Blencowe Resources PLC Drilling Results at Camp Lode (2866O)
February 08 2021 - 1:07AM
UK Regulatory
TIDMBRES
RNS Number : 2866O
Blencowe Resources PLC
08 February 2021
8 February 2021
Blencowe Resources Plc
("Blencowe" or the "Company")
Blencowe Confirms Near Surface Ultra High-Grade Graphite Zone at
Orom-Cross Project
Blencowe Resources Plc ("Blencowe" or "The Company") (LSE: BRES)
is pleased to announce exceptional high-grade drilling results from
the Camp Lode deposit, which will now be incorporated in the
broader maiden JORC Mineral Resource and Reserve Estimate at its
100% owned Orom-Cross graphite project in Uganda.
Highlights (TGC - total graphite content)
-- Drilling at Camp Lode has delivered outstanding high grade graphite results including:
o OREA-L102, 25 metres at 9.7% TGC from 5 metres including 4
metres at 12.7% TGC
o OREA-L202A, 6 metres at 12.2% TGC from surface including 2
metres at 20.9% TGC
o OREA-L202A, 5 metres at 12.7% TGC from 7 metres including 2
metres at 16.2% TGC
o OREA-L202A, 13 metres at 9.3%TGC from 17 metres
o OREA-L203, 18 metres at 6.2% TGC from 2 metres
o OREA-L303, 19 metres at 8.4% TGC from 11 metres including 5
metres at 13% TGC
o OREA-L304, 5 metres at 11.9% TGC from 4 metres including 2
metres at 18.6% TGC
-- The expectation is for the average grade at Camp Lode to be
approximately double the already high average Orom-Cross grade.
-- These excellent drill results will underpin a maiden JORC
Standard Mineral Resource Estimate and Reserve Determination
scheduled for release in March 2021.
[The announcement is reproduced in full in the attached pdf with
the map of the drilling programme in figure 1]
http://www.rns-pdf.londonstockexchange.com/rns/2866O_1-2021-2-8.pdf
The results, which come from the weathered, close-to or
at-surface zone of the Camp Lode deposit, highlight the quality of
the project's mineralisation and ultimately its ability to be a
low-cost producer.
The drilling targeted both infill zones and strike extensions to
existing high-grade oxide mineralization. These spectacular
near-surface intercepts confirm the geological interpretations as
well as grade continuity.
The Camp Lode Deposit has been subjected to a diamond drill hole
program on a 50 metre by 12.5 metre grid. The drilling was designed
to qualify the initial production area for the deposit as a
high-grade supplement to the main deposit. Blencowe Resources
continues to receive the sample assays for the additional 53
diamond drill hole program undertaken on the Eastern Syncline Lode
and QA/QC checks are expected to be completed shortly enabling the
company to proceed to finalising the Mineral Resource Estimate.
The holes to date have returned visible grade graphite over the
majority of 30m of intersection, with weathering extending to
within 5m of the base of the holes in most cases. Based on the
received samples to date the expectation is for grades of up to
double the 7-8% average Orom-Cross grade.
This may present Blencowe with high grade ore for initial mining
which could have significant advantages for both mining costs and
product quality. Subsequent logging by company geologists has also
identified zones of large to jumbo flakes in the core.
The core has been assayed at SGS in Johannesburg using the
method C-IR18. The method is appropriate for understanding graphite
deposits and is a total method.
Blencowe Executive Chairman Cameron Pearce commented;
"We have always believed that this Camp Lode offered a very
valuable source of graphite to mine in the initial phase of
development. These assay results have proven this and delivered a
great result, which can underpin our mine plan and ultimately
deliver considerable value. As the growth in electric vehicle (EV)
and new generation battery demand continues to gather momentum
worldwide, the Blencowe team are working hard to develop our 100%
owned Orom-Cross graphite project into a valuable mining prospect
and future supply hub that can deliver significant tonnes of high
quality end-product into several key markets."
For further information please contact:
Blencowe Resources Plc
Sam Quinn
Investor Enquiries www.blencoweresourcesplc.com
Sasha Sethi Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Tel: +44 (0)7891 677 441
sasha@flowscomm.com
Brandon Hill Capital Limited Tel: +44 (0)20 3463 5000
Jonathan Evans jonathan.evans@brandonhillcapital.com
First Equity Limited Tel: +44(0)20 7330 1883
Jason Robertson jasonrobertson@firstequitylimited.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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