31 January 2022

Blencowe Resources Plc

("Blencowe" or the "Company")
 

Blencowe confirms Near Surface High-Grade Camp Lode at Orom-Cross Project

Blencowe is pleased to provide a further update to the comprehensive JORC Resource diamond drilling program that was completed in 2021 on its Orom-Cross Graphite Project in Northern Uganda

Highlights

·    Drilling at Camp Lode delivers consistent outstanding high grade graphite results in the oxide zone including:

o  OREA-L1302, 11 metres at 9.73%TGC from 3 metres including 6 metres at 10.97%TGC

o  OREA-L1401, 5 metres at 10.30% TGC from surface

o  OREA-L1501, 14 metres at 11.81% TGC from 4 metres

o  OREA-L701, 19 metres at 9.78%TGC from 2 metres

o  OREA-L1201, 17 metres at 10.35% TGC from 2 metres including 7m @12.21% TGC

o  OREA-L401, 19 metres at 9.49% TGC from surface

·    These results will form part of an updated JORC Standard Mineral Resource Estimate and Reserve Determination for the Orom-Cross project scheduled for late February 2022

Blencowe Resources Plc ("Blencowe Resources") (LSE: BRES) is pleased to announce exceptional high-grade drilling results at the Camp Lode deposit which forms part of the Orom-Cross project.

These results will allow the Company to bring Camp Lode into the wider Orom-Cross JORC Resource and Reserve Estimate update scheduled to be released in February 2022.

Camp Lode Resource Drilling

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 mineralisation. The spectacular near-surface intercepts confirm the geological interpretations as well as grade continuity over the strike length of the Camp Lode.

The Camp Lode Deposit has been subjected to a diamond drill hole program on a 25 metre by 12.5 metre grid. The drilling was designed to provide sufficient information to enable the classification of Resources at the Camp Lode into the indicated category and enable a Resource Estimate on the Camp Lode to be reported and to qualify the initial production area for the deposit as a high-grade supplement to the main Northern Syncline deposit.

Northern Syncline Resource Drilling

Blencowe Resources continues to receive the sample assays for the additional 24 diamond drill hole program undertaken on the Northern Syncline Lode and QA/QC checks are expected to be completed shortly enabling the company to proceed to finalising the Orom-Cross JORC 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. 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 Perth, Western Australia using the method C-IR18. The method is appropriate for understanding graphite deposits and is a total method.

Executive Chairman, Cameron Pearce commented;

"We have always believed that Camp Lode offered us a very valuable source of graphite to mine in the initial phase of development.  The latest drill results at Camp Lode will allows us to add new high grade resources to the wider project. We are finalising resource estimation work at the Northern Syncline and look forward to releasing the updated JORC Resource for the Orom-Cross project.

The updated JORC Resource will be used for developing the mine and we continue to see buoyant demand for graphite given the growth of the EV market.  We are working hard to build Orom-Cross into a valuable mine that can deliver significant tonnes of high quality end-product into several key markets."

For further information please contact:

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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 into the studies phase shortly as it drives towards first production.

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.