Blencowe Resources (BRES ) has released assay results from 12 shallow holes drilled at the Iyan deposit, part of its Orom-Cross graphite project in Uganda. These results represent the second batch from the Stage 7 drilling programme.
Iyan forms the western extension of the Northern Syncline graphite system and is being advanced as a bulk blending deposit intended to provide consistent, near-surface, high tonnage graphite feed to support long-life, low-cost production.
While bulk-tonnage graphite deposits are typically associated with moderate grades, results at Orom-Cross continue to demonstrate that bulk mineralisation is accompanied by repeated higher-grade zones, providing flexibility within mine planning for blending and value optimisation.
The latest holes were drilled to approximately 30 metres depth, deliberately selected to define near-surface mineable material rather than to test geological limits.
Mineralisation was intersected from surface in most holes, with several ending in mineralisation, indicating potential for continuation below the current drilling depth.
This is consistent with all previous results at Iyan. Deeper drilling to approximately 100 metres at both Iyan and the nearby Beehive deposit has already demonstrated that mineralisation persists at depth, supporting the potential for enhanced mineral resource estimates.
Among the highlights of the recent drilling were intercepts of 31.2 metres grading 6.84% total graphitic content, 30.2 metres at 7.55% TGC, 30.27 metres at 6.27% TGC, and 30.76 metres at 5.27% TGC.
The additional assay results have now been passed to Blencowe's independent geological consultants, Minrom, for validation. The results will feed into an updated JORC resource estimate, due in the current quarter. This will provide further clarity on scale and mine life as funding and downstream discussions advance.
Separately, results from Beehive remain pending.
"Iyan continues to deliver exactly what we are looking for at this stage, with consistency, scale and quality at shallow depth,” said Blencowe’s executive chairman Cameron Pearce.
“Even as a bulk blending deposit, we continue to see higher-grade zones within thick intersections, which is a very attractive characteristic for mine planning and long-life production. With many holes again ending in mineralisation, and deeper drilling at both Iyan and Beehive already demonstrating continuity to around 100 metres, we see clear scope to evaluate depth extensions in due course. These results align with increasing Western focus on securing long-term supplies of critical minerals outside China. Continued drilling success strengthens the resource base that underpins longer-life development scenarios and supports larger-scale, longer mine life, and will assist with funding discussions and offtake discussions underway.”
View from Vox
More results are due out in February, after which we can expect the updated resource numbers in short order. In the meantime, Blencowe will be down at the Indaba conference next week, checking in with partners and potential partners as it looks to line up a funding deal. Plenty of activity, and plenty of momentum. The shares are trading at almost double what they were at a year ago.