Airborne EM Survey at Akelikongo

RNS Number : 1636N

Blencowe Resources PLC

30 May 2022

 

Date: 30 May 2022    Blencowe Resources Plc

("Blencowe" or the "Company")

Airborne EM Program Commences at Akelikongo Nickel Project

Highlights

· Blencowe commences exploration program at synergistic nickel sulphide project

· Substantial 3,200-line kilometres of survey to be conducted

· Partnering with highly regarded Airborne survey firm in SkyTEM Aps

· Targeting increased definition of several targets identified in project data review

Blencowe Resources Plc ("Blencowe Resources" or the "Company") (LSE: BRES) is pleased to announce the commencement of an Airborne Electro-Magnetic (AEM) survey over leases associated with the Akelikongo Nickel Project in Uganda. As part of the farm-in arrangements for this highly prospective asset, Blencowe has commissioned SkyTEM Surveys Aps to undertake High Definition AEM over several prospective areas on the leases. The program will consist of approximately 3,200-line kilometres of survey to be flown by helicopter on a 200m spacing. The survey will add significant additional information to assist the company in targeting both extensions to the existing defined mineralised lenses and better define targets identified by the Company in view of the previous work undertaken in the region.

SkyTEM Surveys Aps has undertaken many similar projects in Africa and worldwide and this extensive experience is being leveraged by Blencowe to progress the project. The survey program is expected to run for 2 weeks.

Cameron Pearce, Executive Chairman commented;

"We are delighted to commence work on the Akelikongo nickel project so soon after picking up this asset in the first quarter 2022.  We are well aware of the increasing demand for nickel both now and forecast ahead.  Nickel is a key input metal to lithium-ion batteries and as a result it will likely remain in high demand for a long period ahead, and the current exceptional prices for nickel reflect that demand, as well as potential shortages that might emerge as a result of Russia, one of the worlds' largest nickel producers, involved in a protracted war and resultant sanctions.

Our task at Akelikongo is to expand on the good work initially delivered by SIPA and Rio Tinto in order to broaden the mineralised zone.  This AEM work being conducted will highlight further areas of interest that our experienced team of geologists will then consider for a further drilling program expected in 3Q 2022."

For further information please contact:

Blencowe Resources Plc Sam Quinn	www.blencoweresourcesplc.com Tel: [phone] [e-mail]
Investor Relations Sasha Sethi	Tel: [phone] [e-mail]
Tavira Securities Jonathan Evans	Tel: [phone] [e-mail]
First Equity Limited Jason Robertson	Tel: [phone] [e-mail]

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 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 24.5Mt @ 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.

Akelikongo Nickel Project

Akelikongo is a highly prospective nickel sulphide exploration project that has previously had considerable work completed by Rio Tinto and SIPA to establish three mineralised lenses to date.  It represents an opportunity for Blencowe to add further value through a targeted work programme that will seek to delineate higher grade and thicker intercepts of nickel.

Nickel sulphide deposits are rare and valuable and the prospect of further exploration success gives Blencowe suitable incentive to develop this asset under a structured earn-in agreement, whereby 100% of the asset can ultimately be acquired for US$1.75m payable in shares.

 

END

 

 

MSCALMMTMTTTTTT