Blencowe Resources PLC - developing Orom-Cross jumbo flake graphite project in Uganda - Says a 69-hole diamond drill programme completed, with initial results looking positive. These include discovery of new high-grade lode of graphite. Drilling was done within original budget and is expected to boost the overall JORC resource estimate. The drilling programme also reconfirms the company's belief that the majority of the Orom-Cross deposit contains larger flake size graphite, which commands a premium in terms of pricing per tonne. Logging of core has been completed, and samples are in transit to JORC-accredited labs in Tanzania, Blencowe says. In parallel to the samples sent to Tanzania, samples will be sent to Canada for metallurgical testing.
Current stock price: 5.61 pence
Year-to-date change: down 30%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Blencowe Resou. (BRES)