Blencowe Resources PLC Airborne EM Survey at Akelikongo (1636N)
May 30 2022 - 2:01AM
UK Regulatory
TIDMBRES
RNS Number : 1636N
Blencowe Resources PLC
30 May 2022
Date: 30 May 2022 Blencowe Resources Plc
("Blencowe" or the "Company")
Airborne EM Program Commences at Akelikongo Nickel Project
Highlights
-- Blencowe commences exploration program at synergistic nickel sulphide project
-- Substantial 3,200-line kilometres of survey to be conducted
-- Partnering with highly regarded Airborne survey firm in SkyTEM Aps
-- Targeting increased definition of several targets identified in project data review
Blencowe Resources Plc ("Blencowe Resources" or the "Company")
(LSE: BRES) is pleased to announce the commencement of an Airborne
Electro-Magnetic (AEM) survey over leases associated with the
Akelikongo Nickel Project in Uganda. As part of the farm-in
arrangements for this highly prospective asset, Blencowe has
commissioned SkyTEM Surveys Aps to undertake High Definition AEM
over several prospective areas on the leases. The program will
consist of approximately 3,200-line kilometres of survey to be
flown by helicopter on a 200m spacing. The survey will add
significant additional information to assist the company in
targeting both extensions to the existing defined mineralised
lenses and better define targets identified by the Company in view
of the previous work undertaken in the region.
SkyTEM Surveys Aps has undertaken many similar projects in
Africa and worldwide and this extensive experience is being
leveraged by Blencowe to progress the project. The survey program
is expected to run for 2 weeks.
Cameron Pearce, Executive Chairman commented;
"We are delighted to commence work on the Akelikongo nickel
project so soon after picking up this asset in the first quarter
2022. We are well aware of the increasing demand for nickel both
now and forecast ahead. Nickel is a key input metal to lithium-ion
batteries and as a result it will likely remain in high demand for
a long period ahead, and the current exceptional prices for nickel
reflect that demand, as well as potential shortages that might
emerge as a result of Russia, one of the worlds' largest nickel
producers, involved in a protracted war and resultant
sanctions.
Our task at Akelikongo is to expand on the good work initially
delivered by SIPA and Rio Tinto in order to broaden the mineralised
zone. This AEM work being conducted will highlight further areas of
interest that our experienced team of geologists will then consider
for a further drilling program expected in 3Q 2022."
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 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 24.5Mt @ 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.
Akelikongo Nickel Project
Akelikongo is a highly prospective nickel sulphide exploration
project that has previously had considerable work completed by Rio
Tinto and SIPA to establish three mineralised lenses to date. It
represents an opportunity for Blencowe to add further value through
a targeted work programme that will seek to delineate higher grade
and thicker intercepts of nickel.
Nickel sulphide deposits are rare and valuable and the prospect
of further exploration success gives Blencowe suitable incentive to
develop this asset under a structured earn-in agreement, whereby
100% of the asset can ultimately be acquired for US$1.75m payable
in shares.
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