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Blencowe Resources #BRES – Results of Metallurgical Test Work
Results of Metallurgical Test Work by SGS Lakefield
98% TGC Underlines Exceptional Qualities of End Products
Highlights:
- Concentrate grades consistently ranged at the top end of the spectrum, between 97-98% TGC (versus an internal target of 94% TGC)
- Low impurities
- Approximately 40% of the end product presents as jumbo/XL/large flakes and 60% as medium/smaller flakes
- the process requires no primary crushing or grinding of the ore which offers a material advantage over hard-rock graphite deposits, both in terms of lower capital expenditure and lower operating costs
- offtake discussions can be advanced rapidly with latest test work
Blencowe Resources Plc, is pleased to announce that metallurgical test work on its Orom-Cross graphite project in Northern Uganda has been successfully completed by SGS Lakefield, generally regarded as one of the leading technical consultants in the world on matters concerning graphite concentrates. This work is critical to understanding the quality of the end-product(s) that Orom-Cross can deliver to market as a high grade graphite concentrate, as well as what the process flow will look like to achieve this.
Scope of Metallurgical Testwork
The critical issues to determine quality of end product are (1) high TCG concentrate, with anything over 94% considered good and anything above 97% considered excellent, (2) low impurities, and (3) flakes sizes. As example +32 mesh Super Jumbo (97% TGC) will sell for over US$2,500/tonne in comparison to -100 mesh Small flakes (97% TGC) selling for circa US$700/t.
Blencowe appointed SGS Lakefield in Canada to undertake metallurgical testwork on material gathered from its 69 hole, 1950 metre 2020 diamond drilling programme, which covered both the Northern Syncline and Camp Lode areas.
The metallurgical test program was designed to deliver the following Key Objectives:
- To confirm if a 95-97% TGC (Total Graphite Content) pure concentrate is possible. Entry level concentrate is generally accepted as 94% TGC and each 1% above that attracts a significant premium on price in the market.
- To confirm what impurities (specifically Thorium and Vanadium) may exist within the concentrate, and at what levels.
- To confirm ~80% recovery is achievable for this concentrate.
- To confirm the liberation process in order to maintain as high a percentage of Jumbo/XL/Large flakes within the concentrate as these attract the highest prices in the market.
- To confirm the process flow diagram for plant design as part of the forthcoming Feasibility Study.
- To deliver bulk concentrate to allow Blencowe to initiate discussions with potential off-take partners.
Results of Metallurgical Testwork
Blencowe is pleased to announce that all 5 Key Objectives have been met and/or exceeded in this round of testwork, specifically:
- Concentrate grades consistently ranged at the top end of the spectrum, between 97-98% TGC.
- Low, or in most cases, no impurities were found within the concentrate.
- Open cycle and locked cycle floatation test produced excellent recoveries between 80-90%.
- Approximately 40% of the end product presents as jumbo/XL/large flakes and 60% as medium/smaller flakes.
- A simple, neat process flow indicates a standard processing facility that can easily be designed and later expanded to meet strong anticipated growth ahead in the demand for graphite.
Overall the metallurgical test-work undertaken to date shows a robust flowsheet capable of repeatable metallurgy for a wide range of feed samples from Orom-Cross. This consistency is very important in delivering an end product of the highest quality.
Offtake Discussions
Blencowe is now better positioned to advance discussions with strategic groups in the knowledge it can deliver a range of high grade end products, and it can now deliver samples as required to provide evidence for further due diligence or local testing. Blencowe anticipates using already identified specialist consultants, with considerable experience in graphite sales and marketing, to provide advice and support as to where to sell its products moving forward.
Processing and Plant Design
A total of eight rougher and cleaner flotation tests were carried out on the Master Composite (being a combination of Northern Syncline and Camp Lode samples) that culminated in a flowsheet which is atypical of similar graphite projects. The flowsheet consists of a flash and rougher flotation stage followed by a primary cleaning circuit with a polishing mill followed by three stages of cleaner flotation. The intermediate concentrate is classified and then further upgraded in secondary cleaning circuits with stirred media mills (SMM) followed by cleaner flotation.
The proposed flowsheet was employed in a locked cycle test (LCT) to determine the metallurgical response under closed circuit conditions.
The final Master Composite concentrate graded 97.3% TGC, with a 90.1% TC (total carbon) recovery, which exceeded the company’s expectations and places the project at the higher end of its peers.
The size fraction analysis results of the combined concentrate of the LCT are presented in Table 1.
At the end of the metallurgical program the suitability of the flowsheet and conditions of the proposed flowsheet were evaluated on four separate composites, which represented the high grade and low grade samples in each of the Northern Syncline and Camp Lode zones. The purpose was to understand the consistency of all graphite within Orom-Cross and also to evaluate the priority areas to mine in the event of a wide range of results.
The results show a remarkably consistent end product over both zones and also within the higher and lower in situ grades. Consistency is very valuable in these circumstances, both for mine planning as well as processing.
Combined concentrate grades ranged between 94.7% TGC for the Camp Lode high-grade composite to 98.1% TGC for the Camp Lode and North Syncline low-grade composites. The open circuit recoveries of the North Syncline and Camp Lode high-grade composites were 80.9% and 88.4% TC respectively. Despite the lower head grades of the North Syncline and Camp Lode low-grade composites, the open stage recoveries for the two samples remained high at 80.9% and 80.4% TC respectively.
Table 1 : Size Fraction Analysis of Combined Concentrate of LCT
|
Particle Size
|
Assays |
Distribution |
Flake Category |
|
|
Tyler mesh
|
( µ m) |
% C(t) (TGC) |
% C(t) |
|
|
+32
|
+500 |
98.1 |
1.5 |
Super Jumbo |
|
-32 + 48
|
-500 + 297 |
98.0 |
12.3 |
Jumbo |
|
-48 + 80
|
-297 + 177 |
97.7 |
22.6 |
Large |
|
-80 + 100
|
-177 + 149 |
97.5 |
9.6 |
Medium |
|
-100 + 200
|
-149 + 74 |
97.0 |
27.0 |
Small |
|
-200
|
-74 |
96.6 |
13.0 |
Amorphous |
|
-325
|
95.7 |
13.9 |
||
The above table highlights that Blencowe will be able to produce a range of high quality end products from Orom-Cross.
- 36.4% as Super Jumbo/Jumbo/Large flakes with an average 98% TGC.
- 63.6% as Medium/Small/Fines with an average 97% TGC.
The design of the processing plant is based on the SGS test-work and best practice in similar operations. Importantly, the process requires no primary crushing or grinding of the ore which offers a material advantage over hard-rock graphite deposits, both in terms of lower capital expenditure and lower operating costs. The basic flowsheet is shown below in Figure 1:
http://www.rns-pdf.londonstockexchange.com/rns/0494F_1-2021-7-13.pdf
Figure 1: Proposed Orom Flowsheet
Blencowe will mandate an experienced engineering firm to begin formal plant design and this work is expected to be included as part of the Pre-Feasibility Study.
Cameron Pearce, Executive Chairman’s Statement:
“We are absolutely delighted to share these exceptional metallurgical test results for Orom-Cross. They highlight the fact that we have a very high quality of end products that we will produce, which should not only be in higher demand but should also deliver higher prices. In all facets these results have exceeded our expectations and they underline the world class potential of Orom-Cross.
Our ongoing drilling programs recently delivered our first 16Mt JORC Resource which we are in the process of upgrading via 2,000m further infill drilling, and we know that we have literally billions of tonnes of graphite at Orom-Cross which we can continue to develop as and when required. Now our metallurgical test results have added considerable weight to this by showing what an impressive range of end products we can deliver. The next step is to engage in more detail with strategic groups that have been waiting for the test work result and to begin reviewing the project economics of the mine.
Orom-Cross continues to emerge as a world class graphite project in a safe location. As we begin to outline the economics of Orom-Cross the full potential of what can be achieved will become abundantly clear.”
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 |
Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.com
|
First Equity Limited Tel: +44(0)20 7330 1883
Jason Robertson jasonrobertson@firstequitylimited.com
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
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 moving into the studies phase shortly as it drives towards first production.
Orom-Cross presents as a large, shallow open pitable deposit, with an estimated overall resource between 2-3 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 – Metallurgical Test Work delivering Positive Results for Blencowe’s Orom-Cross Project
- Preliminary tests within stage two at SGS Lakefield have confirmed the potential to achieve a concentrate grade between 95-96% TGC with low impurities and high recoveries, from both the Northern Syncline and Camp lodes
- Further test work will commence on the quality of a sphericalised product from the smaller fines – a product in high demand in the EV sector
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 Appoints SGS Lakefield to complete Metallurgical Test Work for Orom-Cross Project
The Company is pleased to announce that further metallurgical test work will commence shortly on its Orom-Cross graphite project in Northern Uganda. This work is critical to understanding the quality of the end-product that Orom-Cross can deliver as a high grade graphite concentrate, as well as what the process flow will look like to achieve this.
Blencowe has recently completed a 69 hole, 1950 meter diamond drilling programme, designed to deliver a maiden JORC Resource for Orom-Cross. Both the drilling and metallurgical test work are integral parts of the development of this Project and both are required prior to commencement of a feasibility study later in the year.
Drillhole samples from the Project are currently in transit to SGS Mwanza (Tanzania) for sample preparation which will prepare samples for grade assays and metallurgical test work.
Following the closure of previous metallurgy partner Metzana, and after evaluation of several organisations, Blencowe is pleased to announce that it has appointed SGS Lakefield (Canada), to conduct further metallurgical assessment of the project. SGS Lakefield have extensive experience in graphite assessment with contribution to over 25 projects in recent years, and several of these have been in East Africa and in similar oxide environments to Orom-Cross.
SGS Lakefield have been commissioned by Blencowe to undertake a metallurgical test work program to confirm Total Graphite Content (TGC) of +95%, high recoveries, concentrate grade and maximising flake sizing. The aim of the additional test work is to confirm the liberation pathway for increased recoveries and higher grade within the concentrate.
Highlights;
The objectives of this Phase Two metallurgical test work are as follows:
- Confirm a 95-97% TGC (Total Graphite Content) pure concentrate is possible with low impurities (Thorium and Vanadium).
- Confirm ~80% recovery is achievable for this concentrate.
- Confirm the liberation process in order to maintain a majority of Jumbo/XL/Large flakes within the concentrate.
- Confirm the process flow diagram for plant design as part of the forthcoming Feasibility Study.
- Deliver bulk concentrate to allow Blencowe to initiate discussions with potential off-take partners.
If Blencowe is able to deliver a concentrate with these properties it will have a graphite product of considerable value. Expected timing to complete this exercise is by the end of 2020 but this remains dependant on business practises remaining normalised with all the challenges Covid-19 presents.
Executive Chairman Cameron Pearce commented;
“The first phase of metallurgical test work completed during the Orom-Cross due diligence exercise provided evidence that the graphite concentrate could achieve minimum standard 94% TGC. This next phase of work is designed to take the product to the next level and is targeting a higher grade 95-97% TCG as well as increased recoveries.
We are confident we can achieve these objectives and thus deliver a high quality product that will be higher up the price curve as well as in greater demand.
Thereafter we intend to use these results to assist with process flow and plant design, whilst at the same time we will have a better understanding of the end-product that we can ultimately sell into world markets.”
For further information please contact:
|
Blencowe Resources Plc Sam Quinn (London Director) |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250 info@blencoweresorcesplc.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.
Proactive Investors – Tertiary Minerals #TYM focuses attention on single acquisition in second half of financial year
Tertiary said it was focusing on one fluorspar project that had potential for near term revenue
Tertiary Minerals PLC (LON:TYM) said it is focusing its acquisition efforts on one particular project as it provided an update in its half-year report.
The AIM-listed miner reported a pre-tax loss for the period of £133,539, narrowing from £211,850 in the same period last year, while the group ended the period with cash and cash equivalents totalling £474,052, up from £145,212 for the same period a year ago.
READ: Tertiary Minerals in constructive dialogue with authorities in Sweden about mine permit
The group added that following an evaluation of several potential acquisitions, it was now focusing its efforts on one fluorspar project that has the potential to generate revenue in the near term.
Tertiary also said that the Swedish Mining Inspectorate was assessing feedback from key stakeholders regarding its application for an exploitation permit for the Storuman Fluorspar project in Sweden.
In April, the firm had said dialogue between itself and the relevant authorities in Sweden had continued to make constructive progress regarding the potential development of the project.
Meanwhile, scoping study level bench scale metallurgical testwork was progressing at SGS Lakefield in Canada for the company’s MB Fluorspar project in Nevada, USA.
Executive chairman of Tertiary, Patrick Cheetham, said: “The pricing environment for fluorspar has continued to strengthen, particularly for delivery into Europe where, after a period of disconnect, prices are now catching up with Chinese domestic prices which have traditionally set the pricing benchmark. Downstream processors of fluorochemicals have recently reported strong sales and increased prices.”
He added that the company was still entitled to further payments on the definition of ore reserves and mineral resources and a royalty on production in relation to the sale of its Finnish gold projects to Aurion Resources Ltd, in which the company profited £31,264.