Blencowe Resou. Share News (BRES)

(Sharecast News) - Blencowe Resources updated the market further on its ongoing JORC resource diamond drilling programme at the Orom-Cross Graphite Project in Northern Uganda on Wednesday, reporting that a "highly prospective" high-grade zone had now been outlined about 250 metres from the current exploration camp site.
The London-listed firm said that followed a review and remodelling of geophysical survey programme data acquired earlier in the year, as well as historical pitting and drill results.

It said the identification of the new high-grade zone, which was also in close proximity to the intended plant location, had the potential to lower operating costs, as well as deliver additional economic benefits for the overall project.

Following the lifting of travel restrictions as a result of Covid-19, the company was now mobilising drill teams to the site to restart the previously-described broader drilling programme.

It added that it had now authorised the redirection of a drill rig to test the zone with a single drill hole.

That hole was subsequently expected to be completed within the next 10 days, and would be reported on in due course along with additional drilling results.

"Blencowe is looking at all ways possible to continuously add value to the Orom-Cross Project and the identification of this high-grade cone near to infrastructure is further indication of this," said executive chairman Cameron Pearce.

"We will complete initial confirmatory drilling on this first hole shortly and if the results are positive we will consider how best to include this zone into the overall JORC resource programme that is underway."

At 1232 BST, shares in Blencowe Resources were up 8.24% at 9.2p.