Orom-Cross graphite project into production next year.  As practical examples the Company is already considering options to replace diesel generated power at the mining operation with solar farms, with use of hydro-electric power off the national grid as backup.  Electric drying of product through the processing facility will also be considered, plus dry tailings to improve the environmental footprint as well as the most energy efficient logistics solution to move end-product to market.

Legal Agreements are already in place providing the local community with compensation payments for use of their land, and this is already making a huge difference to their farming operations.  An ongoing Educational Trust is in place which is giving local community students the opportunity for further education opportunities that would not have been available prior, and this will continue and grow moving forward.

Blencowe will ensure that all of this is done within the delivery of a commercially viable operation as that remains the ultimate goal, but the Company believes both profitability and sustainability can and should be delivered together.

Executive Chairman Cameron Pearce commented:

“We acknowledge that the world is changing fast and ESG awareness is more prominent that ever before.  We believe we should do more than lip service in this regard, to play our role within this climate change revolution by constantly improving our environmental efficiency as well as building our social and governance credentials.  By bringing in one of the leading sustainability consultancy firms in the world to advise us we are underlining our commitment within this key area.  Green graphite is the way forward and we will target delivery of some of the cleanest end-products when we commence our graphite operation at Orom-Cross from 2023.”

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

Twitter https://twitter.com/BlencoweRes

LinkedIn 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 coarse 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 moving through the Feasibility Study phase as it drives towards first production targeted for 2023.

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.

Akelikongo Nickel Project

Akelikongo is a highly prospective nickel sulphide exploration project that has previously had considerable work completed by Rio Tinto and Sipa to establish three mineralised lenses to date.  It represents an opportunity for Blencowe to add further value through a targeted work programme that will seek to delineate higher grade and thicker intercepts of nickel.

Nickel sulphide deposits are rare and valuable and the prospect of further exploration success gives Blencowe suitable incentive to develop this asset under a structured earn-in agreement, whereby 100% of the asset can ultimately be acquired for US$1.5m, 100% payable in shares.

Alan Green covers a trading update from #MOON Moonpig, a new appointment by #ECR ECR Minerals and #BRES Blencowe Resources Jorc update on the Vox Market Podcast

Alan Green covers a trading update from #MOON Moonpig, a new appointment by #ECR ECR Minerals and #BRES Blencowe Resources Jorc update on the Vox Market Podcast

Listen here

#BRES Blencowe Resources – Placing

Highlights

 

· RAB Capital to invest £800,000 to become largest shareholder in Blencowe

· 16,000,000 new ordinary shares to be issued at 5p

· RAB Capital will hold 17,800,000 shares, being 10% of the enlarged share capital

· Blencowe to use funds to fast-track Pre-Feasibility Study (“PFS”) at Orom-Cross graphite project and ongoing exploration work at Akelikongo nickel project

Blencowe Resources is pleased to announce a placing of 16,000,000 new ordinary shares at 5 pence per share (“Placing Shares”) exclusively with specialist mining investor RAB Capital (“RAB”), to raise gross proceeds of £800,000. In addition, RAB will receive 1 warrant per 2 Placing Shares, exercisable at 8p for 3 years from admission. Therefore, 8 million investor warrants have been issued to RAB as part of this placing, which was arranged by Tavira Securities Limited.

Use of Proceeds

These proceeds will be used to enhance project development at both of the Company’s projects, namely Orom-Cross Graphite Project and Akelikongo Nickel Project.

Blencowe is targeting completion of the Orom-Cross Pre-Feasibility Study by mid-2022 and these funds will assist to drive towards that goal.  Furthermore, Blencowe will shortly be underway on initial exploration work at the Akelikongo Nickel Project, with a view to finding drill targets via airborne EM (electromagnetic) work.

Holdings

RAB currently holds 1,800,000 Blencowe shares and following admission of the placing shares it will hold 17,800,000 shares, being 10% of the enlarged share capital.

This Placing is deemed a related party transaction as defined under DTR 7.3. The independent director Sam Quinn considers the terms of the Placing as fair and reasonable insofar as the Company’s shareholders are concerned.

 

 

Admission

The Company has made an application for 16,000,000 ordinary shares to be admitted to trading on the official list and the London Stock Exchange with effect from 8.00 a.m. on 19 April 2022 (“Admission”).

In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company’s enlarged issued ordinary share capital will comprise 177,929,950 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury.

Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.

Chief Executive Officer of RAB Capital Philip Richards commented:

“I am pleased to have taken a long-term and strategic stake in Blencowe Resources. The priority Orom-Cross graphite project is clearly of significant quality and global scale already and it can play a material role in helping to meet the expected supply deficit forecast ahead for graphite. Whilst at an earlier stage in its development, the Akelikongo nickel sulphide project also appears to carry significant promise and I look forward to the results of the ongoing exploration campaign.”

Executive Chairman of Blencowe Cameron Pearce commented:

“I am delighted that resource specialist fund RAB Capital has elected to materially increase its shareholding in the Company at this time. This is a validation of the work we have undertaken over the last few years and the subsequent value we have created. RAB Capital have confirmed they share our belief in the robust economics and investment proposition of Orom-Cross, as well as the broader outlook for global graphite demand and the expected significant supply deficit.

 

 

For further information please contact:

 

  Blencowe Resources Plc

Mike Ralston

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

#BRES Blencowe Resources – Updated Presentation

Blencowe Resources is pleased to announce the release of an updated presentation for the Company, highlighting ongoing work at both the Orom-Cross graphite project as well as the Akelikongo nickel project.

The presentation can be found at this link: http://www.rns-pdf.londonstockexchange.com/rns/8784H_1-2022-4-10.pdf

CEO, Mike Ralston, will be delivering a live webinar at 12 noon Monday 11 April, where he will discuss this presentation along with the recently announced JORC Resource update, and the new strategic investment into Blencowe.

The link for this call is https://us02web.zoom.us/webinar/register/WN_PcAeugdNQs2oZksABsUD1A

 

For further information please contact:

 

  Blencowe Resources Plc

Mike Ralston

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

#BRES Blencowe Resources – Updated JORC Resource

Highlights

· 24.5Mt at 6.0% TGC contains sufficient Measured and Indicated Resource for the first 15 years life of mine

· 340% (9.4Mt) increase in Indicated and Measured Resources to 13.2Mt, giving a higher level of accuracy and confidence in the deposits to be mined

· Grade remains consistent over the extended zones drilled at both deposits

· High-grade zones evident within the Northern Syncline, including 3.4Mt @ 8.4% TGC

· The Mineral Resource now circa three times larger than initial 8-10Mt targets for the Northern Syncline deposit.

· Drilling at Camp Lode delivers consistent outstanding high grade graphite results in the oxide zone including:

o  OREA-L1302, 11 metres at 9.73%TGC from 3 metres including 6 metres at 10.97% TGC

o  OREA-L1401, 5 metres at 10.30% TGC from surface

o  OREA-L1501, 14 metres at 11.81% TGC from 4 metres

o  OREA-L701, 19 metres at 9.78%TGC from 2 metres

o  OREA-L1201, 17 metres at 10.35% TGC from 2 metres including 7m @12.21% TGC

o  OREA-L401, 19 metres at 9.49% TGC from surface

· 100% conversion of potential mineralisation from the weathered zones in the Camp Lode into JORC Standard Indicated Resource.

· Further 4.2Mt potential resource available at Camp Lode with additional drilling.

Blencowe Resources (Blencowe or the Company) is pleased to report that results for its revised JORC Standard Resource estimation for the Orom-Cross Graphite Project located in northern Uganda have substantially exceeded expectations.

A comprehensive infill drilling programme (Phase 6) was completed in 2H 2021 and the results have significantly increased the previously reported Mineral Resource to a position where sufficient ore tonnes required for the first 15 years life of mine are now available within the Indicated and/or Measured category. The modelling has also confirmed the robustness of the two higher grade zones within the main Northern Syncline deposit which surround a zone of medium grade graphite.  The Measured, Indicated and Inferred Resources commence from surface outcrop to depth of current drilling at 30m, and the ore body remains open below this which represents considerable future potential tonnes into the future.

These results, which come from the weathered, close-to or at-surface zone of the deposit, highlight the quality of the Project’s mineralisation and its ability to be a low-cost producer. The nature of the ore body will enhance the commercial outcome for the early years of operations at Orom-Cross by mining this higher-grade ore.

Blencowe had initially targeted a Mineral Resource of 20Mt from Phase 6, with 10Mt in the Measured and/or Indicated categories, in order to provide the start-up ore for a 25Kt per annum operation with potential for expansion subsequent to commencement of production. The 24.5Mt overall, with 13.2Mt as Measured and/or Indicated Resources has outperformed this expectation.  The Company is happy with the initial assessment of Resources located in an area specifically targeted as close to the potential plant site within an extensive mineral field.

Furthermore, Blencowe is also looking at all options to deliver green graphite products via a Project that will utilise renewable energy and other sustainable components.  This is seen as a very important objective within the Pre-Feasibility Study (“PFS”) and the strategy moving beyond.

All other areas within the PFS are going to plan, with work underway on all key areas including infrastructure, energy, roads, water, tailings, logistics, sales and marketing, plus plant and camp design.  Completion is targeted for mid-2022.

Executive Chairman Cameron Pearce commented;

“Our Phase 6 exploration results have added considerable further value to the Orom-Cross Graphite Project as all of the Key Performance Indicators for this latest drilling programme were either met or exceeded. 

We have now included the higher-grade Camp Lode deposit into the overall JORC Resource for the first time; we significantly increased the overall JORC Resource tonnage by 50%; we re-classified a full 13.2Mt into the higher confidence Indicated and Measured categories, and we maintained our in situ grade throughout.”

As a result of this programme we now have enough tonnes ready to mine that will cover our first fifteen years life of mine, which is an exceptional position for Orom-Cross as we head towards delivering our Pre-Feasibility Study by mid-year, and thereafter our first sale of graphite concentrates from a pilot plant from 2023 onwards.  Full production from the main plant is targeted from 2025.”

 

Mineralisation Zones

The Orom-Cross Graphite Project is located in the Kitgum District in north-eastern Uganda. Previous exploration activity identified and named at least five major graphite mineralised zones within the Project property which are underpinned by 21-year Mining Licence (ML) already awarded, namely:

o  Northern Syncline

o  Camp-Lode

o  Central Anticline

o  Synformal Saddle

o  Southern Anomaly

The Phase 6 Resource Delineation Programme (2021) targeted:

1.  Confirming and upgrading the resources in the Camp Lode to include within the JORC Resource.

2.  Upgrading the resource classifications in the Northern Syncline and;

3.  Completing the investigation of the near surface, free dig graphite mineralised material within a portion of the overall Northern Syncline Lode and the Camp-Lode mineralised zones.

The Phase 6 drilling was based upon each mineralised zone being divided into four sub-zones based on the subsurface level of oxidation and weathering. Field observations, phase 5 drilling and the phase 6 drilling results confirmed the initial analysis suggesting a mean global weathering depth of ~15m (with a range of ~9m to ~25m in some instances) and a transition zone approximately 6 to 10m in depth. 

The Graphitic Carbon grade population within the investigated mineralised zones indicates that thegraphitegrade for the deposit ranges from 0.01% to 24.1% GC with a mean grade of 5.6% GC and a mode of 6.0% GC.

The JORC compliant resource estimate for these two graphite mineralised areas has been completed and is based on the drill hole spacing, grade variability and geological confidence. The resultant of the modelling and estimation process is the declaration of Mineral Resources as noted.

 

Resource Estimates

Blencowe undertook an additional drill program (Phase 6) in August 2021 which consisted of an additional 38 holes into the Northern Syncline for 1,140 metres and 36 additional holes into the Camp Lode for 1,080 metres. Geostatistical analysis of the data allowed for both the Camp Lode and Northern Syncline to be estimated and reported according to the JORC code. 

A Resource block model was constructed for both which was dependant on the data spacing and a final block size of 10m x 20m x 3m was selected with a rotated grid to match the orientation of the graphite mineralisation zones. An Ordinary Kriged estimation was performed and resulted in the reporting of Inferred, Indicated and Measured Resources for the Camp Lode and Northern Syncline. The Resources for the Northern Syncline have been tabulated at various cut-off grades starting at 3% GC through to 10% GC.

The previous drilling at the Camp Lode was focussed on delineation of the lode and to check the presence, depth and general shape of the deposit. The majority of the Phase 5 drilling was in the central areas of the Camp Lode in a line which passed through a good patch of mineralisation but since it was the only information available at that stage it introduced a high bias on the mean grades in the reporting of the mineralisation.

With the infill drilling Blencowe defined the high-grade zone and surrounds and in so doing applied better definition on both tonnes and grade and removed the high-grade zone basis.

Table 1: Phase 6 – Revised (2022) JORC Standard Mineral Resources, Orom-Cross Project

Mineral Resources – 2022 Block Model

Area

Material

Resource Category

Cut-off Grade

Tonnage (t)

SG

%GC

%TC

Contained Graphite (Kt)

% of Resource

Northern Syncline

Weathered

Inferred

3.5% GC

2,363,000

2.33

5.60

5.75

132

36%

Indicated

3.5% GC

4,269,000

2.32

5.70

5.90

243

64%

Measured

Not Reported

0

0%

Subtotal

3.5% GC

6,632,000

2.32

5.66

5.85

376

100%

Fresh

Inferred

3.5% GC

8,269,000

2.67

5.61

5.80

464

54%

Indicated

3.5% GC

5,982,000

2.70

5.60

5.80

335

39%

Measured

3.5% GC

1,043,000

2.71

5.50

5.70

57

7%

Subtotal

3.5% GC

15,294,000

2.69

5.60

5.79

856

100%

Camp Lode

Weathered

Inferred

3.5% GC

632,000

2.38

7.00

7.50

44

25%

Indicated

3.5% GC

1,903,000

2.25

6.90

7.40

131

75%

Measured

Not Reported

0%

Subtotal

3.5% GC

2,535,000

2.28

6.92

7.42

175

100%

Fresh

Inferred

No Resources Reported – See Potential Mineralisation

Indicated

Measured

Subtotal

0%

TOTALS

Inferred

3.5% GC

11,264,000

2.59

5.69

5.88

640

46%

Indicated

3.5% GC

12,154,000

2.50

5.84

6.08

709

50%

Measured

3.5% GC

1,043,000

2.71

5.50

5.70

57

4%

Inferred, Indicated & Measured

 

3.5% GC

24,461,000

2.55

5.75

6.00

1,407

100%

Total (Weathered)

Inf. + Ind.

3.5% GC

9,167,000

2.31

6.01

6.28

551

37%

· GC – Graphitic carbon, TC – Total carbon. 

· No geological loses applied.

· A conservative cut-off grade of 3.5% GC has been applied based on metallurgical testing & preliminary mining parameters.

· Mineralised tonnes have been rounded off and contained graphite metal tonnages have been rounded off to the nearest 1000 (Kt).

· Contained graphite has been reported without the application of cut-off grades, loss factors, or beneficiation yields.  

Potential (Additional) Mineralisation

The Phase 6 drill program was focused on a clearer delineation of the resources and an upgrade of resource classification. To this end the program was successful in being able to fully upgrade the previously reported Northern Syncline potential mineralisation of 6,995,000t, in the weathered zone into JORC 2012 reportable Resources.

The program was also successful in upgrading the full weathered potential mineralisation in the Camp Lode into reportable Resources. As the focus in the Camp Lode area was at understanding the geological complexity of the deposit and defining the graphitic carbon units this meant that the majority of drilling was in the weathered zones. A potential further mineralisation of some 4.2Mt higher grade graphite in the Camp Lode remains to be added ahead, which the Company will consider converting into JORC Standard Resource as part of the DFS works. The better understanding built from the 100% conversion of the weathered material is expected to also result in the full conversion of this remaining 4.2Mt.

Therefore, the Potential Mineralisation for both areas can be summarised as follows:

Potential Mineralisation – Grade Tonnage Curves

Area

Material

Avg. depth

investigated

Cut-off

Grade

Tonnage (t)

Mt

Mean

SG

Mean

%GC

Mean

%TC

 

Northern Syncline

Weathered

0 – 13m

Insitu

13 – 36 m

Not reported as potential mineralisation – see Mineral Resources

Subtotal

 

Camp Lode

Weathered

0 – 17m

Insitu

17 – 40m

4 220 000

4.2

2.35

8.35

8.67

Subtotal

4 220 000

4.2

2.35

8.35

8.67

 

Total

4,220,000

4.2

2.35

8.35

8.67

GC – Graphitic carbon, TC – Total carbon

** Mineralised tonnes have been rounded off

Competent Person’s Statement

The information in this release, which is related to Mineral Resource estimation, was compiled under the supervision of Mr JP van den Berg who is an employee of Minrom Consulting (Pty) Ltd; he is Member of the Geological Society of South Africa (GSSA) and a Certified Professional Natural Scientist (Pr.Sci.Nat) with the South African Council for Natural Scientific Professions (SACNASP). 

Mr Van den Berg has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertakento qualify as a Competent Person as defined by the JORC (2012) Code. Mr Van den Berg consents to the inclusion in this report of the matters based on his information in the form and context in which it appears

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

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