Blencowe is pleased to announce that core samples from its recently completed 69-hole diamond drill program (for approx. 1,950 meters), at the Orom-Cross graphite project in Uganda, have been dispatched to an accredited SGS laboratory in Tanzania. The samples will now be prepared and then forwarded to SGS in South Africa to enable completion of the studies and verification by SGS ahead of inclusion in the Company’s maiden JORC Resource at Orom-Cross, expected in Q4 2020.
Additional samples will be sent to SGS in Toronto, one of the leading technical experts in graphite processing, to complete Phase Two metallurgical test work and identify optimal concentrate figures for a high quality, large flake product. These results are expected in Q1 2021.
Both the JORC Resource and the metallurgical test work are integral parts of the next stage of development and follow on from a highly successful drilling campaign in 2020 at Orom-Cross. Blencowe intends to incorporate these results to present a Feasibility Study in 2021, which will deliver first commercial outcomes for the project.
In other corporate activities, Blencowe can advise one of the subscribers in the recent admission to the standard list of the main market (“Admission”), Apul Investments, was unable to deliver on its subscription commitments. Consequently, the Board has now replaced Apul Investment’s subscription with existing and supportive shareholders at the same terms being 6p per subscription share. The CEO and COO being Mike Ralston and Iain Wearing respectively have participated in this reallocation and subscribed for £12,500 each (208,333 shares each).
Executive Chairman Cameron Pearce commented;
“We have successfully navigated the initial phase of post-acquisition work at Orom-Cross, designed to underline its size and quality as a world class graphite asset. We are now moving into the next phase where we intend to deliver commercial outcomes through 2021 and beyond.”
“Blencowe remains highly optimistic on the longer term outlook for flake graphite, particularly as a key component of the lithium-ion battery that will power electric vehicles and store renewable energy from various sources. As the world emerges from Covid-19 many analysts are forecasting an even stronger bias towards growth in renewables than ever before. Having a substantial project within our Company that will deliver a critical element of this seismic shift will be very valuable, particularly given current forecasts of a substantial flake graphite shortage from 2025 onwards.”
PDMR Notification Form
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Michael Ralston ATF the Ralston Family Trust | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | Chief Executive Officer | |||
| b) | Initial notification /Amendment | Initial Notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | Blencowe Resources PLC | |||
| b) | LEI | 213800UXIHBIRK36GG11 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares | |||
| Identification code | GB00BFCMVS34 | ||||
| b) | Nature of the transaction | Purchase | |||
| c) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| £0.06 | 208,333 | ||||
| d) | Aggregated information | ||||
| – Aggregated volume | 208,333 | ||||
| – Price | £12,500 | ||||
| e) | Date of the transaction | 18/9/2020 | |||
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
| a) | Name | Iain Wearing | |||
| 2 | Reason for the notification | ||||
| a) | Position/status | Chief Operating Officer | |||
| b) | Initial notification /Amendment | Initial Notification | |||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) | Name | Blencowe Resources PLC | |||
| b) | LEI | 213800UXIHBIRK36GG11 | |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares | |||
| Identification code | GB00BFCMVS34 | ||||
| b) | Nature of the transaction | Purchase | |||
| c) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| £0.06 | 208,333 | ||||
| d) | Aggregated information | ||||
| – Aggregated volume | 208,333 | ||||
| – Price | £12,500 | ||||
| e) | Date of the transaction | 18/9/2020 | |||
| f) | Place of the transaction | Outside a trading venue |
For further information please contact:
| Blencowe Resources PlcSam Quinn (London Director) | www.blencoweresourcesplc.comTel: +44 (0)1624 681 250info@blencoweresourcesplc.com |
| Brandon Hill Capital LimitedJonathan Evans (Corporate Finance) | Tel: +44 (0)20 3463 5000jonathan.evans@brandonhillcapital.com |
About Orom-Cross Project
Orom-Cross is a substantial graphite project in northern Uganda. Blencowe Resources acquired 100% of this asset in April 2020 following extensive due diligence and a capital raise of £2 million in the UK. These funds will be utilised to advance Orom-Cross through to a maiden JORC Resource, followed by a feasibility study and ultimately to a decision mine.
Orom-Cross has several key characteristics that suggest it can be a standout graphite project; namely considerable size and scale, significant graphite near to surface that suggests low strip ratio for mining and a low cost operation, predominantly large flakes which may yield a high grade, highly sought after concentrate as its end-product, and a lower sovereign risk location as considered in relation to many other similar large graphite projects in Africa.