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Blencowe Resources #BRES – Investor Webinar – 19 April 2021
Blencowe Resources (BRES:LON), the graphite explorer developing the Orom-Cross jumbo flake graphite project in Uganda, is pleased to announce that it will host a shareholder webinar and Q&A via Zoom video conferencing at 12:00pm BST / 7:00pm WST on Monday 19 April 2021.
The call will be hosted by Blencowe’s CEO Mike Ralston who will discuss the recently announced maiden JORC Resource Statement for the Company’s Orom-Cross graphite project in addition to the forward work programme for the Orom-Cross for 2021. Please see RNS also released on 13 April 2021 further details upon the Orom-Cross maiden JORC.
Interested participants are invited to pre-register for the conference using the link below. Please note that registration is a pre-requisite to access the webinar:
https://us02web.zoom.us/webinar/register/WN_rKWakxGxQBONys_xiR-xeg
The Company also invites shareholders who may wish to, to submit questions in advance via email to info@blencoweresourcesplc.com
The Company’s corporate presentation can be found at the following link:
https://blencoweresourcesplc.com/presentation/
Please note that until the Q&A session has begun that all participants will initially be muted without audio with the exception of Company management. Telephone only dial-ins from UK and international locations can be provided upon request.
A recording of the call will also be made available on the Company’s website following the call.
**ENDS**
For further information please contact:
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Blencowe Resources Plc Sam Quinn
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Tel: +44(0) 1624 681 250 info@blencoweresourcesplc.com
|
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Investor Enquiries Sasha Sethi
|
Tel: +44 (0) 7891 677 441 sasha@flowcomms.com
|
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Brandon Hill Capital Limited Jonathan Evans
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Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.com |
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First Equity Limited Jason Robertson |
Tel: +44 (0)20 7330 1883 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.
Blencowe Resources #BRES – Maiden JORC Mineral Resource delivered at Orom-Cross Project
Blencowe Resources Plc is pleased to announce its maiden JORC Mineral Resource Estimate at its 100% owned Orom-Cross graphite project in Uganda:
Highlights
- JORC Indicated & Inferred Mineral Resource for Northern Syncline deposit of 16.3Mt @ 6.0% Total Graphite Content (4% TGC cut off), approximately double the targeted 8-10Mt.
- Includes higher grade zones of 3Mt @ 8.1% TGC (7% TGC cut off).
- Resources commence from surface to a depth of 30m, where drilling ended in mineralisation.
- Drill results from higher grade Camp Lode deposit to be added into a further Orom-Cross JORC Resource statement ahead, further boosting both tonnes and average grade.
Blencowe’s 2020 drilling program focused on a small part of the estimated 3 billion tonnes graphite deposit at Orom-Cross, with the objective of identifying a maiden JORC Mineral Resource of around 8-10Mt, being sufficient to provide the basis for an initial 25Kt per annum mining operation for the first ten years. The maiden JORC Mineral Resource, which covers only one of the two deposits drilled, being the Northern Syncline lode, has yielded almost double the targeted tonnage. These numbers will be further boosted by inclusion of the previously reported higher grade drilling results from the Camp Lode deposit to be reported in a further JORC Mineral Resource update in 2H 2021.These results, which come from the weathered, close to or at surface, zone of the deposit, highlight the quality of the Project’s mineralisation and the potential for Orom-Cross to become a low-cost graphite producer. These resources were identified in an area adjacent to the proposed plant site, thereby expected to further boost the project economics of any subsequent development.
Blencowe will conduct a further geotechnical drilling programme to commence shortly for inclusion within the Pre-Feasibility Study (PFS) later this year. At the same time Blencowe will add further holes on the Camp Lode deposit to enable this higher grade portion of the deposit to be included in the next upgraded JORC Mineral Resource, along with some additional drilling in the Northern Syncline to convert more of the existing Inferred resources into an Indicated category.
The Company is pleased to report good progress is being made by globally respected consultants SGS Lakefield with respect to its metallurgical studies and expects to be in a position to release the results from this test work towards the end of the current quarter. These metallurgical studies are a key input into the upcoming Feasibility Study and also to progress a Preliminary Economic Assessment (PEA) for the project, for which work is set to begin imminently and which will be delivered prior to the Pre-Feasibility Study.
The objective of the metallurgical test work is to fully understand the quality of the end-product that Orom-Cross can deliver, as well as the process flow to achieve that. Blencowe believes Orom-Cross has the potential to deliver a high grade graphite concentrate which would prove desirable to potential offtakers and the broader market.
Cameron Pearce, Executive Chairman commented:
“Following our acquisition of the project less than one year ago I am delighted to announce our maiden JORC Mineral Resource at Orom-Cross and at a time when the global market for graphite is set to grow exponentially.
This resource has provided almost double the tonnes we set out to deliver from just one of the two deposits we explored, being the Northern Syncline. When coupled with the higher grade Camp Lode drill results and their expected inclusion in a further resource update, it will enable Blencowe to either high grade any mining activities or to increase our production targets.
Additional drilling at Orom-Cross is set to begin shortly as is work towards delivery of a Preliminary Economic Assessment as a pre-cursor to the Pre-Feasibility Study. We also look forward to the results of the met-test work from the SGS Lakeside (Canada) labs during this quarter.
As we move through exploration into the studies phase Orom-Cross remains on course to become a significant developer of flake graphite, which is one of the key input materials into the highly sought-after lithium-ion batteries for electric vehicles. With an active programme of work and news flow ahead we look forward to continued progress in 2021″
Mineralization Zones
The Orom Graphite Project is located in the Kitgum District in north-eastern Uganda. The exploration activity identified and named at least five (5) major graphite mineralised zones within the project property underpinned by Mining Licence (ML) 1959, namely:
1. Northern Syncline
2. Camp Lode
3. Central Anticline
4. Synformal Saddle
5. Southern Anomaly
The Phase 5 Resource Delineation Programme aimed at investigating the near surface, free dig graphite mineralised material within a portion of the Northern Syncline and Camp Lode mineralised zones. Therefore, each mineralised zone was divided into four sub-zones based on the subsurface level of oxidation and weathering. Field observations and preliminary analyses suggest a mean global weathering depth of ~15m with a range of ~9m to ~25m in some instances.
The Graphitic Carbon (GC) grade population within the investigated mineralised zones indicates that the in situ graphite grade for the deposit ranges from 0.01% to 24.1% GC with a mean grade of 5.6% GC and a mode of 6.2% GC. The JORC compliant resource estimate for these two graphite mineralised areas has been completed and is based on the drill hole spacing, grade variability and geological confidence. The result of the modelling and estimation process is the initial Mineral Resource below.
Resource Estimates
Geostatistical analysis of the data allowed for the Northern Syncline to be estimated and reported according to the into JORC (2012) code. A Resource block model was therefore constructed for the Northern Syncline. The block size for the model was dependant on the data spacing and a final block size of 10m x 20m x 3m was selected with a rotated grid to match the orientation of the graphite mineralisation zones.
An Ordinary Kriged estimation was performed and resulted in both Inferred and Indicated Resources being reported for the Northern Syncline. The Resources for the Northern Syncline have been tabulated at various cut-off grades starting at 3% GC. A 4% GC cut-off was determined to be appropriate based on preliminary economic analysis. The Resources are presented as follows:
The Resources declared can be summarised as follows:
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Mineral Resources – Block Models |
||||||||
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Area |
Material |
Resource Category |
Cut-off Grade |
Tonnage (t) |
Mt |
SG |
%GC |
%TC |
|
Northern Syncline |
Weathered |
Inferred |
4% GC |
3 517 350 |
3.5 |
2.18 |
5.86 |
6.09 |
|
Indicated |
4% GC |
1 941 840 |
1.9 |
2.18 |
5.60 |
5.82 |
||
|
Measured |
Not reported |
|||||||
|
Subtotal |
4% GC |
5 459 190 |
5.4 |
2.18 |
5.77 |
5.99 |
||
|
In situ |
Inferred |
4% GC |
8 979 330 |
8.9 |
2.70 |
5.83 |
6.06 |
|
|
Indicated |
4% GC |
1 911 300 |
1.9 |
2.69 |
5.52 |
5.80 |
||
|
Measured |
Not reported |
|||||||
|
Subtotal |
4% GC |
10 690 650 |
10.7 |
2.70 |
5.78 |
6.01 |
||
|
TOTALS
|
All |
Inferred |
4% GC |
12 496 700 |
12.5 |
2.56 |
5.84 |
6.07 |
|
All |
Indicated |
4% GC |
3 353 140 |
4.3 |
2.43 |
5.56 |
5.81 |
|
|
|
TOTAL |
Inf.+ Ind. |
4% GC |
16 349 840 |
16.3 |
2.53 |
5.77 |
6.01 |
* GC – Graphitic carbon, TC – Total carbon
** Tonnes have been rounded off
In conclusion it can be seen that significant mineralisation was identified and delineated by the exploration programme. Although not all the mineralisation identified had sufficient geological confidence to be classified as a Mineral Resource (JORC, 2012), approximately 75% of the mineralisation was classified as such after applying a cut-off grade of 4% GC.
Competent Person’s Statement
The information in this release, which is related to Mineral Resource estimation, was compiled under the supervision of Mr JP van den Berg who is an employee of Minrom Consulting (Pty) Ltd, Member of the Geological Society of South Africa (GSSA) and a Certified Professional Natural Scientist (Pr.Sci.Nat) with the South African Council for Natural Scientific Professions (SACNASP).
Mr Van den Berg has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined by the JORC (2020) Code. Mr Van den Berg consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
For further information please contact:
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Blencowe Resources Plc Sam Quinn
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Tel: +44(0) 1624 681 250 info@blencoweresourcesplc.com
|
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Investor Enquiries Sasha Sethi
|
Tel: +44 (0) 7891 677 441 sasha@flowcomms.com
|
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Brandon Hill Capital Limited Jonathan Evans
|
Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.com |
|
First Equity Limited Jason Robertson |
Tel: +44 (0)20 7330 1883 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.
Blencowe Resources #BRES 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:
- ORNS-L101, 15.1 metres at 8.4%TGC from 1 metre, including 1 metre at 12.7%TGC
- ORNS-L106, 3 metres at 11.9% TGC from 3 metres, and 5 metres at 8.5%TGC from 11 metres
- ORNS-L204, 7.8 metres at 6.7% TGC from 1 metre, including 1 metre at 11.2% TGC
- ORNS-L205, 6.3 metres at 11.1%TGC from 1 metre
- ORNS-L305, 9 metres at 7.5% TGC from surface, including 3 metres at 10.2% TGC
- ORNS-L307, 9 metres at 8.8% TGC from surface, including 1 metre at 17.1% TGC
- ORNS-L405, 19 metres at 8.3% TGC from 1 metre, including 4 metres at 10.5% TGC
- 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.
Figure 1: Map of the Drilling Programme
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 Sasha Sethi |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
Tel: +44 (0)7891 677 441
|
| Brandon Hill Capital Limited
Jonathan Evans
First Equity Limited Jason Robertson |
Tel: +44 (0)20 3463 5000
jonathan.evans@brandonhillcapital.com
Tel: +44(0)20 7330 1883 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.
Blencowe Resources #BRES confirms Near Surface High-Grade Graphite Zone at Orom-Cross Project
Blencowe Resources Plc (“Blencowe Resources”) (LSE: BRES) is pleased to announce exceptional high-grade drilling results which will help underpin a JORC Mineral Resource and Reserve Estimate at its OROM-Cross graphite project in Uganda, scheduled for release in the March 2021 Quarter.
Highlights
- Drilling at Camp Lode has delivered outstanding high grade graphite results including:
- OREA-L102, 25 metres at 9.7%TGC from 5 metres including 4 metres at 12.7%TGC
- OREA-L202A, 6 metres at 12.2% TGC from surface including 2 metres at 20.9% TGC
- OREA-L202A, 5 metres at 12.7% TGC from 7 metres including 2 metres at 16.2% TGC
- OREA-L202A, 13 metres at 9.3%TGC from 17 metres
- OREA-L203, 18 metres at 6.2% TGC from 2 metres
- OREA-L303, 19 metres at 8.4% TGC from 11 metres including 5 metres at 13% TGC
- OREA-L304, 5 metres at 11.9% TGC from 4 metres including 2 metres at 18.6% TGC
- These results will underpin a maiden JORC Standard Mineral Resource Estimate and Reserve Determination scheduled for release in late March
[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/2866O_1-2021-2-8.pdf
The results, which come from the weathered, close-to or at-surface zone of the Camp Lode deposit, highlight the quality of the project’s mineralisation and ultimately its ability to be a low-cost producer.
The drilling targeted both infill zones and strike extensions to existing high-grade oxide mineralization. The spectacular near-surface intercepts confirm the geological interpretations as well as grade continuity.
The Camp Lode Deposit has been subjected to a diamond drill hole program on a 50 metre by 12.5 metre grid. The drilling was designed to qualify the initial production area for the deposit as a high-grade supplement to the main deposit. Blencowe Resources continues to receive the sample assays for the additional 53 diamond drill hole program undertaken on the Eastern Syncline Lode and QA/QC checks are expected to be completed shortly enabling the company to proceed to finalising the Mineral Resource Estimate.
The holes to date 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 grades of up to double the 6-8% average Orom-Cross grade. This may present Blencowe with a high grade ore for initial mining 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.
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 Executive Chairman Cameron Pearce commented;
“We have always believed that Camp Lode offered a very valuable source of graphite to mine in the initial phase of development. These assay results have proven this and delivered a great result which can underpin our mine plan and ultimately deliver considerable value”.
“As the growth in electric vehicle (EV) and new generation battery demand continues to gather momentum worldwide, the Blencowe team are working hard to develop Orom-Cross into a valuable mining prospect and future supply hub that can deliver significant tonnes of high quality end-product into several key markets.”
For further information please contact:
|
Blencowe Resources Plc Cameron Pearce / Sam Quinn
|
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250 sam@lionsheadconsultants.com |
| Brandon Hill Capital Limited
Jonathan Evans (Corporate Finance) |
Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.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.
Blencowe Resources #BRES – Placing to Raise £300,000, Directors and CEO Purchase of Shares, Issue of Options and Operational Update
Blencowe Resources, the natural resources company focussed on the development of the Orom-Cross Graphite Project in Uganda, is pleased to provide the following corporate and operational update.
Highlights:
- £300,000 new funds raised from existing shareholders and management at 6p per share
- £75,000 of these new shares acquired by Directors and the CEO showing strong support
- Directors and Senior Management issued with incentive share options
- Drilling completed at world class Orom-Cross graphite project in Uganda
- Samples recently sent to South Africa for assaying and maiden JORC Resource.
- Further samples sent to highly accredited SGS Lakefield laboratory in Canada for stage two metallurgical test work.
- Results for both expected in 1Q 2021.
Fundraise and Purchase of Shares
The Company is pleased to announce that it has raised £300,000 from placees at 6 pence per share, including a total of £75,000 from the Directors including the Chairman (Cameron Pearce), Director (Sam Quinn) and CEO (Mike Ralston) whom have subscribed for £25,000 each respectively. Subscribers have also received an attaching 1 for 1 warrant to subscribe for shares at 8 pence per share for a period of three years. Funds will be used to advance the Orom-Cross development into 2021.
Following the Placing, Mr Pearce now has a shareholding of 6,916,667 Ordinary Shares (6.3% of the enlarged share capital), Mr Quinn has a shareholding of 4,666,667 Ordinary Shares (4.2% of the enlarged share capital) and Mike Ralston has a shareholding of 2,625,000 Ordinary Shares (2.4% of the enlarged share capital).
An application has been made for 5,000,000 Ordinary Shares to be admitted to trading on the London Stock Exchange with effect from 8.00 a.m. on 23 December 2020.
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company’s enlarged issued ordinary share capital will comprise 109,964,116 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.
Issue of Options
As set out in the Company’s Prospectus, the Company intended to issue options to Directors and senior management over 10% of the issued share capital of the Company. Given the stage of development of the Company and to properly align Directors and Senior Management with shareholders, the Company now announces the grant of 10 million options as set out below, at 6p per share, for a period of five years. These options will not vest unless the share price of the Company trades in excess of 10p per share for 10 consecutive days.
|
Cameron Pearce (Chairman) |
2,500,000 |
£0.06 |
|
Mike Ralston (CEO) |
2,500,00 |
£0.06 |
|
Lionshead Consultants Ltd (Sam Quinn) (Non Exec Director) |
1,750,000 |
£0.06 |
|
Alexander Passmore (Non Exec Director) |
750,000 |
£0.06 |
|
Iain Wearing (COO) |
2,500,000 |
£0.06 |
Operational Update
Blencowe has completed its 2,000m diamond drill program at Orom-Cross and it is now awaiting assay results in South Africa, in order to deliver its maiden JORC Resource for the project. In parallel the Company is also awaiting metallurgical test results from samples sent to SGS Lakefield in Toronto, one of the leading experts in graphite concentrates and end-product formulation.
Following from these Blencowe will be moving to develop its first commercial study for Orom-Cross during 1H 2021, which will indicate the strong potential for an initial ten year mining operation.
Cameron Pearce Executive Chairman commented:
“We are pleased to announce further cash has been raised to extend all development work for Orom-Cross into 2021, with key stakeholders contributing meaningfully in a show of faith. We appreciate all their support and we look forward to a successful year ahead with some significant milestones and continued progress. Graphite is fast becoming one of the hottest commodities around as electric vehicle (EV) expansion accelerates worldwide and Blencowe is positioning itself strategically as a significant future player in this space.”
For further information please contact:
|
Blencowe Resources Plc Sam Quinn (London Director)
|
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250 info@blencoweresourcesplc.com |
|
Investor Enquiries Sasha Sethi |
Tel: +44 (0) 7891 677 441 Email: sasha@flowcomms.com |
|
Brandon Hill Capital Limited Jonathan Evans (Corporate Finance) |
Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.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.
Link here for TR1 notification docs
Blencowe Resources #BRES – JORC Resource Update
The Company is pleased to provide an update on progress of the Orom-Cross Graphite Project JORC Resource program.
Highlights
- Maiden Resource to be reported in early Q1 2021
- Leading graphite specialists SGS Lakefield undertaking phase two metallurgical work on track to deliver results in Q1 2021
- Metallurgical work to define the end product concentrate and allow more detailed discussions with potential off-takers and industrial customers
Following completion of the 69 hole (1,950m) diamond drill programme into the Eastern Limb Lode and the High-Grade Camp Lode in September, logging of core was completed in October and sample preparation have now been completed at a JORC-accredited lab in Tanzania. The Company intends to deliver a maiden JORC Resource for Orom-Cross in early Q1 of 2021.
Preparation of 1,900 samples has been completed at SGS in Tanzania for both grade assaying and metallurgical testing. Samples have now been dispatched from Tanzania to SGS laboratories in South Africa for assaying of the relevant elements as well as moisture and Specific Gravity determinations. Once completed this data will be submitted to Minrom Geological Consultants to complete the JORC Resource modelling.
The Board anticipate that the maiden JORC Resource will only represent a small percentage of the overall Orom Cross deposit and give sufficient confidence for a minimum of 10 years mine life on which to deliver a feasibility study. Blencowe intends to incorporate these results to present a Feasibility Study in 2021, which will deliver first commercial outcomes for the project and map out first production.
In parallel to this work, separate samples are being dispatched to SGS Lakefield in Canada for Phase Two metallurgical testing, using the services of one the leading graphite specialists worldwide. SGS Lakefield have delivered met test work on a significant number of major graphite projects in the past and their expertise will be critical ahead. Their work will identify the end product concentrate at Orom-Cross and provide Blencowe with the process flow models and initial plant and processing stream(s) to deliver final product. This work stream is particularly important for us to progress interest with industrial groups that have established an interest in the Orom Cross graphite product. Following the metallurgical studies we are better positioned to enter into more detailed conversations with potential off-takers and industrial customers.
Executive Chairman, Cameron Pearce, commented;
“The continued growth of electric vehicle (EV) transport continues to accelerate particularly with the recent announcement by the UK Government to remove petrol and diesel cars from 2030. All EVs are currently powered by lithium-ion batteries of which flake graphite forms over 50% of Li-ion battery, therefore, the graphite demand curve is expected to surge over the next decade. We continue to register notable interest for the Orom Cross graphite product and look forward to delivering the metallurgical test work so that we can progress commercial discussions with these industrial groups and progress the feasibility work to underpin a robust project.”
For further information please contact:
|
Blencowe Resources Plc Sam Quinn (UK Director)
|
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250 info@blencoweresourcesplc.com |
|
Brandon Hill Capital Limited Jonathan Evans (Corporate Finance) |
Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.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.