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Blencowe Resources prepares Orom-Cross samples for JORC resource

09:07, 21st September 2020
Francesca Morgan
RNS Newswire
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Blencowe Resources (AIM:BRES) FOLLOW has said that core samples at the Orom-Cross graphite project in Uganda, have been dispatched to an accredited SGS laboratory in Tanzania. 

The group said the samples, which were obtained from a recently completed 69-hole diamond drill program for around 1,950m, will be sent to SGS in South Africa to enable its verification ahead of a maiden JORC Resource at Orom-Cross which is expected in Q4 2020.

Further samples will also 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. Results are expected in Q1 2021.

The JORC Resource and the metallurgical test work are seen as integral parts of the next stage of development and follow on from a previously highly successful drilling campaign in 2020 at Orom-Cross. 

The company has told investors that it intends to incorporate these results to present a Feasibility Study in 2021, which will deliver first commercial outcomes for the project.

Shares in Blencowe Resources have traded off lows of 4.8p over the past two weeks to open at 5.1p in early trading this morning.

BRES price chart

"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,” said Executive Chairman of Blencowe, Cameron Pearce, who added, “We are now moving into the next phase where we intend to deliver commercial outcomes through 2021 and beyond."

Blencowe remains optimistic on its long-term outlook for flake graphite, particularly as a key component of lithium-ion batteries to power electric vehicles and store renewable energy.

“As the world emerges from Covid-19 many analysts are forecasting an even stronger bias towards growth in renewables than ever before,” said Pearce.

He added, “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."

For more news and updates on Blencowe Resources: FOLLOW

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