Blencowe Resources PLC New High-Grade Graphite Zone Identified (9817N)
27 May 2020 - 4:00PM
UK Regulatory
TIDMBRES
RNS Number : 9817N
Blencowe Resources PLC
27 May 2020
Date: 27 May 2020 Blencowe Resources Plc
("Blencowe" or the "Company")
New High-Grade Graphite Zone Identified at Orom-Cross
Project
The Company is pleased to provide a further update to its
ongoing comprehensive JORC Resource diamond drilling program at the
Orom-Cross Graphite Project in Northern Uganda.
Highlights
Following a review and remodelling of geophysical survey program
data acquired earlier this year, as well as historical pitting and
drill results, a highly prospective High-Grade Zone has now been
outlined approximately 250m from the current exploration camp
site.
The identification of this new High-Grade Zone, which is also in
close proximity to the intended plant location, has the potential
to lower operating costs as well as deliver additional economic
benefits for the overall project.
Following the lifting of travel restrictions as a result of
COVID-19, the Company is mobilising drill teams to site this week
to recommence the previously outlined broader drilling program. It
has now authorised the redirection of a drill rig to test the zone
with a single drill hole. This hole is subsequently expected to be
completed within the next 10 days and will be reported on in due
course along with additional drilling results.
Cameron Pearce Executive Chairman's commented;
"Blencowe is looking at all ways possible to continuously add
value to the Orom-Cross Project and the identification of this
High-Grade Zone near to infrastructure is further indication of
this. We will complete initial confirmatory drilling on this first
hole shortly and if the results are positive we will consider how
best to include this zone into the overall JORC Resource program
that is underway."
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.
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contact rns@lseg.com or visit www.rns.com.
END
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