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#BRES Blencowe Resources PLC – Appointment of Leading Engineering Firm to DFS

Highlights

·    Blencowe continues to progress the Orom-Cross project with appointment of a notable engineering firm to manage the Definitive Feasibility Study (“DFS”).

·    Appointment of CPC Engineering (“CPC”) of Perth to lead and develop the DFS for Orom-Cross.

·    CPC have extensive experience in African graphite projects and Blencowe will leverage this knowledge to refine the delivery of the Orom-Cross DFS.

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has engaged leading engineering firm CPC Engineering to lead, deliver and sign off on the DFS for the Orom-Cross Graphite Project.

CPC has extensive experience in other leading graphite projects in East Africa, having completed the DFS for the Maniry Graphite Project (Black Earth Minerals, ASX: BEM) in Madagascar, as well as both the Mahenge (Black Rock Mining Ltd, ASX: BKT) and Chilalo Graphite (Evolution Energy Minerals, ASX: EV1) Projects in Tanzania and the scoping study for the Ancuabe Graphite Project (Triton Minerals, ASX: TON) in Mozambique. CPC also completed the detailed engineering, procurement, construction support and commissioning services for the Syrah Resources (ASX: SYR) Balama Graphite Project in Mozambique.

Blencowe is pleased to have partnered with a firm with extensive experience in both graphite and flotation circuits. CPC will work with the Company and various other Ugandan service providers in the delivery of the DFS for Orom-Cross Graphite in 2023.

The CPC works will include:

·    Optimisation of the process plant design, incorporating results of the various testwork programs from SGS, IMO and the pilot plant works (Jilin/China) along with CPC’s expertise in design and construction of graphite process plants.

·    Provide updated and optimised CAPEX and OPEX for project cost and schedule certainty;

·    Provide updated project costs and schedule for the Project non-processing Infrastructure.

·    Sign off on full DFS once completed to provide the third party approval from a recognised leading technical firm as required to ensure project funding support.

Cameron Pearce, Executive Chairman commented;

We are pleased to add another high-quality partner to the Orom-Cross Project.  CPC has a very impressive track record within the graphite market and we are now able to leverage off their skills, experience and relationships to ensure we deliver a first class DFS.

 

He continued “The graphite market continues to shift in our favour and we expect the supply-demand imbalance to widen further, as demand for graphite accelerates, given its material role within lithium-ion batteries. Orom-Cross has continued to exceed our expectations and we remain focused on delivering a world class project. CPC are recognised as one of the top tier engineering firms within the graphite sector and their sign off on the DFS will not only help optimise the Project, but also provide the credibility required for project funding and market support.” 

 

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 Financial 

Jonathan Evans

Tel: +44 (0)20 3192 1733

Jonathan.evans@tavira.group

 

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/

About CPC Engineering

CPC Engineering is a privately owned, Perth-based engineering company with 50 years’ experience providing reliable and practical engineering solutions to the resources industry, both nationally and internationally. CPC employs over 350 personnel and specialises in engineering design, construction and maintenance.

CPC Project Design is located at CPC Engineering head office in West Perth and is a multidiscipline engineering design, procurement, construction and project management team which has developed a reputation for delivering practical and cost-effective services to the resource industry.

CPC has extensive resource engineering experience with clients that include Syrah Resources, BlackEarth Minerals, Black Rock Mining, Albemarle, First Quantum, AngloGold Ashanti, Tronox Limited OceanaGold, Newmont, Barrick Gold and Sandfire Resources.

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 completed a successful Pre-Feasibility Study in 2022.  The Company has now moved into the Definitive Feasibility Study phase as it drives towards first production.

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, with only a small percentage of the overall deposit drilled to date. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

#BRES Blencowe Resources PLC – Final Metallurgical Testing Programs

Commencement of Final Metallurgical Testing Programs for Orom-Cross Graphite Project as samples sent to both China and USA.

Highlights

·    20kgs of concentrate sent by air to technical experts Wuhan University of Technology (“WUT”) in China to begin final metallurgical test procedure.

·    This concentrate is the end product recently produced by IMO in Perth, which demonstrated high grade and low impurity chemical characteristics.

·    Preliminary testing on the 20kg sample to commence immediately in China ahead of 100-tonnes bulk sample studies, which will be sent to China in the near term.

·    Additional 5kgs of concentrate sent to leading US graphite technical firm American Energy Technologies Co. (“AET Co”) for SPG and expandables testing and to confirm Orom-Cross concentrate further upgrades efficiently to a >99.95% battery grade product.

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has air-freighted 20kgs of concentrate from its Orom-Cross Graphite Project (“Orom-Cross”) to WUT in China, to commence final stage metallurgical testing.  Studies on this 20kgs concentrate, which was recently processed through the IMO test facility in Perth, will further define the characteristics of the Orom-Cross graphite product and is expected to ultimately lead to identifying offtake parties and thereafter signing binding offtake agreements for the sale of graphite concentrate.

WUT specialises in testing final concentrate products and defining their characteristics, in order to fine tune processing options and assess upgradability for use in batteries and other high value end applications. WUT works in close association with Jilin Huiyang New Material Technology Company (“Jilin”) who, as announced on 11 January 2023, are to receive 100 tonnes of raw material from Orom-Cross over the next few months to process through their existing processing facilities.  Blencowe will also send 150kgs of raw material to Jilin by air-freight as a precursor to the main bulk sample.

By sending this 20kgs prior to the 100 tonnes bulk sample Jilin will be able to better understand the properties and chemical characteristics of the Orom-Cross concentrate and will be able to adjust their pilot processing facility accordingly to take in the larger scale raw product when it arrives later. This testing by WUT/Jilin is expected to reconfirm historic results, which have demonstrated the concentrate from Orom-Cross is of a consistently high quality.

Once the 100 tonnes raw material is processed through Jilin’s facility it is anticipated that ~6 tonnes of high quality concentrate will be produced. This will represent a sample scale that is ~600 times larger than the 4Q 2022 IMO testing done in Perth and will confirm a high quality concentrate can be delivered in bulk from the Orom-Cross Project.  This is key to pre-qualification and securing future offtake agreements.

Jilin is also expected to use some of the ~6 tonnes concentrate to conduct spheronised purified graphite (SPG) testing, where the Orom-Cross concentrate is lifted from a 96-97% LOI to a >99.95% end product.  Once this is achieved and the OEM’s complete their own testing then Orom-Cross product may be deemed as pre-qualified and the Company will look to enter into binding offtake agreements for sale of products.

Blencowe is also now sending an additional 5kgs of concentrate to Chicago-based graphite specialist AET Co, which is a recognised industry expert in SPG and expandability testing.  AET Co has been directly involved in the upgrading of graphite concentrates for over a decade and is generally accepted as one of the leading technical specialists in graphite worldwide.  Blencowe will have a parallel test process occurring to ensure that it ultimately achieves the best possible outcome for upgrading concentrate to the >99.95% SPG product.  The AET Co testing is expected to take around 3 months to complete, after which Blencowe will know its end product has been tested all the way through to (lithium-ion) battery grade product.  Testing will also be done on the coarse flake products to ensure they are suitable for expandability, which will ultimately lead to offtake contracts for this higher-value product class also.

As lithium-ion batteries are expected to be the single most important demand pull for graphite ahead, completing QAQC to become certified as battery grade will be a significant milestone. Blencowe is confident its concentrate will successfully be highlighted as a low cost and pure SPG product once these tests have been completed, thereby commanding the best pricing.

 

Cameron Pearce, Executive Chairman commented;

We are now moving into the final stage of the Orom-Cross metallurgical work within the Definitive Feasibility Study, where our high quality 96-97% LOI concentrate will be upgraded to a more purified >99.95% product.  Beyond that there is only testing as required from the OEMs themselves to verify all data and if successful thereafter we can move to offtake agreements.  We are confident that our Orom-Cross concentrate will be verified ahead as a high-quality end-product and look forward to sharing the results of all of these tests once they are completed.

 

He added “Graphite demand is lifting fast and we believe it will continue to do so ahead.  The higher the quality of the end product the more likely we can lock in sales agreements and the better the prices we will achieve.  We expect graphite demand to continue to rise and shortages to unfold as there are only a limited number of new graphite projects with suitable, qualified end product moving into production over the medium term, and most resource analysts are forecasting a substantial deficit from 2025 which they predict will become even more pronounced by the end of the decade.”

 

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 Financial 

Jonathan Evans

Tel: +44 (0)20 3192 1733

Jonathan.evans@tavira.group

 

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 completed a successful Pre-Feasibility Study in 2022.  The Company has now moved into the Definitive Feasibility Study phase as it drives towards first production.

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, with only a small percentage of the overall deposit drilled to date. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

#BRES Blencowe Resources – Camp Lode Drilling Results

Blencowe is pleased to provide a further update to the comprehensive JORC Resource diamond drilling program that was completed in 2021 on its Orom-Cross Graphite Project in Northern Uganda

 

Highlights

· 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

· These results will form part of an updated JORC Standard Mineral Resource Estimate and Reserve Determination for the Orom-Cross project scheduled for late February 2022

Blencowe Resources Plc (“Blencowe Resources”) (LSE: BRES) is pleased to announce exceptional high-grade drilling results at the Camp Lode deposit which forms part of the Orom-Cross project.

These results will allow the Company to bring Camp Lode into the wider Orom-Cross JORC Resource and Reserve Estimate update scheduled to be released in February 2022.

 

Camp Lode Resource Drilling

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 mineralisation. The spectacular near-surface intercepts confirm the geological interpretations as well as grade continuity over the strike length of the Camp Lode.

The Camp Lode Deposit has been subjected to a diamond drill hole program on a 25 metre by 12.5 metre grid. The drilling was designed to provide sufficient information to enable the classification of Resources at the Camp Lode into the indicated category and enable a Resource Estimate on the Camp Lode to be reported and to qualify the initial production area for the deposit as a high-grade supplement to the main Northern Syncline deposit.

 

Northern Syncline Resource Drilling

Blencowe Resources continues to receive the sample assays for the additional 24 diamond drill hole program undertaken on the Northern Syncline Lode and QA/QC checks are expected to be completed shortly enabling the company to proceed to finalising the Orom-Cross JORC 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. 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 Perth, Western Australia using the method C-IR18. The method is appropriate for understanding graphite deposits and is a total method.

Executive Chairman, Cameron Pearce commented;

“We have always believed that Camp Lode offered us a very valuable source of graphite to mine in the initial phase of development.  The latest drill results at Camp Lode will allows us to add new high grade resources to the wider project. We are finalising resource estimation work at the Northern Syncline and look forward to releasing the updated JORC Resource for the Orom-Cross project.

 

The updated JORC Resource will be used for developing the mine and we continue to see buoyant demand for graphite given the growth of the EV market.  We are working hard to build Orom-Cross into a valuable mine that can deliver significant tonnes of high quality end-product into several key markets.”

 

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 Limited

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 – Over-Subscribed £2m Capital Raise

Company now fully funded through next 12 months of Project development, including Pre-Feasibility Study

Highlights;

Ø Over-Subscribed £2m fund-raise, including subscriptions from Blencowe Board

Ø Orom-Cross now fully funded through to completion of PFS

Ø Outlook for graphite market continues to strengthen, driven by EV sector

Blencowe Resources (LSE: BRES) (Blencowe or the Company) is pleased to announce the successful completion of an over-subscribed capital raise for £2 million at 5p through the issue of 40,000,000 new ordinary shares (“Fundraise”). This includes a subscription of £75,000 from the Directors and CEO. The Fundraise is subject to a simplified prospectus that is currently being approved by the FCA ahead of the seeking of shareholder approval at a general meeting to be arranged. The Company anticipates that admission of the new ordinary shares will be in approximately 21 days.  

Use of Funds

These funds will be used for the further development of the Company’s flagship Orom-Cross graphite project in Uganda, including:

· an updated JORC Resource early next quarter; and

· Delivery of a Pre-Feasibility Study (“PFS”) by mid-2022.

Blencowe announced results of the Preliminary Economic Assessment (“PEA”) for Orom-Cross in September 2021, which highlighted a long-life, low-cost graphite project that delivers significant operating margin per tonne; the resultant NPV (US$317 million) and IRR (49%) are considered exceptional and as such the Company has moved into PFS stage. The Company will further refine the project economics in the PFS and continue to use these studies to engage with strategic and industrial parties that are seeking graphite product.

Terms of the Fundraise

The capital raise was managed by the Company’s brokers First Equity and Brandon Hill Capital and was completed at 5p per new ordinary share with half a warrant per new ordinary share that is exercisable at 8p for 3 years from admission to trading. This price represents a minimal discount to the 10-day VWAP and illustrates the strong support for both the project and the wider battery metals market. Blencowe is also pleased to announce the inclusion of several institutional funds that have participated in the Fundraise.

A further announcement will be made regarding the timetable for admission of the shares to the LSE and issue of the prospectus following the expected near-term approval by the FCA.

Graphite is an essential, non-replaceable input material into lithium-ion batteries which will be manufactured in ever-increasing quantities ahead to power electric vehicles (EVs).  Analysts forecast that the current 14 million EVs worldwide will rise to somewhere between 100 – 500 million by 2030, all of which will require batteries.  Over the past three years the number of megafactories, designed and built to mass produce lithium-ion batteries, has risen from circa 50 worldwide to over 250 either in production or being commissioned, and the number continues to grow monthly.  Together these megafactories represent a substantial future demand for graphite.

With Orom-Cross representing a renewable energy source material there has been considerable interest from funds who wish to become more involved in green energy including the battery metals market.  This represents a significant milestone as the Company develops its profile, and it further underlines the potential within the Orom-Cross graphite project.

Cameron Pearce, Executive Chairman commented:

“We are grateful to all the existing and new shareholders that have supported the Fundraise. The Company is now fully funded through its next important phase of development and as we continue to develop Orom-Cross and it becomes increasingly apparent what a standout graphite project it is, I would expect to see the gap between our current market cap of circa US$9M and PEA-derived NPV of US$317M progressively converge.

We are focused on continuing to optimise the economics of Orom-Cross further, with the next step in this process being an updated JORC Resource early next quarter, targeting both resource expansion and further grade uplift”

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

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 1833

jasonrobertson@firstequitylimited.com

Twitter  https://twitter.com/BlencoweRes

LinkedIn  https://www.linkedin.com/company/72382491/admin/

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger 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 into the studies phase shortly as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 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.

Blencowe Resources #BRES Completes Second Successful Drilling Program at Orom-Cross Project

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

Highlights

·    Another successful drilling campaign now completed.

·    An additional 38 infill holes totalling 1,140m was completed in the Northern Syncline and a further 36 holes for 1,080m in the Camp Lode.

·    1,150 samples currently in transit to the JORC-accredited labs in Tanzania for sample preparation prior to assaying at SGS in Canada.

The company commenced a second phase of resource and in-fill drilling at its Orom-Cross project in May 2021 with the aim of upgrading resources at both the Camp Lode and Northern Syncline deposits. The company made steady progress on the program after easing of the Covid lockdown in country and successfully completed the planned JORC resource drill out of both the Northern Syncline Lode and the High-Grade Camp Lode with a combined total meterage of 2,220m drilled in both deposits. An additional 38 infill holes totalling 1,140m was completed in the Northern Syncline and a further 36 holes for 1,080m in the Camp Lode. Similarly to the first phase drilling program, these holes intersected significant bands of graphite over the length of the holes.

The drilling was planned to cover the top third of the deposit to approximately 25 meters, being the weathered free dig material, which will be the focus for the initial mining program. There is considerably more graphite below as fresh material which can be drilled at a later stage if required.  Each of these deposits are also open along strike.  Geological logging of the holes and core sample delineation is also completed with 1,150 samples currently in transit to the JORC-accredited labs in Tanzania for sample preparation prior to assaying at SGS in Canada.

Additional drillholes were completed for geotechnical samples to aid in mine design and these samples are currently in transit to the geotechnical consultants in South Africa for testing.

The drill sites are being rehabilitated and the drilling teams have departed from site on the weekend, with a local team remaining to maintain the site on care and maintenance.

Cameron Pearce, Executive Chairman’s commented;

“Once again we are pleased to report continued successful work out at site, being the second extensive drilling campaign to delineate a substantial JORC standard resource in the Indicated and/or Measured categories.  Our local partners have done a fantastic job in the face of Covid restrictions and completed this program on-time and to-budget.  We now expect to have enough tonnes drilled out to complete the first ten years’ mine life at Orom-Cross and we can continue to add to this cost-effectively, as required, to help meet the expected significant increase in graphite demand.

We will now commence work on the Preliminary Economic Assessment, being an internally generated first full commercial end-to-end study of the entire graphite project.  This will be completed in the next quarter and we will then move immediately into Pre-Feasibility Study stage. This will involve the creation of a Full Sales and Marketing Plan and the first steps towards finding potential offtake partners to sell our end product into.  We are comfortable with all the progress we have made over the past 15 months since we acquired Orom-Cross and we will continue to add value in all ways possible.”

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                                                         

 Jason Robertson                                                     

Twitter

https://twitter.com/BlencoweRes

LinkedIn

https://www.linkedin.com/company/72382491/admin/

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Tel: +44 (0)7891  677 441

sasha@flowscomm.com

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 and Blencowe is now moving into the studies phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 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.

Blencowe Resources #BRES – Interim financial statements for the six month period ended 31 March 2021

The Company is pleased to announce its Interim Results for the six-month period to 31 March 2021.

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

 

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

 

Interim Management Report

Dear Shareholder,

It is with pleasure we present you with the Interim Results for the Company, and an update on various

activities underway within Blencowe. The past year has been a challenging one for everybody and it has forced us all to adapt to continue to work, using different methodologies wherever necessary to achieve outcomes.  I am pleased to report that the team within Blencowe, and that includes the wider support network of parties that help and support us everywhere, have all pulled together superbly and found ways to deliver solutions to overcome all challenges.  It is times like this that board, management and key relationships are tested and I would like to give each and every party included under this umbrella my heartfelt thanks for their efforts.  They have been appreciated. 

We have always known that we have a significant resource asset at Orom-Cross, and post the RTO in April 2020 we set out to put as much value onto this project as we could, with a goal to remain efficient in all we did, both in terms of time and cost.  In the past year we have achieved a number of key milestones that continue to add value, culminating in our maiden JORC Resource estimate for over 16 million tonnes graphite, and this represents a starting point as we have explored only the smallest fraction of what is available there.  We have identified two excellent deposits, one of particular high grade, and we drilled them out in a substantial programme that completed in 2H 2020.  Samples were sent to South Africa for assaying, and others to Canada where our metallurgical partner is currently well underway with what is turning out to be a successful test program to deliver a quality concentrate that will be in high demand as we move into production.

We continue to build on these early successes and we have recently initiated a second substantial drilling program in the field at Orom-Cross to further delineate these two deposits and prepare them for mining planning and pit designs that will be required within the feasibility study.  Our plan remains straightforward, to continue building this project towards a decision to mine whilst utilising all our experience to ensure that all key requirements are suitably covered to de-risk the process.

Blencowe remains a firm believer that the push for renewable energy will continue gathering huge momentum moving forward, and the transition from fossil fuel engines to electric vehicles (EVs) will play a central role in this.  Currently the lithium-ion battery is the accepted technology that will power these EVs and graphite remains a core component within the anode inside the battery.  It is therefore logical to assume demand for graphite will remain highly leveraged to growth in demand for lithium ion batteries, and over the next few years Blencowe intends to bring into production one of the lower cost, high grade graphite projects in the world, located in a safe long term jurisdiction for development of such a project. 

We continue to appreciate your support as a shareholder as we continue this exciting journey.

Mike Ralston

Chief Executive Officer

Link here for financial statements 

Blencowe Resources #BRES – Updated Corporate Presentation

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES), the natural resources company focussed on the development of the 100% owned Orom-Cross Graphite Project in Uganda, is pleased to advise an updated corporate presentation has been uploaded to the Company’s website and can be found here:

https://blencoweresourcesplc.com/presentation/

The presentation provides information on the recent maiden JORC resource, current ongoing and fully funded work programs and a broader overview of the increasingly buoyant graphite market, driven by the continued expansion of the EV market.

For further information please contact:

  Blencowe Resources Plc

Sam Quinn

Investor Relations

Sasha Sethi

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.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.

Blencowe Resources #BRES – Transaction in Shares by Consolidated Africa Limited

Blencowe Resources Plc, is pleased to provide an update to shareholders with respect to two recent on market block trades. The Company can confirm that major shareholder  by Consolidated Africa Limited has this week sold a total of 4,000,000 Blencowe Resources shares to one new private investor introduced by the Company’s broker and significant shareholder Brandon Hill Capital. Consolidated Africa Limited were the original holder of Orom-Cross project prior to the completion of the RTO by Blencowe in 2020 and remain the Company’s largest shareholder with a residual holding of 20,000,000 shares, representing 17% of the outstanding share capital of the Company.

Kevin Nichols, Consolidated Africa Limited CEO commented;  

‘We are pleased to help facilitate the introduction of a new shareholder, whilst at the same time increasing our own cash resources. It has been a little over a year since we completed the RTO with Blencowe and the Company has made great progress in this time. Our residual holding in the Company is therefore viewed as a core investment, given we see significant upside, not only in the short term given the ongoing drilling campaign and expected results from metallurgical studies this quarter, but more importantly in the longer term where we feel Orom-Cross is positioned to benefit substantially from the burgeoning Electric Vehicle phenomenon”

 

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.

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.

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