Blencowe Resources PLC Phase 1 Drilling Program Update (7755R)
July 02 2020 - 1:00AM
UK Regulatory
TIDMBRES
RNS Number : 7755R
Blencowe Resources PLC
02 July 2020
Date: 2 July 2020 Blencowe Resources Plc
("Blencowe" or the "Company")
Blencowe Nears Completion of Phase 1 Drilling Program at
Orom-Cross Graphite Project
The Company is pleased to provide a further update to the
comprehensive JORC Resource diamond drilling program that has
commenced on its Orom-Cross Graphite Project in Northern Uganda
("Project").
Highlights
-- 59 hole drill program targeting western anomaly
-- 57 holes completed, first batch of 20 holes to be assayed from next week
-- Second drill rig has now been mobilised at the newly identified high grade zone
-- Maiden JORC (2012) Indicated Resource anticipated early Q4 2020
Drilling Program Update
The Company has made good progress following the resumption of
drilling at the Project after the nationwide lockdown during Q2
2020 as a result of the Covid-19 pandemic. Drilling has focused on
the western anomaly, which includes a newly identified 'high-grade'
zone, with 57 holes now completed and 2 remaining.
Of the 57 holes, 50 holes have already been logged and sampled,
with the first batch of 20 holes due to leave site this week for
assaying in the nearest JORC accredited independent laboratory in
Mwanza (Tanzania). The second batch will be dispatched next
week.
As part of the decision to further test the identified
high-grade zone close to the camp site, a second drill rig has been
mobilised to site and drill-out of this lode will commence this
weekend. These extra holes are expected to fall within the
Company's existing 2020 drilling budget given the efficiency of
operations to date.
The Company expects the full drill program to be completed by
late July, with all remaining samples dispatched to the Mwanza lab
at a similar time. Drill-hole sites will then be rehabilitated as
part of the outlined work program.
To date all drilling has gone according to plan with visible
graphite showing in all areas, including larger flakes as targeted
by the Company. The next phase of the program will focus on
assaying and samples from this drilling campaign will be sent to
technical experts to recommence metallurgical test work in Q4
2020.
The current drill program has been 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. The area targeted represents less than 1% of the
Project.
Cameron Pearce Executive Chairman commented:
"We are pleased with the quality and speed of execution for the
current drilling program at Orom-Cross, as well as all preliminary
indications. We are grateful to our in-country partners for their
considerable efforts to effectively manage this campaign in
challenging circumstances and we look forward to delivering a
maiden JORC Resource for Orom-Cross early in Q4 2020."
"Blencowe acquired this Project as we believe graphite demand is
set to increase materially over the next decade and beyond due to a
combination of rapidly increasing demand for lithium-ion batteries
coupled with a supply chain that remains relatively stagnant,
particularly for larger flake and higher value projects such as
those expected from Orom-Cross. We believe that Orom-Cross
production will coincide neatly with this anticipated shortfall of
graphite in world markets."
For further information please contact:
Blencowe Resources Plc
Sam Quinn (London Director)
www.blencoweresourcesplc.com
Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Brandon Hill Capital Limited
Jonathan Evans (Corporate Finance) Tel: +44 (0)20 3463 5000
jonathan.evans@brandonhillcapital.com
Background
Orom-Cross is a potential world class graphite project both by
size and end-product quality, with a high component of larger
flakes identified from previous work performed. A 21-year Mining
Licence was issued by the Ugandan Government in 2019 following
extensive historical work on the deposit.
Orom-Cross presents as a large, shallow open pitable deposit,
with an estimated resource in excess of 3 billion tonnes of
graphite. Development of the resource is expected to benefit from a
low strip ratio and free dig operations, thereby ensuring lower
operating and capital costs.
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END
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