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Blencowe Resources #BRES confirms Further Near to Surface High-Grade Graphite Zones in the Eastern Syncline Lode at Orom-Cross Project

Blencowe Resources Plc (“Blencowe Resources”) (LSE: BRES) is pleased to announce confirmation of additional high-grade assay results from its 2020 diamond drilling program, which will help underpin a maiden JORC Mineral Resource Estimate at its Orom-Cross graphite project in Northern Uganda, scheduled for release this month.

Highlights

  • Drilling at Main Syncline Lode delivers outstanding grade graphite results including:
    • ORNS-L101, 15.1 metres at 8.4%TGC from 1 metre, including 1 metre at 12.7%TGC
    • ORNS-L106, 3 metres at 11.9% TGC from 3 metres, and 5 metres at 8.5%TGC from 11 metres
    • ORNS-L204, 7.8 metres at 6.7% TGC from 1 metre, including 1 metre at 11.2% TGC
    • ORNS-L205, 6.3 metres at 11.1%TGC from 1 metre
    • ORNS-L305, 9 metres at 7.5% TGC from surface, including 3 metres at 10.2% TGC
    • ORNS-L307, 9 metres at 8.8% TGC from surface, including 1 metre at 17.1% TGC
    • ORNS-L405, 19 metres at 8.3% TGC from 1 metre, including 4 metres at 10.5% TGC
    • ORNS-L603, 7 metres at 11.5% TGC from 2 metres, including 3 metres at 14.2% TGC
  • These results will underpin a maiden JORC (2012) Standard Mineral Resource Estimate and Reserve Determination scheduled for release this month.
  • The updated Mineral Resource will underpin a Pre-Feasibility study scheduled for H2 2021

These results, which come from the weathered, close-to or at-surface zone of the Eastern Syncline Lode deposit, highlight the quality of the Project’s mineralisation.  Furthermore, substantial graphite at shallow depths underlines Orom-Cross’s ability to be a low-cost producer.  As with the previously announced Camp Lode, the drilling at the Eastern Syncline Lode targeted infill zones between the Phase 2 drilling program and trenching and strike extensions to existing oxide mineralization.

The higher grade near-surface intercepts confirm the geological interpretations as well as grade continuity in the main lodes of the Project.

The diamond drill program on the Eastern Syncline Lode Deposit was based on a 50 metre by 12.5 metre grid. The program was designed to outline the main production area for an initial 10 year mining phase to be incorporated into a Pre- Feasibility study scheduled for H2 2021.

Similar to the holes in the Camp Lode the holes drilled in the Eastern Syncline Lode have returned visible grade graphite over the majority of 30m of intersection, with weathering extending to within 5m of the base of the holes in most cases. Based on the received samples to date the expectation is for average grades of 6-8% TGC in the Eastern Syncline Lode which is consistent with earlier modelling.

Figure 1: Map of the Drilling Programme

The identification of higher-grade zones within the Eastern Syncline Lode may present Blencowe with additional high-grade ore for the initial mining phase which could have significant advantages to both mining costs and product quality.  Subsequent logging by company geologists has also identified zones of large to jumbo flakes in the core, which is very positive in lieu of producing an end-concentrate of high quality that can attract higher prices.

The core has been assayed at SGS in Johannesburg using the method C-IR18. The method is appropriate for understanding graphite deposits and is a total method.

Blencowe Resources has received all the sample assays for the diamond drill hole program and geological block models have been developed for both the Eastern Syncline and Camp Lode deposits.  The Company’s technical consultants are now proceeding to finalise the Mineral Resource Estimate.

Executive Chairman Cameron Pearce commented;

“Following on from our recent announcement of high grade graphite in the Camp Lode, these additional excellent results at the Eastern Syncline Lode continue to highlight the robust results at Orom-Cross.  Our drilling program has so far confirmed everything it was meant to in terms of location of graphite, shallow depths of the ore body, significant grade and evidence of larger flake sizes.  These factors all combine to underline our belief that Orom-Cross is emerging as an outstanding graphite project. We are within the early stages of a once-in-a-lifetime extraordinary passage where an entire (auto) industry begins to shift from fossil fuel energy to electrification, and this will require a material amount of graphite to support the lithium-ion batteries used to power electric vehicles (EVs).  Graphite makes approximately half the weight of each Li-ion battery, some 50kgs on average per battery, and analysts are all predicting substantial demand for high quality graphite. Orom-Cross is fast shaping up to be a robust graphite project in terms of size, scale, quality and location to meet the future supply requirements of graphite.”

For further information please contact:

 

 

Blencowe Resources Plc

Sam Quinn

 

 

Investor Relations

Sasha Sethi

 

 

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blecoweresourcesplc.com

 

Tel: +44 (0)7891  677 441

sasha@flowscomm.com

 

 

Brandon Hill Capital Limited

Jonathan Evans

 

 

First Equity Limited

Jason Robertson

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

 

 

Tel: +44(0)20 7330 1883

jasonrobertson@firstequitylimited.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.

Alan Green talks Team 17 #TM17, Kavango Resources #KAV & Blencowe Resources #BRES on the Vox Markets podcast

Alan Green talks Team 17 #TM17, Kavango Resources #KAV & Blencowe Resources #BRES with Justin Waite on the Vox Markets podcast. Interview is 18 minutes 12 seconds in.

Blencowe Resources #BRES – Warrant Exercise & TVR

Blencowe Resources, the natural resources company focused on development of the Orom-Cross Graphite Project in Uganda, is pleased to announce that it has received warrant exercise notices in respect of 666,667 ordinary shares from warrant holders. The aggregate proceeds from the exercise of the Warrant Shares are £26,667.

An application has been made for the 666,667 ordinary shares of 0.5p to be admitted to trading on the London Stock Exchange with effect from 8.00 a.m. on 12 February 2021.

In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that following the issue of the Warrant Shares, the Company’s enlarged issued ordinary share capital will comprise 116,880,783 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. 

For further information please contact:

Blencowe Resources Plc

Sam Quinn (London Director)

www.blencoweresourcesplc.com

info@blencoweresourcesplc.com

+44 (0)1624 681 250

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Brandon Hill Capital Limited

Jonathan Evans

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

First Equity Limited

Jason Robertson

Tel: +44 (0)20 7330 1883

jasonrobertson@firstequitylimited.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​ – CEO Mike Ralston and Alan Green discuss ‘spectacular’ graphite intercepts at Orom Cross

Brand Comms CEO Alan Green talks to Blencowe Resources #BRES CEO Mike Ralston about today’s exceptional high-grade drilling results at the company’s 100% owned Orom Cross Graphite project in Uganda. Mike gives a brief history of the company since it acquired the project in April 2020, and then talks through the ‘spectacular’ intercepts that have confirmed geological interpretations & grade continuity at double the 6-8% average expected.

Mike confirms the event as a defining value inflection point for the project in the run up to the maiden JORC resource estimate. We then look at how Blencowe compares to peer group companies (Armadale Capital #ACP, Tirupati Graphite #TGR, Syrah Resources ASX: #SYR) before discussing the company’s solid financial position following the recent fundraisings in which the board participated. We end with three key takeaway points for investors.

Blencowe Resources #BRES confirms Near Surface High-Grade Graphite Zone at Orom-Cross Project

Blencowe Resources Plc (“Blencowe Resources”) (LSE: BRES) is pleased to announce exceptional high-grade drilling results which will help underpin a JORC Mineral Resource and Reserve Estimate at its OROM-Cross graphite project in Uganda, scheduled for release in the March 2021 Quarter.

Highlights

  • Drilling at Camp Lode has delivered outstanding high grade graphite results including:
    • OREA-L102, 25 metres at 9.7%TGC from 5 metres including 4 metres at 12.7%TGC
    • OREA-L202A, 6 metres at 12.2% TGC from surface including 2 metres at 20.9% TGC
    • OREA-L202A, 5 metres at 12.7% TGC from 7 metres including 2 metres at 16.2% TGC
    • OREA-L202A, 13 metres at 9.3%TGC from 17 metres
    • OREA-L203, 18 metres at 6.2% TGC from 2 metres
    • OREA-L303, 19 metres at 8.4% TGC from 11 metres including 5 metres at 13% TGC
    • OREA-L304, 5 metres at 11.9% TGC from 4 metres including 2 metres at 18.6% TGC
  • These results will underpin a maiden JORC Standard Mineral Resource Estimate and Reserve Determination scheduled for release in late March

[The announcement is reproduced in full in the attached pdf with the map of the drilling programme in figure 1]
http://www.rns-pdf.londonstockexchange.com/rns/2866O_1-2021-2-8.pdf

The results, which come from the weathered, close-to or at-surface zone of the Camp Lode deposit, highlight the quality of the project’s mineralisation and ultimately its ability to be a low-cost producer.

The drilling targeted both infill zones and strike extensions to existing high-grade oxide mineralization. The spectacular near-surface intercepts confirm the geological interpretations as well as grade continuity.

The Camp Lode Deposit has been subjected to a diamond drill hole program on a 50 metre by 12.5 metre grid. The drilling was designed to qualify the initial production area for the deposit as a high-grade supplement to the main deposit. Blencowe Resources continues to receive the sample assays for the additional 53 diamond drill hole program undertaken on the Eastern Syncline Lode and QA/QC checks are expected to be completed shortly enabling the company to proceed to finalising the Mineral Resource Estimate.

The holes to date have returned visible grade graphite over the majority of 30m of intersection, with weathering extending to within 5m of the base of the holes in most cases. Based on the received samples to date the expectation is for grades of up to double the 6-8% average Orom-Cross grade.  This may present Blencowe with a high grade ore for initial mining which could have significant advantages to both mining costs and product quality.  Subsequent logging by company geologists has also identified zones of large to jumbo flakes in the core.

The core has been assayed at SGS in Johannesburg using the method C-IR18. The method is appropriate for understanding graphite deposits and is a total method.

Blencowe Executive Chairman Cameron Pearce commented;

“We have always believed that Camp Lode offered a very valuable source of graphite to mine in the initial phase of development. These assay results have proven this and delivered a great result which can underpin our mine plan and ultimately deliver considerable value”.

“As the growth in electric vehicle (EV) and new generation battery demand continues to gather momentum worldwide, the Blencowe team are working hard to develop Orom-Cross into a valuable mining prospect and future supply hub that can deliver significant tonnes of high quality end-product into several key markets.”

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.

Blencowe Resources #BRES CEO Mike Ralston talks to StockBox Media

Blencowe Resources #BRES CEO Mike Ralston talks to StockBox Media about the Orom Cross Graphite project, with some 2-3mt near to the surface.

As the company moves towards a maiden JORC resource number, Mike looks at the the huge potential offered by the project, and how the area sampled and met tested represent just 0.5% of the total project size.

Mike also covers the recent fundraisings and the board participation, and then takes a look at the global battery metals market, the growth in the graphite market and some of the key players.

Alan Green presents the investment case for Blencowe Resources #BRES and Mosman Oil & Gas #MSMN on his weekly Stockbox Media Research talk

Alan Green presents the investment case for Blencowe Resources #BRES and Mosman Oil & Gas #MSMN on his weekly Stockbox Media Research talk

Blencowe Resources #BRES – Annual Results for the year ended 30 September 2020

Blencowe Resources Plc, the natural resources company focused on the development of the Orom-Cross Graphite Project in Uganda, is pleased to announce its audited financial results for the year ended 30 September 2020.

The Annual Report which includes an unqualified audit report and audited Financial Statement for the year ended 30September 2020 will be made available on the Company’s website at www.blencoweresourcesplc.com.  Hard copies will be posted to the Company’s shareholders.

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

 

Brandon Hill Capital Limited

Jonathan Evans

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

 

First Equity Limited

Jason Robertson

Tel: +44 (0)20 7330 1883

jasonrobertson@firstequitylimited.com

Chief Executive Officer’s Statement

Dear Shareholders,

I am pleased to report on what has been a busy and productive year for Blencowe Resources Plc – our first full year as a public listed company following the successful Initial Public Offering (IPO) in 2019, and following up with the acquisition of the Orom-Cross Graphite Project in April 2020, and the subsequent re-admission to the London Stock Exchange (LSE) thereafter.  Orom-Cross is a world class graphite project located in Uganda, East Africa, and a location which the Company considers to be advantageous to develop a long term resource project ahead.

With assistance from lead broker Brandon Hill Capital, Blencowe was able to raise £2 million in new cash in April to provide funding for further work in 2020 at Orom-Cross, to fast-track development of this exceptional asset.  Blencowe remains bullish on significant long-term demand for graphite as it is a key component of the lithium-ion (Li-ion) battery which is used for most electric vehicles as well as other renewable energy storage.  Demand for electric vehicles and Li-ion batteries, and hence graphite, is forecast to grow exponentially from 2025 onwards, around the time the Company would expect to bring Orom-Cross into production.  Evidence indicates that this growth is already underway as most vehicle manufacturers are shifting from combustion engines to electrification on a grand scale over the course of this decade.

Since completing the acquisition of this project Blencowe has made significant strides towards its principal goals, being this the completion of an exploration programme to deliver a maiden JORC standard resource and delivering a wide range of positive early results.

Blencowe hit the ground running with a 69-hole (2,000 meter) diamond drill programme launched immediately after the acquisition.  Whilst there is little doubt that Orom-Cross has considerable quantities of graphite (estimated between 2-3 billion tonnes) a JORC Resource is required to define the area being considered for initial mining, and more extensive drilling in this location to understand all aspects for subsequent operations.

Using local drilling partner ADT and experienced South African geological firm Minrom, the drilling programme was designed to deliver enough resource for the anticipated first ten years of mine life, and to provide samples for further metallurgical test work to fully understand the nature of the end-product, as a graphite concentrate.  All indications to date suggest Orom-Cross can deliver a high quality end-product.  Despite the arrival of Covid-19 and subsequent lockdown in Uganda for a short period Blencowe was able to re-commence drilling late May and we completed this programme by the beginning of August, with samples ready to go to assay labs in Tanzania for prepping, and ultimately to South Africa (for JORC Resource) and Canada (metallurgical test work).

In the process the Company discovered a new high grade lode of graphite near to where we were already drilling, and added further holes to incorporate this deposit into the overall resource being considered.  We also confirmed the excellent nature of this ore body, and in particular the high percentage of larger flake sizes which carry more value.  Furthermore, the confirmation of substantial quantities of graphite near to surface will allow for Blencowe to ultimately mine at a low cost, which adds value to the project.

Based on the work completed to date, we believe that Orom-Cross exhibits all the characteristics of a potentially profit-making project and we are looking forward to further evaluating this potential by continuing to develop this asset moving forward.  Once the initial JORC Resource and associated metallurgical test work are completed in early 2021 the Company will move into the Feasibility Study phase, where all commercial parameters for a large scale mining operation are considered.  With a 21 year mining lease already secured and land compensation agreements in place and paid for, the move towards operations is de-risked.

Whilst we have achieved a considerable amount during the year, I believe it is important to note that the quality and potential of the Company’s core asset at Orom-Cross is clearly not yet reflected in the Company’s share price and market capitalisation. This will change as more work is completed and the size and scale of the asset is highlighted.

With a tight capital structure and strong support the Company is well placed to increase its profile and enhance its value proposition as we move ahead to define a maiden JORC Resource and establish the foundations for a substantial Ugandan graphite producer.

The strong progress that has been made is thanks to the hard work of our board and management team who have all worked hard across several continents to allow work to continue despite all the challenges we have faced.  In closing, I would also like to thank you – our shareholders – for your ongoing support. Our first year as a public company has been a positive one for Blencowe and I look forward to another active and successful year ahead.

Mike Ralston

Chief Executive Officer

“With a tight capital structure and strong support the Company is well placed to increase its profile and enhance its value proposition as we move ahead at Orom-Cross to define a maiden JORC Resource and establish the foundations for a substantial graphite producer ahead.” Blencowe CEO Mike Ralston

Blencowe Resources #BRES – Investor Conference Call

Blencowe Resources (BRES:LON), the graphite explorer developing the Orom-Cross jumbo flake graphite project in Uganda, is pleased to announce that it will host a shareholder conference call and Q&A via Zoom video conferencing at 10:00am BST / 6:00pm WST time on Monday 25 January 2021.

The call will be hosted by Blencowe’s CEO Mike Ralston who will discuss the following topics:

· Current status of the EV market and effect on battery metal demand, and forecast ahead

· Potential mix of Blencowe’s end products

· Progress Blencowe have made to date at their Orom-Cross project

· Work underway and planned in near term and remainder of 2021

To participate in this conference call, please use the following link to join the meeting:

https://us02web.zoom.us/j/83311263720

Alternatively, for phone conferencing only, participants may dial local UK number +442030512874 and enter meeting ID 833 1126 3720. 

Shareholders who wish to do so are invited to submit questions via email to info@blencoweresourcesplc.com

The most recent copy of the Company’s corporate presentation can be found at the following link:

https://blencoweresourcesplc.com/presentation/

Please note that until the Q&A session has begun that all participants will initially be muted without audio with the exception of Company management. A recording of the call will also be made available on the Company’s website following the call.

**ENDS**

Contacts

Blencowe Resources Plc

Sam Quinn (London Director)

www.blencoweresourcesplc.com

info@blencoweresourcesplc.com

+44 (0)1624 681 250

 

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Brandon Hill Capital Limited

Jonathan Evans

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

First Equity Limited

Jason Robertson

Tel: +44 (0)20 7330 1883

jasonrobertson@firstequitylimited.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.

Alan Green talks Coinsilium #COIN, Blencowe Resources #BRES & Tertiary Minerals #TYM on Vox Markets podcast

Alan Green discusses Coinsilium #COIN, Blencowe Resources #BRES & Tertiary Minerals #TYM with Justin Waite on the Vox Markets podcast.

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