JORC Resource Drilling Program Completed

RNS Number : 4133T

Blencowe Resources PLC

20 July 2020

 

Date: 20 July 2020  Blencowe Resources Plc

  ("Blencowe" or the "Company")

JORC Resource Drilling Program Completed at Orom-Cross Graphite Project

The Company is pleased to advise it has now successfully completed its diamond drilling program on its Orom-Cross Graphite Project in Northern Uganda. The final data from the most recent drilling will be combined with existing results and studies to deliver a maiden JORC resource in Q3 2020.

Recent drilling since the last operation update of 2 July 2020 has focused on further infill and step out drilling at both the Western Anomaly and also the newly discovered High Grade Camp Lode. In total, 65 holes with a combined total meterage of 1,950m have been drilled. Geological logging of the holes and core sample delineation has been completed on this latest drilling and will shortly move the remaining samples to the assay labs in Tanzania.

The drill sites are currently being rehabilitated and the drilling teams departed from site at the weekend. Despite an overall increase in drilling metres following the discovery of a high grade zone, the drill program was successfully completed within budget and without incident. A local team will remain at site for security maintenance.

The drill program was designed to delineate approximately 8 to 10 million tonnes to a JORC (2012) Indicated standard, which would provide the initial resource for 10 years of mining. Initial results suggest the Company will achieve that objective and that there is a significant weighting of higher value jumbo, extra-large and large flake sizes within the identified resource. The area targeted on this initial drilling campaign represents less than 1% of the Project acreage and the Company is well positioned to expand reserves and ultimately production should demand dictate.

Cameron Pearce Executive Chairman's commented:

"Despite the various challenges faced by Covid-19 restrictions our in-country partners ADT Drilling and Minrom have completed a highly successful drill program in good time.  In the process we discovered a new high grade lode which will add value to our overall project.  The next step is to move the remaining samples for assaying and ultimately to deliver a JORC Resource in the current quarter.

The Phase Two metallurgical test work for Orom-Cross is well underway as we continue to build our knowledge of our end product ahead of engaging in discussions with interested parties.

I look forward to updating the market in due course on both of these fronts."

For further information please contact:

Blencowe Resources Plc Sam Quinn (London Director)	www.blencoweresourcesplc.com Tel: [phone] [e-mail]
Brandon Hill Capital Limited Jonathan Evans (Corporate Finance)	Tel: [phone] [e-mail]

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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