Blencowe Resources (AIM:BRES) told investors that a ‘highly prospective’ high-grade zone has now been outlined at the Orom-Cross Graphite Project in Northern Uganda.
The AIM-listed firm said the zone has been outlined around 250m from the current exploration camp site of its ongoing comprehensive JORC Resource diamond drilling program.
The group said the new high-grade zone has the potential to lower operating costs as well as deliver additional economic benefits for the overall project.
The discovery follows a review and remodelling of geophysical survey program data acquired earlier this year, as well as historical pitting and drill results, this morning’s statement said.
Following the lifting of travel restrictions as a result of Covid-19, the company will mobilise drill teams to the site this week to recommence the previously outlined broader drilling program.
Shares in Blencowe Resources opened at 8.5p on Wednesday morning.
“Blencowe is looking at all ways possible to continuously add value to the Orom-Cross Project and the identification of this High-Grade Zone near to infrastructure is further indication of this,” said Cameron Pearce Executive Chairman of Blencowe Resources.
Blencowe has now authorised the redirection of a drill rig to test the zone with a single drill hole.
The group added that the hole is subsequently expected to be completed within the next 10 days and will be reported on in due course along with additional drilling results.
If the initial confirmatory drilling on this first hole is positive, the group said it will consider how best to include this zone into the overall JORC Resource program that is currently underway.
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