Date: 09 January
2025
Blencowe Resources
Plc
Commencement of Drill
Programme to Increase and Upgrade Mineral Resource Inventory at
Orom-Cross Graphite Project
Drilling programme to significantly
expand Orom-Cross resources base
Highlights:
·
6,750 metre programme designed to substantially increase both
Resources and Reserves for inclusion into Definitive Feasibility
Study ("DFS").
·
Infill drilling on existing deposits to upgrade resource base
and classification of all Inferred materials to Indicated and
Measured.
·
Drilling of new high grade target deposits to define
additional Resources.
·
Geotechnical drilling for confirmation of pit slope
parameters for mine planning.
·
Trenching and mapping over licences for future resource
targeting
·
Upgrade of access roads for all weather access.
·
Permanent exploration camp to be commissioned.
Blencowe Resources Plc ("Blencowe" or the "Company"), is pleased to announce that
drilling has now commenced on the Phase 7 exploration programme at
its Orom-Cross graphite project in Uganda. This 6,750 metre
campaign will be the final drilling programme for the purposes of
completing the DFS and establishing an updated JORC Resource to
support the expanded mining operations at Orom-Cross.
The Phase 7 programme will involve drilling
over the identified Camp Lode and Northern Syncline deposits, where
the Company has already established an existing JORC Resource of
24.5Mt @ 6%. The objective of this drilling is primarily to upgrade
existing Indicated and Inferred resources to Measured, under the
JORC guidelines.
The Company will also target extensions to the
Northern Syncline (Western Limb) as well as the exciting new
prospective Southern GT-01 target. Whilst the current average grade
of 6% at Orom-Cross is already in the top quartile globally of
graphite projects, historical work undertaken by the Company has
highlighted the potential for even higher grades in these
areas.
As a component of the programme several holes
will be drilled to provide the necessary geotechnical information
for the confirmation of pit design parameters and slope stability
parameters for the project. These holes will also double as
Resource definition information. The drilling and subsequent
assessment will be undertaken by local Ugandan drilling firm ADT
Drilling, whilst Minrom Consulting from South Africa will undertake
the geological assessment alongside Middindi Consulting. Both ADT
and Minrom have been associated with the Orom-Cross project since
2012 and have a solid understanding of the project.
Other works planned as part of this programme
include trenching and mapping on additional areas outlined from
aeromagnetics, designed to identify further areas for future
resource expansion, noting the existing JORC Resource sits on just
~2% (as drilled to date) of the broader Orom-Cross
licence.
The Company has also commissioned the
establishment of a permanent exploration camp onsite, with portable
units for accommodation and messing being erected onsite to support
ongoing operations. These constitute the first fixed
facilities on-site, representing a key milestone for Blencowe as it
drives Orom-Cross towards first production.
Executive Chairman Cameron Pearce commented:
"We have now
started the latest drilling programme at Orom-Cross after
considerable preparation work undertaken during December.
This extensive campaign will be one of the last key components to
wrapping up the DFS and we aim to deliver considerably larger
Resources and Reserves to support the higher production levels
expected, as well as a longer life of mine.
"We remain on
track to complete the DFS in H1 2025 and we expect to begin
reporting drilling results during the current
quarter."
Map 1: Orom-Cross drill programs, including Phase 7 and
the new GT 01a drill target
For further information please
contact:
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 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 now within the
Definitive Feasibility Study phase 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.
In 3Q 2024 Blencowe introduced a Joint Venture
concept with experienced downstream graphite processing partners to
ultimately produce upgraded 99.95% SPG (spheronised, purified
graphite) in Uganda. This strategy has several key advantages
including additional returns and substantial cost savings which
will assist deliver a world class project once DFS is
completed.
Blencowe also announced full Minerals Security
Partnership (MSP) accreditation in 2024 which provides additional
tier-one credibility plus further support from this highly
influential quasi-Government organisation. Together with the
US$5 million grant funds received from the US Government via the
Development Finance Corporation, the Company is building unique and
solid relationships to assist with funding solutions for Orom-Cross
project implementation.
