Blencowe Resources PLC Akelikongo Exploration Programme (3651F)
21 March 2022 - 6:00PM
UK Regulatory
TIDMBRES
RNS Number : 3651F
Blencowe Resources PLC
21 March 2022
21 March 2022
Blencowe Resources Plc
("Blencowe" or the "Company")
Akelikongo Nickel Project Exploration Programme Gets
Underway
Planned work as per Phase One expenditure as part of recent
Akelikongo acquisition
Highlights
-- Blencowe acquired Akelikongo nickel project in February 2022;
this is a highly prospective nickel sulphide tenement near to
existing Orom-Cross graphite project
-- Exploration program for Akelikongo is underway; this includes
re-analysis of existing database from previous work (US$15m spent
to date by previous owners Sipa Resources and Rio Tinto) to
consider all geochemical samples and previous drilling
information
-- Focus will be on a substantial electromagnetic ("EM") program
to identify new drilling targets
As part of the planned exploration program for the Akelikongo
Project, Blencowe's geologists have commenced a detailed
re-analysis of the Akelikongo exploration database to assist in
targeting of additional exploration works.
This review is focussed on both a re-assessment of geochemical
soil samples and drillhole logs to identify additional target areas
for deep program IP to outline additional orebodies, as well as
highlighting target holes for a down-hole EM program to identify
extensions of the existing lenses.
Since acquiring farm-in rights the company has been actively
securing proposals from geophysical consultants for a low-level,
high-density airborne EM survey of the lease to identify additional
drill target zones. The Company is working closely with the Ugandan
Directorate of Geological Survey and Mines (DGSM) for a modified
work program approval to allow the planned exploration activities
to proceed. The Company is currently preparing geologists for the
fieldwork to complete the planned exploration programs which are
expected to commence at the end of the regional wet season in late
May.
This program above fits neatly into the consideration milestones
that have been set for Blencowe to earn into the project.
Executive Chairman, Cameron Pearce commented:
"Our team has hit the ground running on Akelikongo and work has
already commenced to plan the necessary airborne and other surveys
to identify new drill targets.
Akelikongo is a highly prospective nickel sulphide deposit and
previous drilling has already identified three impressive zones of
mineralisation over approximately 800 meters. Our intention is to
test for expansions to this system as it is open everywhere. Nickel
is in high demand and prices are at record levels, hence a
substantial new nickel sulphide resource ahead would add
considerable value to the Company."
For further information please contact:
Blencowe Resources Plc www.blencoweresourcesplc.com
Sam Quinn Tel: +44 (0)1624 681 250
info@blencoweresourcesplc.com
Investor Relations Tel: +44 (0) 7891 677 441
Sasha Sethi sasha@flowcomms.com
Tavira Securities Tel: +44 (0)20 7100 5100
Jonathan Evans jonathan.evans@tavirasecurities.com
First Equity Limited Tel: +44(0)20 7330 1833
Jason Robertson jasonrobertson@firstequitylimited.com
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by
size and end-product quality, with a high component of more
valuable larger coarse 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 through the Feasibility Study phase as it drives
towards first production targeted for 2023.
Orom-Cross presents as a large, shallow open-pitable deposit,
with a maiden JORC Indicated & Inferred Mineral Resource
deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the
resource is expected to benefit from a low strip ratio and free dig
operations, thereby ensuring lower operating and capital costs.
Akelikongo Nickel Project
Akelikongo is a highly prospective nickel sulphide exploration
project that has previously had considerable work completed by Rio
Tinto and Sipa to establish three mineralised lenses to date. It
represents an opportunity for Blencowe to add further value through
a targeted work programme that will seek to delineate higher grade
and thicker intercepts of nickel.
Nickel sulphide deposits are rare and valuable and the prospect
of further exploration success gives Blencowe suitable incentive to
develop this asset under a structured earn-in agreement, whereby
100% of the asset can ultimately be acquired for US$1.5m, all
payable in shares.
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