Blencowe confirms graphite deposit extends beyond 100 meters depth

LONDON - Blencowe Resources PLC (LSE:BRES) reported Thursday that deep drilling at its Orom-Cross Graphite Project in Uganda has confirmed significant graphite mineralization extending beyond 100 meters depth, more than triple the original 30-meter production horizon.

The company completed three deep holes at the Beehive deposit, with all three intersecting continuous graphite mineralization to depths below 100 meters. Notably, all holes ended while still in mineralization, indicating the deposit remains open at depth.

These deep drilling results form part of a larger Stage 7 resource definition program that includes 221 resource holes, 8 geotechnical holes, and 6 deep holes. The Beehive deposit, which sits outside the current 24.5 million tonne JORC Resource, is now showing potential for significant depth extension.

Two drilling rigs have been moved to the Northern Syncline deposit, located 3 kilometers north of Beehive, where three additional deep holes are being drilled to test for similar vertical extensions.

Blencowe also reported that its recent infill drilling campaign has been completed, which unlocks the next $0.75 million tranche of grant funding from the US International Development Finance Corporation (DFC).

The company is awaiting assay results from a substantial number of holes, which will feed into an upgraded JORC Resource estimate and the ongoing Definitive Feasibility Study (DFS).

Jangada Mines PLC (LSE:JAN), which holds a 7.1% interest in Blencowe Resources, noted the announcement in a separate press release statement.

The drilling program represents part of Blencowe’s broader effort to enhance the resource estimate and complete its DFS, which the company indicates will be instrumental in securing strategic partnerships and project financing.

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