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#BRES Blencowe Resources – Half-year Report

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

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

For further information please contact:

 

Blencowe Resources

Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0) 1624 681 250

info@blencoweresourcesplc.com

 

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities Limited

Jonathan Evans

Tel: +44 (0)203 192 1733

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44 (0)20 7330 1883

jasonrobertson@firstequitylimited.com

#KAV Kavango Resources – IOCG Presentation

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce the Company will host an online shareholder event to present the Iron Oxide Copper-Gold (“IOCG”) exploration model for the Great Red Spot.

The Great Red Spot (the “GRS”) is in the northern section of the Kalahari Suture Zone Project. It has been recognised as a large-scale exploration target for major metal and mineral deposits since the mid-1970s. However, technology has only advanced sufficiently in recent years to allow effective exploration.

Kavango has been conducting exploration over this 5km x 8km magnetic body since 2018. Following six months of additional field exploration and detailed desktop analysis, the Company announced the IOCG target on 07 May 2022. A full description of the IOCG target can be read in the announcement (link below):

https://www.investegate.co.uk/kavango-resources–kav-/rns/ksz—second-mineralisation-target-type-at-the-grs/202205090700067421K/

IOCG systems can host highly valuable copper, gold and uranium ores.  The large size and relatively simple metallurgy can produce extremely profitable mines.

IOCG deposits are an alteration “overprint” of the host geology when they form. Therefore, Kavango believes the IOCG model represents a second mineralisation style possibly present within the GRS, in addition to the existing potential for nickel/copper (Ni/Cu) sulphide deposits.

Kavango believes this is a significant development for the prospectivity of the GRS.

Jeremy Brett and Hillary Gumbo, Kavango’s chief geophysicists, will present the results of their work to investors in an online event on Wednesday 01 June at 1900GMT. Shareholders and investors are invited to join this event using the details below.

This event will be recorded and subsequently published on the Company’s website.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“The IOCG target at the Great Red Spot is a significant one for Kavango Resources. We have four separate data points that appear to correspond with one another, pointing in the same direction. These include results from gravity, magnetic and Audio-MagnetoTelluric (AMT) surveys, together with magnetite encountered in Hole KSZDD001.

Given the potential size of the IOCG target and the amount of work our team has put into developing this model, we’ve decided to host an event to let our geophysicists, Jeremy Brett and Hillary Gumbo, present their work unimpeded by time constraints. Investors are welcome to join the presentation and ask questions directly.

We will also take the opportunity to present images of vertical slices taken from our AMT surveys.  We’ve talked a lot over recent months about our increasingly sophisticated use of AMT and shareholders will now be able to see how important this technology could be in our attempts to open up the Kalahari Suture Zone.”

Topic: Kavango Resources Plc IOCG Presentation

Time: Jun 1, 2022 07:00 PM London

Join via

https://us02web.zoom.us/j/81288592982?pwd=OUVCTnA3M3JCemZQUTlob3QrS05zUT09

Meeting ID: 812 8859 2982

Passcode: 071048

One tap mobile

+442080806592,,81288592982#,,,,*071048# United Kingdom

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Dial by your location

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Meeting ID: 812 8859 2982

Passcode: 071048

Find your local number: https://us02web.zoom.us/u/kcEpfG5aFd

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc

Ben Turney

bturney@kavangoresources.com

+46 7697 406 06

  First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

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

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

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

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

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

https://tinyurl.com/35drrxms

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

Executive Chairman Cameron Pearce commented:

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

 

 

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

#POW Power Metal Resources – Ditau Project – Exploration Programme Expansion

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Ditau Camp Project (“Ditau” or the “Project”) located in southwest Botswana which is prospective for carbonatite hosted rare-earth element (“REE”) and base-metal mineralisation. Ditau is held within a 50/50 Joint Venture (“Kanye Resources”) with London-listed Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator.

Following completion of drillhole DITDD003, which was drilled into the i10 target, Power Metal in conjunction with Kavango have decided to expand the ongoing exploration programme. Initial observations in respect of DITDD03 were announced on 29 April 2022 and can be viewed at the follow link:

https://www.londonstockexchange.com/news-article/POW/ditau-camp-project-botswana-drilling-update/15432783

The expanded exploration programme will include 16.1 line-km of Audio-Magnetotelluric (“AMT”) geophysics surveys over various target areas.

DITDD003 is the first of six planned exploration drillholes to be completed at the Ditau Project as part of the ongoing drilling campaign. Based on results achieved thus far, Kanye Resources has confidence in the utility of its new AMT inversion modelling introduced this year and believes the expanded geophysical surveys will enable it to further optimise the location of planned drill collar locations.

Kanye Resources also announces the commencement of drilling of drillhole DITDD004 which is also targeting the i10 Target geophysical anomaly.

Paul Johnson, Chief Executive Officer of Power Metal Resources, commented:

“It’s great to see the exploration programme at Ditau moving forward at pace with the second drill hole now underway. The Ditau Project represents a significant exploration opportunity, with a district-scale land holding believed to be prospective for rare-earth element mineralisation. This exploration comes at a critical time when this commodity group is in great demand, particularly from stable mining jurisdictions.

The work undertaken thus far, and the building knowledge we are collating, is highly valuable and I look forward to providing further updates to the market as additional developments occur.”

 

Operational Summary

–  Commencement of DITDD004, the second hole to target the i10 Target

–  The i10 Target is a discrete circular geophysical anomaly which is roughly 2.2km in diameter.

–  Kanye modelled the i10 Target using inversions of Aeromagnetic (“AEM”) combined with its interpretation of limited existing AMT data.

–  Kalahari sediment thickness was determined to be 105m based on the first hole drilled (DITDD003) which is consistent with the estimated thickness based on the AMT modelling completed.

–  An additional 16.1 line-km of AMT geophysical surveying is now planned with coverage over multiple drill target areas including:

–  1 line-km over the i10 Target;

–  5.5 line-km over the i8 Target; and

–  9.6 line-km over the i1 Target.

 

The plan is to collect high-frequency AMT profiles over near-surface potential carbonatite targets with the ultimate goal of better resolving the location of breccia zones and intrusive sills/dykes intersected in drillhole DITDD003. AMT surveys can aid geophysicists and geologists in mapping subsurface geological structures and layers; further identifying potential areas for mineralisation which allows for the refinement of drill targeting.

To date 12 targets from geophysics have been identified at the Ditau Project (i1 through i12) which Kanye believes could be carbonatites and/or intrusive complexes that may host carbonatites pipes. Carbonatites account for the primary source of mined rare-earth elements; and REEs are vital component materials in many high-tech industries.

As part of the ongoing exploration programme, Kanye is planning to drill test three geophysical targets (i10, i1 and i8).

 

COMPETENT PERSON STATEMENT

 

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

 

 

For further information please visit  https://www.powermetalresources.com/  or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

 

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

 

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

 

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

#KAV Kavango Resources – Ditau exploration programme expansion

Following completion of hole DITDD003, Kavango Resources plc (LSE:KAV) has expanded the exploration programme at its Ditau project in south west Botswana. Kavango is exploring for rare earth elements (“REEs”) and base metal mineralisation at Ditau. Hole DITDD003 was drilled into the i10 Target.

The expanded exploration programme will include an additional 16.1km of new Audio-Magnetotelluric (“AMT”) surveys over the drill target areas. DITDD003 is the first of 6 planned exploration holes to be drilled at Ditau in the current diamond core drill campaign. Based on results so far, the Company has confidence in the utility of its new AMT inversion modelling, introduced this year, and believes the expanded programme will enable it to optimise the location of drill collar positions via the elucidation of the bedrock geology.

In addition, Kavango announces commencement of drilling of Hole DITDD004.

Further, the Company confirms that the drill contractor, Mindea Exploration & Drilling Services (Pty), has agreed to accept payment for a large proportion (approximately 50%) of the Ditau drilling costs in Kavango stock, at an issue price of 4.53p per share.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“We designed the current drill programme at Ditau to be flexible, and are using results as they come in. We are doing this in combination with geophysical data, to adjust the programme dynamically. Kavango’s use of AMT technology and state of the art inversions for carbonatite exploration is innovative and we hope it will maximise our opportunity for success .

It’s still early days in the programme, but the data we’ve already gathered are intriguing and continue to build up our understanding of this new and exciting area.”

 

Operational Summary

–  Commencement of DITDD004, the second hole to target the i10 Target

–  Target i10 is a discrete circular anomaly, 2.2km in diameter

–  Shallow depth, with Kalahari sediment and sand cover modelled by AMT at 120m thickness, with the target zone directly underneath

–  Kavango modelled Target i10 using inversions of Aeromagnetic data (“AEM”) combined with its interpretation of limited existing AMT data

–  Kalahari sediments in the first hole, DITDD003, were intercepted at 105m, in line with the AMT modelling

–  The i10 target has been independently verified to conform to an idealised model for carbonatite intrusives, based on its aeromagnetic signatures.

–  Carbonatites are the world’s primary source of REEs and other critical commodities, which are crucial to high tech industries

–  16.1km expansion of AMT  survey coverage over drill target areas includes:

–  1km over Target i10

–  5.5km over Target i8

–  9.6km over Target i1

–  High frequency data to model near-surface carbonatite target areas & attempt to resolve origin of  breccia zones and sills/dykes intersected in DITDD003

–  Low frequency data to model possible deep carbonatite intrusions and structures

–  Equity component of Ditau drill contract

–  Kavango confirms that Mindea Exploration & Drilling Services (Pty) has agreed to accept payment for a large proportion (approximately 50%)  of drilling costs, at an issue price of 4.53p per share

–  Kavango has paid the cash component of its share of the drill contract upfront

 

The expanded exploration programme at Ditau will involve an additional 16.1km of of AMT survey coverage over drill target areas. AMT surveys can help geophysicists and geologists to map subsurface lithologies, structures, alteration and intrusive phases, to identify potential areas for mineralisation and to refine drill targeting.

Kavango has identified 12 targets from geophysics at Ditau (targets i1 through i12), which the Company believes could be carbonatites and/or intrusive complexes that may host carbonatite pipes. Carbonatite complexes are the world’s primary source of REEs and other strategic/industrial commodities. REEs are strategically vital commodities in high-tech industries. 9 of the 12 targets are particularly well defined.

Kavango is currently testing 3 of the Ditau targets (i10, i1 and i8) with diamond core drilling.

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea is conducting the drilling.

 

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc   

Ben Turney

bturney@kavangoresources.com  

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

UK Investor Magazine podcast with Alan Green covering Aston Martin #AML, JD Wetherspoons #JDW and Vast Resources #VAST

investor podcast

UK Investor Magazine podcast with Alan Green covering Aston Martin #AML, JD Wetherspoons #JDW and Vast Resources #VAST

Aston Martin, Wetherspoons, and Vast Resources with Alan Green

Alan Green joins the UK Investor Magazine Podcast for a broad discussion around UK equities and key market themes.

We look at FTSE 100 outperformance vs US peers and how commodities shares have supported London’s leading index during a period of sharp declines in US tech stocks

Aston Martin have soared on a positive update and we look the merits of AML shares trading just below 1,000p.

Wetherspoons could offer opportunity during times of economic downturn and with shares way of 52-week highs and steady sales, the stock may be worth a look.

Vast Resources has produced a remarkable gain over the past week and we breakdown the reason for the move, and if it has further to go

#BRES Blencowe Resources – Placing

Highlights

 

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

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

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

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

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

Use of Proceeds

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

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

Holdings

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

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

 

 

Admission

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

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

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

Chief Executive Officer of RAB Capital Philip Richards commented:

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

Executive Chairman of Blencowe Cameron Pearce commented:

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

 

 

For further information please contact:

 

  Blencowe Resources Plc

Mike Ralston

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

#BRES Blencowe Resources – Updated Presentation

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

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

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

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

 

For further information please contact:

 

  Blencowe Resources Plc

Mike Ralston

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

#BRES Blencowe Resources – Updated JORC Resource

Highlights

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Executive Chairman Cameron Pearce commented;

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

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

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

 

Mineralisation Zones

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

o  Northern Syncline

o  Camp-Lode

o  Central Anticline

o  Synformal Saddle

o  Southern Anomaly

The Phase 6 Resource Delineation Programme (2021) targeted:

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

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

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

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

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

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

 

Resource Estimates

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

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

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

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

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

Mineral Resources – 2022 Block Model

Area

Material

Resource Category

Cut-off Grade

Tonnage (t)

SG

%GC

%TC

Contained Graphite (Kt)

% of Resource

Northern Syncline

Weathered

Inferred

3.5% GC

2,363,000

2.33

5.60

5.75

132

36%

Indicated

3.5% GC

4,269,000

2.32

5.70

5.90

243

64%

Measured

Not Reported

0

0%

Subtotal

3.5% GC

6,632,000

2.32

5.66

5.85

376

100%

Fresh

Inferred

3.5% GC

8,269,000

2.67

5.61

5.80

464

54%

Indicated

3.5% GC

5,982,000

2.70

5.60

5.80

335

39%

Measured

3.5% GC

1,043,000

2.71

5.50

5.70

57

7%

Subtotal

3.5% GC

15,294,000

2.69

5.60

5.79

856

100%

Camp Lode

Weathered

Inferred

3.5% GC

632,000

2.38

7.00

7.50

44

25%

Indicated

3.5% GC

1,903,000

2.25

6.90

7.40

131

75%

Measured

Not Reported

0%

Subtotal

3.5% GC

2,535,000

2.28

6.92

7.42

175

100%

Fresh

Inferred

No Resources Reported – See Potential Mineralisation

Indicated

Measured

Subtotal

0%

TOTALS

Inferred

3.5% GC

11,264,000

2.59

5.69

5.88

640

46%

Indicated

3.5% GC

12,154,000

2.50

5.84

6.08

709

50%

Measured

3.5% GC

1,043,000

2.71

5.50

5.70

57

4%

Inferred, Indicated & Measured

 

3.5% GC

24,461,000

2.55

5.75

6.00

1,407

100%

Total (Weathered)

Inf. + Ind.

3.5% GC

9,167,000

2.31

6.01

6.28

551

37%

· GC – Graphitic carbon, TC – Total carbon. 

· No geological loses applied.

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

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

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

Potential (Additional) Mineralisation

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

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

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

Potential Mineralisation – Grade Tonnage Curves

Area

Material

Avg. depth

investigated

Cut-off

Grade

Tonnage (t)

Mt

Mean

SG

Mean

%GC

Mean

%TC

 

Northern Syncline

Weathered

0 – 13m

Insitu

13 – 36 m

Not reported as potential mineralisation – see Mineral Resources

Subtotal

 

Camp Lode

Weathered

0 – 17m

Insitu

17 – 40m

4 220 000

4.2

2.35

8.35

8.67

Subtotal

4 220 000

4.2

2.35

8.35

8.67

 

Total

4,220,000

4.2

2.35

8.35

8.67

GC – Graphitic carbon, TC – Total carbon

** Mineralised tonnes have been rounded off

Competent Person’s Statement

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

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

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

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