TIDMBRES
RNS Number : 0597A
Blencowe Resources PLC
31 January 2022
31 January 2022
Blencowe Resources Plc
("Blencowe" or the "Company")
Blencowe confirms Near Surface High-Grade Camp Lode at
Orom-Cross Project
Blencowe is pleased to provide a further update to the
comprehensive JORC Resource diamond drilling program that was
completed in 2021 on its Orom-Cross Graphite Project in Northern
Uganda
Highlights
-- Drilling at Camp Lode delivers consistent outstanding high
grade graphite results in the oxide zone including:
o OREA-L1302, 11 metres at 9.73%TGC from 3 metres including 6
metres at 10.97%TGC
o OREA-L1401, 5 metres at 10.30% TGC from surface
o OREA-L1501, 14 metres at 11.81% TGC from 4 metres
o OREA-L701, 19 metres at 9.78%TGC from 2 metres
o OREA-L1201, 17 metres at 10.35% TGC from 2 metres including 7m
@12.21% TGC
o OREA-L401, 19 metres at 9.49% TGC from surface
-- These results will form part of an updated JORC Standard
Mineral Resource Estimate and Reserve Determination for the
Orom-Cross project scheduled for late February 2022
Blencowe Resources Plc ("Blencowe Resources") (LSE: BRES) is
pleased to announce exceptional high-grade drilling results at the
Camp Lode deposit which forms part of the Orom-Cross project.
These results will allow the Company to bring Camp Lode into the
wider Orom-Cross JORC Resource and Reserve Estimate update
scheduled to be released in February 2022.
Camp Lode Resource Drilling
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 mineralisation. The spectacular
near-surface intercepts confirm the geological interpretations as
well as grade continuity over the strike length of the Camp
Lode.
The Camp Lode Deposit has been subjected to a diamond drill hole
program on a 25 metre by 12.5 metre grid. The drilling was designed
to provide sufficient information to enable the classification of
Resources at the Camp Lode into the indicated category and enable a
Resource Estimate on the Camp Lode to be reported and to qualify
the initial production area for the deposit as a high-grade
supplement to the main Northern Syncline deposit.
Northern Syncline Resource Drilling
Blencowe Resources continues to receive the sample assays for
the additional 24 diamond drill hole program undertaken on the
Northern Syncline Lode and QA/QC checks are expected to be
completed shortly enabling the company to proceed to finalising the
Orom-Cross JORC 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. This may present
Blencowe with a high-grade ore for initial mining which could have
significant advantages to 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 Perth, Western Australia
using the method C-IR18. The method is appropriate for
understanding graphite deposits and is a total method.
Executive Chairman, Cameron Pearce commented;
"We have always believed that Camp Lode offered us a very
valuable source of graphite to mine in the initial phase of
development. The latest drill results at Camp Lode will allows us
to add new high grade resources to the wider project. We are
finalising resource estimation work at the Northern Syncline and
look forward to releasing the updated JORC Resource for the
Orom-Cross project.
The updated JORC Resource will be used for developing the mine
and we continue to see buoyant demand for graphite given the growth
of the EV market. We are working hard to build Orom-Cross into a
valuable mine that can deliver significant tonnes of high quality
end-product into several key markets."
For further information please contact:
Blencowe Resources Plc www.blencoweresourcesplc.com
Sam Quinn Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Investor Relations Tel: +44 (0) 7891 677 441
Sasha Sethi sasha@flowcomms.com
Tavira Securities Limited Tel: +44 (0)20 7100 5100
Jonathan Evans jonathan.evans@tavirasecurities.com
First Equity Limited Tel: +44(0)20 7330 1833
Jason Robertson jasonrobertson@firstequitylimited.com
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 16.3Mt @ 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.
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