Blencowe Resources PLC Samples Sent for Assay to Deliver Maiden Resource (5548Z)
21 September 2020 - 4:00PM
UK Regulatory
TIDMBRES
RNS Number : 5548Z
Blencowe Resources PLC
21 September 2020
21 September 2020 Blencowe Resources Plc
("Blencowe" or the "Company")
Orom-Cross Samples to Labs for Preparation leading to Maiden
JORC Resource and Metallurgical test work
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 GBP12,500 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 Initial Notification
/Amendment
--------------------------------------- ---------------------------------------------
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 Ordinary shares
financial instrument,
type of instrument
Identification code GB00BFCMVS34
b) Nature of the transaction Purchase
--------------------------------------- ---------------------------------------------
c) Price(s) and volume(s)
-------------------- --------------------
Price(s) Volume(s)
-------------------- --------------------
GBP0.06 208,333
----------------------------------------------------------------- --------------------
d) Aggregated information
- Aggregated volume 208,333
- Price GBP12,500
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 Initial Notification
/Amendment
--------------------------------------- ---------------------------------
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 Ordinary shares
financial instrument,
type of instrument
Identification code GB00BFCMVS34
b) Nature of the transaction Purchase
--------------------------------------- ---------------------------------
c) Price(s) and volume(s)
-------------- --------------
Price(s) Volume(s)
-------------- --------------
GBP0.06 208,333
----------------------------------------------------------- --------------
d) Aggregated information
- Aggregated volume 208,333
- Price GBP12,500
e) Date of the transaction 18/9/2020
--------------------------------------- ---------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ---------------------------------
For further information please contact:
Blencowe Resources Plc www.blencoweresourcesplc.com
Sam Quinn (London Director) Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Brandon Hill Capital Limited Tel: +44 (0)20 3463 5000
Jonathan Evans (Corporate Finance) jonathan.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 GBP 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.
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