Blencowe Resources PLC JORC Resource Update (6003G)
November 26 2020 - 1:16AM
UK Regulatory
TIDMBRES
RNS Number : 6003G
Blencowe Resources PLC
26 November 2020
26 November 2020 Blencowe Resources Plc
("Blencowe" or the "Company")
JORC Resource progressing at Orom-Cross
The Company is pleased to provide an update on progress of the
Orom-Cross Graphite Project JORC Resource program.
Highlights
-- Maiden Resource to be reported in early Q1 2021
-- Leading graphite specialists SGS Lakefield undertaking phase
two metallurgical work on track to deliver results in Q1 2021
-- Metallurgical work to define the end product concentrate and
allow more detailed discussions with potential off-takers and
industrial customers
Following completion of the 69 hole (1,950m) diamond drill
programme into the Eastern Limb Lode and the High-Grade Camp Lode
in September, logging of core was completed in October and sample
preparation have now been completed at a JORC-accredited lab in
Tanzania. The Company intends to deliver a maiden JORC Resource for
Orom-Cross in early Q1 of 2021.
Preparation of 1,900 samples has been completed at SGS in
Tanzania for both grade assaying and metallurgical testing. Samples
have now been dispatched from Tanzania to SGS laboratories in South
Africa for assaying of the relevant elements as well as moisture
and Specific Gravity determinations. Once completed this data will
be submitted to Minrom Geological Consultants to complete the JORC
Resource modelling.
The Board anticipate that the maiden JORC Resource will only
represent a small percentage of the overall Orom Cross deposit and
give sufficient confidence for a minimum of 10 years mine life on
which to deliver a feasibility study. Blencowe intends to
incorporate these results to present a Feasibility Study in 2021,
which will deliver first commercial outcomes for the project and
map out first production.
In parallel to this work, separate samples are being dispatched
to SGS Lakefield in Canada for Phase Two metallurgical testing,
using the services of one the leading graphite specialists
worldwide. SGS Lakefield have delivered met test work on a
significant number of major graphite projects in the past and their
expertise will be critical ahead. Their work will identify the end
product concentrate at Orom-Cross and provide Blencowe with the
process flow models and initial plant and processing stream(s) to
deliver final product. This work stream is particularly important
for us to progress interest with industrial groups that have
established an interest in the Orom Cross graphite product.
Following the metallurgical studies we are better positioned to
enter into more detailed conversations with potential off-takers
and industrial customers.
Executive Chairman, Cameron Pearce, commented;
"The continued growth of electric vehicle (EV) transport
continues to accelerate particularly with the recent announcement
by the UK Government to remove petrol and diesel cars from 2030.
All EVs are currently powered by lithium-ion batteries of which
flake graphite forms over 50% of Li-ion battery, therefore, the
graphite demand curve is expected to surge over the next decade. We
continue to register notable interest for the Orom Cross graphite
product and look forward to delivering the metallurgical test work
so that we can progress commercial discussions with these
industrial groups and progress the feasibility work to underpin a
robust project."
For further information please contact:
Blencowe Resources Plc
Sam Quinn (UK 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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