TIDMBRES
RNS Number : 6013Q
Blencowe Resources PLC
01 March 2021
Date: 1 March 2021 Blencowe Resources Plc
("Blencowe" or the "Company")
Blencowe confirms Further Near to Surface High-Grade Graphite
Zones in the Eastern Syncline Lode at Orom-Cross Project
Blencowe Resources Plc ("Blencowe Resources") (LSE: BRES) is
pleased to announce confirmation of additional high-grade assay
results from its 2020 diamond drilling program, which will help
underpin a maiden JORC Mineral Resource Estimate at its Orom-Cross
graphite project in Northern Uganda, scheduled for release this
month.
Highlights
-- Drilling at Main Syncline Lode delivers outstanding grade graphite results including:
o ORNS-L101, 15.1 metres at 8.4%TGC from 1 metre, including 1
metre at 12.7%TGC
o ORNS-L106, 3 metres at 11.9% TGC from 3 metres, and 5 metres
at 8.5%TGC from 11 metres
o ORNS-L204, 7.8 metres at 6.7% TGC from 1 metre, including 1
metre at 11.2% TGC
o ORNS-L205, 6.3 metres at 11.1%TGC from 1 metre
o ORNS-L305, 9 metres at 7.5% TGC from surface, including 3
metres at 10.2% TGC
o ORNS-L307, 9 metres at 8.8% TGC from surface, including 1
metre at 17.1% TGC
o ORNS-L405, 19 metres at 8.3% TGC from 1 metre, including 4
metres at 10.5% TGC
o ORNS-L603, 7 metres at 11.5% TGC from 2 metres, including 3
metres at 14.2% TGC
-- These results will underpin a maiden JORC (2012) Standard
Mineral Resource Estimate and Reserve Determination scheduled for
release this month.
-- The updated Mineral Resource will underpin a Pre-Feasibility study scheduled for H2 2021
These results, which come from the weathered, close-to or
at-surface zone of the Eastern Syncline Lode deposit, highlight the
quality of the Project's mineralisation. Furthermore, substantial
graphite at shallow depths underlines Orom-Cross's ability to be a
low-cost producer. As with the previously announced Camp Lode, the
drilling at the Eastern Syncline Lode targeted infill zones between
the Phase 2 drilling program and trenching and strike extensions to
existing oxide mineralization.
The higher grade near-surface intercepts confirm the geological
interpretations as well as grade continuity in the main lodes of
the Project.
The diamond drill program on the Eastern Syncline Lode Deposit
was based on a 50 metre by 12.5 metre grid. The program was
designed to outline the main production area for an initial 10 year
mining phase to be incorporated into a Pre- Feasibility study
scheduled for H2 2021.
Similar to the holes in the Camp Lode the holes drilled in the
Eastern Syncline Lode 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 average grades of
6-8% TGC in the Eastern Syncline Lode which is consistent with
earlier modelling.
[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/6013Q_1-2021-2-28.pdf
The identification of higher-grade zones within the Eastern
Syncline Lode may present Blencowe with additional high-grade ore
for the initial mining phase 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, which is very positive in lieu of
producing an end-concentrate of high quality that can attract
higher prices.
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 Resources has received all the sample assays for the
diamond drill hole program and geological block models have been
developed for both the Eastern Syncline and Camp Lode deposits. The
Company's technical consultants are now proceeding to finalise the
Mineral Resource Estimate.
Executive Chairman Cameron Pearce commented;
"Following on from our recent announcement of high grade
graphite in the Camp Lode, these additional excellent results at
the Eastern Syncline Lode continue to highlight the robust results
at Orom-Cross. Our drilling program has so far confirmed everything
it was meant to in terms of location of graphite, shallow depths of
the ore body, significant grade and evidence of larger flake sizes.
These factors all combine to underline our belief that Orom-Cross
is emerging as an outstanding graphite project. We are within the
early stages of a once-in-a-lifetime extraordinary passage where an
entire (auto) industry begins to shift from fossil fuel energy to
electrification, and this will require a material amount of
graphite to support the lithium-ion batteries used to power
electric vehicles (EVs). Graphite makes approximately half the
weight of each Li-ion battery, some 50kgs on average per battery,
and analysts are all predicting substantial demand for high quality
graphite. Orom-Cross is fast shaping up to be a robust graphite
project in terms of size, scale, quality and location to meet the
future supply requirements of graphite ."
For further information please contact:
Blencowe Resources Plc
Sam Quinn
Investor Relations www.blencoweresourcesplc.com
Sasha Sethi Tel: +44 (0)1624 681 250
info@blecoweresourcesplc.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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