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Blencowe Resources Plc (BRES) – Stage Two Drilling Program Commences

Stage Two Drilling Program Commences at Orom-Cross Graphite Project

Highlights:

  • Stage Two 2,200m (74 holes) diamond drilling program underway in Uganda.
  • Designed to define a +10Mt TGC Measured and Indicated Resource from existing 16.3Mt.
  • Fully funded through existing cash resources.
  • Previously drilled high grade zones in Northern Syncline and Camp Lode to be included in new upgraded resource.
  • Additional in-fill drilling to provide basis for mine planning, delivery of geotechnical and other information, for inclusion in Pre-Feasibility Study (PFS).

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce the commencement of the Stage Two drilling program at Orom-Cross, designed to in-fill the recently announced JORC Resource and upgrade substantial tonnes into the Indicated and Measured categories. This additional program will progress Orom-Cross along its development path towards first production, and will be executed using the Company’s in-country technical partners, ADT Drilling and Minrom Consulting. Additional resources will also be targeted in the current programme, with drilling also focusing on proven high grade areas, as yet not included in the maiden JORC Resource.

On 13 April 2021, Blencowe announced its maiden JORC Resource estimate for Orom-Cross, less than one year after acquiring the Project. The commencement of Stage Two, so soon after the highly successful maiden drilling programme, underlines the Company’s focus to add significant value efficiently and cost-effectively within this development phase.  The drilling campaign will progress in parallel with the ongoing metallurgical test work, with leading graphite expert SGS Lakeside in Toronto/Canada, the results of which are expected later this quarter.  The drilling program will take approximately 2-3 months to complete, with a similar amount of time thereafter to prepare samples, complete all assaying and provide a JORC Resource update. The Company will provide updates during the drilling campaign as appropriate.

The maiden JORC Resource delineated a 16.3Mt TGC resource at Orom-Cross, almost twice the size as the originally targeted. This next phase of development will bring the drill spacing closer together to ensure continuity of both product and grade, as required for mine planning within the PFS that will follow.

The Stage One drilling program also located higher grade graphite in the Camp Lode, which was only partially explored. Stage Two will therefore also target parts of the Camp Lode to bring it into the overall JORC Resource for the first time, which is likely to have a material positive impact on both grade and tonnes.

Cameron Pearce, Executive Chairman commented;

“I am delighted to announce the commencement of our fully funded Stage 2 drilling program, which we expect will add further material value to the Orom-Cross graphite project in Uganda. We are moving quickly towards the feasibility studies phase and this current drill program is designed not only to expand the resource’s size, grade and classification, but also ensure that all necessary geological and mining information required for those studies is subsequently available.  We have already come a long way in a short period of time at Orom-Cross. We look forward to the results of this next phase of drilling and the results of the ongoing metallurgical studies with great optimism.

“We remain firm believers that the battery metals market is only just beginning its massive growth cycle over the next decade. We believe this once-in-a-generation transformation will continue to expand exponentially into the future.  Benchmark Minerals Intelligence recently announced that over two hundred lithium-ion battery Megafactories are now in the pipeline worldwide, a significant growth from just seventy factories three years ago. These represent millions of tonnes of future graphite demand in the years ahead and support the positive outlook for the graphite market.

Accordingly, we are resolute in our position that Orom-Cross offers significant value and the ability to play a substantial role in helping to ease the significant forecast deficit of graphite in the future.  We have already been issued a 21-year mining license at Orom-Cross, which not only considerably de-risks our work ahead, but also should help the Company advance the asset into production in an expeditious manner.

I look forward to updating the market on the results of the metallurgical test work later this quarter.”

 

For further information please contact:

  Blencowe Resources Plc

Sam Quinn

Investor Relations

Sasha Sethi

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@lionsheadconsultants.com

Tel: +44 (0)7891  677 441

sasha@flowscomm.com

Brandon Hill Capital Limited

Jonathan Evans

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

 First Equity Limited                                                            Tel: +44(0)20 7330 1883

 Jason Robertson                                                                  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.

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END

Blencowe Resources #BRES – Investor Webinar – 19 April 2021

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 webinar and Q&A via Zoom video conferencing at 12:00pm BST / 7:00pm WST on Monday 19 April 2021.

The call will be hosted by Blencowe’s CEO Mike Ralston who will discuss the recently announced maiden JORC Resource Statement for the Company’s Orom-Cross graphite project in addition to the forward work programme for the Orom-Cross for 2021. Please see RNS also released on 13 April 2021 further details upon the Orom-Cross maiden JORC. 

Interested participants are invited to pre-register for the conference using the link below. Please note that registration is a pre-requisite to access the webinar:  

https://us02web.zoom.us/webinar/register/WN_rKWakxGxQBONys_xiR-xeg

The Company also invites shareholders who may wish to, to submit questions in advance via email to info@blencoweresourcesplc.com

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. Telephone only dial-ins from UK and international locations can be provided upon request. 

A recording of the call will also be made available on the Company’s website following the call.

**ENDS**

For further information please contact:

 

Blencowe Resources Plc

Sam Quinn

Tel: +44(0) 1624 681 250

www.blencoweresourcesplc.com

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

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 – Maiden JORC Mineral Resource delivered at Orom-Cross Project

Blencowe Resources Plc is pleased to announce its maiden JORC Mineral Resource Estimate at its 100% owned Orom-Cross graphite project in Uganda: 

Highlights

  • JORC Indicated & Inferred Mineral Resource for Northern Syncline deposit of 16.3Mt @ 6.0% Total Graphite Content (4% TGC cut off), approximately double the targeted 8-10Mt.
  • Includes higher grade zones of 3Mt @ 8.1% TGC (7% TGC cut off).
  • Resources commence from surface to a depth of 30m, where drilling ended in mineralisation.
  • Drill results from higher grade Camp Lode deposit to be added into a further Orom-Cross JORC Resource statement ahead, further boosting both tonnes and average grade.

Blencowe’s 2020 drilling program focused on a small part of the estimated 3 billion tonnes graphite deposit at Orom-Cross, with the objective of identifying a maiden JORC Mineral Resource of around 8-10Mt, being sufficient to provide the basis for an initial 25Kt per annum mining operation for the first ten years. The maiden JORC Mineral Resource, which covers only one of the two deposits drilled, being the Northern Syncline lode, has yielded almost double the targeted tonnage. These numbers will be further boosted by inclusion of the previously reported higher grade drilling results from the Camp Lode deposit to be reported in a further JORC Mineral Resource update in 2H 2021.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 the potential for Orom-Cross to become a low-cost graphite producer. These resources were identified in an area adjacent to the proposed plant site, thereby expected to further boost the project economics of any subsequent development.

Blencowe will conduct a further geotechnical drilling programme to commence shortly for inclusion within the Pre-Feasibility Study (PFS) later this year. At the same time Blencowe will add further holes on the Camp Lode deposit to enable this higher grade portion of the deposit to be included in the next upgraded JORC Mineral Resource, along with some additional drilling in the Northern Syncline to convert more of the existing Inferred resources into an Indicated category.

The Company is pleased to report good progress is being made by globally respected consultants SGS Lakefield with respect to its metallurgical studies and expects to be in a position to release the results from this test work towards the end of the current quarter. These metallurgical studies are a key input into the upcoming Feasibility Study and also to progress a Preliminary Economic Assessment (PEA) for the project, for which work is set to begin imminently and which will be delivered prior to the Pre-Feasibility Study.

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

Cameron Pearce, Executive Chairman commented:

“Following our acquisition of the project less than one year ago I am delighted to announce our maiden JORC Mineral Resource at Orom-Cross and at a time when the global market for graphite is set to grow exponentially.

This resource has provided almost double the tonnes we set out to deliver from just one of the two deposits we explored, being the Northern Syncline. When coupled with the higher grade Camp Lode drill results and their expected inclusion in a further resource update, it will enable Blencowe to either high grade any mining activities or to increase our production targets.

Additional drilling at Orom-Cross is set to begin shortly as is work towards delivery of a Preliminary Economic Assessment as a pre-cursor to the Pre-Feasibility Study. We also look forward to the results of the met-test work from the SGS Lakeside (Canada) labs during this quarter.

As we move through exploration into the studies phase Orom-Cross remains on course to become a significant developer of flake graphite, which is one of the key input materials into the highly sought-after lithium-ion batteries for electric vehicles. With an active programme of work and news flow ahead we look forward to continued progress in 2021″

Mineralization Zones

The Orom Graphite Project is located in the Kitgum District in north-eastern Uganda. The exploration activity identified and named at least five (5) major graphite mineralised zones within the project property underpinned by Mining Licence (ML) 1959, namely:

1.  Northern Syncline

2.  Camp Lode

3.  Central Anticline

4.  Synformal Saddle

5.  Southern Anomaly

The Phase 5 Resource Delineation Programme aimed at investigating the near surface, free dig graphite mineralised material within a portion of the Northern Syncline and Camp Lode mineralised zones. Therefore, each mineralised zone was divided into four sub-zones based on the subsurface level of oxidation and weathering. Field observations and preliminary analyses suggest a mean global weathering depth of ~15m with a range of ~9m to ~25m in some instances.

The Graphitic Carbon (GC) grade population within the investigated mineralised zones indicates that the in situ graphite grade for the deposit ranges from 0.01% to 24.1% GC with a mean grade of 5.6% GC and a mode of 6.2% 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 result of the modelling and estimation process is the initial Mineral Resource below.

Resource Estimates

Geostatistical analysis of the data allowed for the Northern Syncline to be estimated and reported according to the into JORC (2012) code. A Resource block model was therefore constructed for the Northern Syncline. The block size for the model 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 both Inferred and Indicated Resources being reported for the Northern Syncline. The Resources for the Northern Syncline have been tabulated at various cut-off grades starting at 3% GC. A 4% GC cut-off was determined to be appropriate based on preliminary economic analysis. The Resources are presented as follows:

The Resources declared can be summarised as follows:

Mineral Resources – Block Models

Area

Material

Resource

Category

Cut-off

Grade

Tonnage (t)

Mt

SG

%GC

%TC

 

 

 

 

Northern Syncline

 

Weathered

Inferred

4% GC

3 517 350

3.5

2.18

5.86

6.09

Indicated

4% GC

1 941 840

1.9

2.18

5.60

5.82

Measured

Not reported

Subtotal

4% GC

5 459 190

5.4

2.18

5.77

5.99

 

In situ

Inferred

4% GC

8 979 330

8.9

2.70

5.83

6.06

Indicated

4% GC

1 911 300

1.9

2.69

5.52

5.80

Measured

Not reported

Subtotal

4% GC

10 690 650

10.7

2.70

5.78

6.01

 TOTALS

All

Inferred

4% GC

12 496 700

12.5

2.56

5.84

6.07

All

Indicated

4% GC

3 353 140

4.3

2.43

5.56

5.81

TOTAL

Inf.+ Ind.

4% GC

16 349 840

16.3

2.53

5.77

6.01

GC – Graphitic carbon, TC – Total carbon

** Tonnes have been rounded off

In conclusion it can be seen that significant mineralisation was identified and delineated by the exploration programme. Although not all the mineralisation identified had sufficient geological confidence to be classified as a Mineral Resource (JORC, 2012), approximately 75% of the mineralisation was classified as such after applying a cut-off grade of 4% GC. 

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, 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 undertaken to qualify as a Competent Person as defined by the JORC (2020) 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

Tel: +44(0) 1624 681 250

www.blencoweresourcesplc.com

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

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 warrant exercise raises £26,250

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 437,500 ordinary shares (the “Warrant Shares”) from warrant holders. The aggregate proceeds from the exercise of the Warrant Shares are £26,250.

An application has been made for the 437,500 ordinary shares of 0.5p to be admitted to trading on the London Stock Exchange with effect from 8.00 a.m. on 30 March 2021 (“Admission”).

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 117,318,283 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 talks to StockBox Media

Blencowe Resources #BRES CEO Mike Ralston talks to StockBox Media. Mike delivers a visual overview of the Orom-Cross Graphite Project and the progress made towards declaring a maiden JORC resource number.

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.

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.

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

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