#BRES Blencowe Resources – Akelikongo Exploration Programme

Highlights

· Blencowe acquired Akelikongo nickel project in February 2022; this is a highly prospective nickel sulphide tenement near to existing Orom-Cross graphite project

· Exploration program for Akelikongo is underway; this includes re-analysis of existing database from previous work (US$15m spent to date by previous owners Sipa Resources and Rio Tinto) to consider all geochemical samples and previous drilling information

· Focus will be on a substantial electromagnetic (“EM”) program to identify new drilling targets

As part of the planned exploration program for the Akelikongo Project, Blencowe’s geologists have commenced a detailed re-analysis of the Akelikongo exploration database to assist in targeting of additional exploration works.

This review is focussed on both a re-assessment of geochemical soil samples and drillhole logs to identify additional target areas for deep program IP to outline additional orebodies, as well as highlighting target holes for a down-hole EM program to identify extensions of the existing lenses.

Since acquiring farm-in rights the company has been actively securing proposals from geophysical consultants for a low-level, high-density airborne EM survey of the lease to identify additional drill target zones. The Company is working closely with the Ugandan Directorate of Geological Survey and Mines (DGSM) for a modified work program approval to allow the planned exploration activities to proceed. The Company is currently preparing geologists for the fieldwork to complete the planned exploration programs which are expected to commence at the end of the regional wet season in late May.

This program above fits neatly into the consideration milestones that have been set for Blencowe to earn into the project.

Executive Chairman, Cameron Pearce commented:

“Our team has hit the ground running on Akelikongo and work has already commenced to plan the necessary airborne and other surveys to identify new drill targets.

Akelikongo is a highly prospective nickel sulphide deposit and previous drilling has already identified three impressive zones of mineralisation over approximately 800 meters.  Our intention is to test for expansions to this system as it is open everywhere.  Nickel is in high demand and prices are at record levels, hence a substantial new nickel sulphide resource ahead would add considerable value to the Company.”

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