23 July 2024
Blencowe Resources Plc
("Blencowe" or the
"Company")
CEO Interview with
focusIR
Blencowe Resources (BRES:LON), is pleased to
announce that, subsequent to the recent news on the £1.9 million
capital raising, CEO Mike Ralston has given an interview on the
focusIR platform to provide further insight into the Company's
strategic vision and future plans.
The interview can be viewed using the following
link:
https://www.lse.co.uk/media/blencowe-resources-raises-1-9m-to-accelerate-dfs-and-progress-to-tier-1-offtake-agreements-w6b2n57xbfdozw0.html
The Company announced funding agreements with
key project partners ("Funding Agreements") within an overall
capital raising totalling approximately £1.9 million at an issue
price of 5p. The net proceeds from the funding will enable the
Company to advance its DFS for the Orom-Cross graphite project in
Uganda, alongside ongoing grant funding from the US Government's
DFC.
**Ends**
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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. Blencowe completed a
successful Pre-Feasibility Study on the Project and is now within
the Definitive Feasibility Study phase as it drives towards first
production.
Orom-Cross presents as a large, shallow
open-pitable deposit, with an initial JORC Indicated & Inferred
Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content).
This Resource has been defined from only ~2% of the total tenement
area which presents considerable upside potential ahead.
Development of the resource is expected to benefit from a low strip
ratio and free dig operations together with abundant inexpensive
hydro-electric power off the national grid, thereby ensuring low
operating costs. With all major infrastructure available at
or near to site the capital costs will also be relatively low in
comparison to most graphite peers.