Blencowe Resources (BRES ) has released a maiden JORC resource estimate for the Iyan deposit, part of its well-advanced Orom-Cross graphite Project in Uganda.
The new resource rings in at 16.9 million tonnes grading 6% total graphitic content, and takes the overall resource at Orom-Cross to 43 million tonnes at 5.76TGC.
The Iyan resource incorporates assay results from 87 shallow drill holes completed to date and confirms Iyan as a high-tonnage, near-surface extension of the wider Northern Syncline graphite system.
The addition of Iyan materially increases the overall Orom-Cross resource base and confirms Orom-Cross as a multi-deposit, long-life, large-scale graphite project.
Further upside remains from ongoing drilling at the Beehive deposit, and of the overall licence area only around 2% has been drill tested to date.
“Today’s maiden Iyan JORC Mineral Resource is a major step forward for Orom-Cross,” said Blencowe Resources chairman, Cameron Pearce.
“It adds near-surface tonnes with strong continuity, lifting total JORC mineral resources to 43 million tonnes across Northern Syncline, Camp Lode and Iyan. Importantly, we are not done. Mineralisation remains open along strike and at depth, and Beehive results are now coming through, which we expect to incorporate into a future JORC update.”
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The market has come to expect strong results from Blencowe whenever it drills at Orom-Cross, which is partly why the shares have more than doubled in value over the past 12 months. These latest results do not disappoint, showing increased tonnage, a lengthy strike, continuity in metallurgy and further expanding the options open to the company when it does get down to mining. With results from Beehive pending too, Blencowe’s demonstration of the upside at Orom-Cross looks set to continue.