Blencowe Resources PLC Update on the High-Grade Graphite Zone (0043Q)
June 16 2020 - 2:00AM
UK Regulatory
TIDMBRES
RNS Number : 0043Q
Blencowe Resources PLC
16 June 2020
Date: 16 June 2020 Blencowe Resources Plc
("Blencowe" or the "Company")
Update on the recently identified High-Grade Graphite Zone at
Orom-Cross Project
-- First diamond drill hole returns visible high-grade graphite
-- Further drilling now underway to delineate the lode
-- First hole now being prepared for assay
The Company is pleased to provide a further update to the
comprehensive JORC Resource diamond drilling program that is
underway on its Orom-Cross Graphite Project in Northern Uganda.
Background
Following the decision to test the recently identified
High-Grade zone close to the existing camp site and close to where
the proposed processing plant would be situated, a single diamond
drill hole has been completed to a depth of 30m to test both the
weathered zone and possible graphite mineralisation.
The hole has returned visible high grade graphite over 28m of
30m of intersection, with weathering extending to the base of the
hole. Based on prior samples taken in this particular area the
expectation is for grades of up to double the 6-8% average
Orom-Cross grade. Subsequent logging by company geologists has also
identified zones of large to jumbo flakes in the core.
The core has been sampled and is being prepared for dispatch to
assay laboratories in Tanzania.
Following confirmatory identification of this potential
High-Grade Zone in close proximity to the intended plant location,
the Company has now authorised the redirection of a drill rig to
complete a 9-15 hole program to delineate the Lode, which will
occur following the completion of the current drill program and
within the current budgeted numbers.
Cameron Pearce Executive Chairman's commented;
"We are very enthusiastic to note the potential of this new
high-grade zone based on visual inspection. We look forward to
receiving the assay results and in the meantime, we are going to
escalate the drill programme in the vicinity to identify the extent
of this zone. This additional high grade zone would add material
value to the overall project and we look forward to reporting
further on the drilling and assays in due course.
For further information please contact:
Blencowe Resources Plc
Sam Quinn (London Director)
www.blencoweresourcesplc.com
Tel: +44 (0)1624 681 250
sam@lionsheadconsultants.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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLBXGDLRUBDGGU
(END) Dow Jones Newswires
June 16, 2020 02:00 ET (06:00 GMT)
Blencowe Resources (LSE:BRES)
Historical Stock Chart
From Jun 2024 to Jul 2024
Blencowe Resources (LSE:BRES)
Historical Stock Chart
From Jul 2023 to Jul 2024