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DFS Update

11 Dec 2023 07:00

RNS Number : 2576W
Blencowe Resources PLC
11 December 2023
 

Date: 11 December 2023 Blencowe Resources

 

Orom-Cross Graphite Project Continues Progress on DFS Components

Project works continue towards staged DFC Milestone compliance

 

Highlights:

· Blencowe has successfully completed the excavational and preparation for export of an additional 600 tonne bulk sample from Orom-Cross.

· Test work nearing completion on environmentally sustainable tailings disposal options.

· Expandability test work completed by leading Chinese graphite laboratory at Wuhan University.

· Further test work on expandability nearing completion by a leading US graphite producer.

 

Blencowe Resources Plc ("Blencowe" or the "Company"), is pleased to provide an update of the progress of significant works currently underway across four continents as part of the DFS for its Orom-Cross graphite project in Northern Uganda. Test work is currently nearing completion on a number of phases critical for the meeting of staged milestone payments from the DFC and also for additional discussions with potential off-take firms, specifically for the large flake product generated by the project.

Blencowe has progressed the excavation and packaging of an additional 600 tonne bulk sample for processing at the Jilian New Technology ("Jilian") pilot plant facility in China. This is over and above the initial 100 tonne bulk sample that was successfully processed by Jilian earlier in the year. This larger sample will be used to confirm consistency of end products delivered via commercial scale processing and it will also provide larger quantities of tailings for test work on environmentally friendly tailings disposal. In addition it will also provide larger scale bulk samples of concentrates for SPG testing. These will be used to confirm the downstream options for the project and provide larger samples of several tonnes to various tier one potential battery off-takers who have requested same for commercial quality testing.

Tailings test work is nearing completion at IMO in Western Australia in line with the Company's philosophy to be one of the greenest graphite producers worldwide. Test work completed to date has shown that the Company can remove up to 80% of the sulphur in the tailings and achieve significant benefits with drying the tailings and removal of acid drainage and wet tailings disposal. With the substantial advantage of powering the entire mining operation via hydro-energy from the Ugandan national grid Blencowe wants to go even further in its quest for maximum sustainability, as top ESG credentials will be a major advantage ahead as well as a key differentiator to most other graphite projects that cannot match this.

Expandability test work on the large flake from the Orom-Cross concentrate has again demonstrated the high quality and purity of the Orom-Cross graphite from all the laboratories which have indicated expansion volumes at the higher ends of industry average for moderate dosages of oxidant and acid wash. This coupled with the quality of the fines concentrate confirms overall highest quality and purity of the Orom-Cross end product in all graphite market segments. This will bode well for offtake contracts and sales volumes.

Blencowe is now proceeding with additional metallurgical test work for other specialised market segments and to consider downstream processing as part of an enhanced value-add strategy for the project. More will be announced on this as detailed work progresses ahead.

All of the work items noted above are key actions within the US$5 million Grant Agreement signed with the Development Finance Corporation ("DFC"), and completion of these milestones will unlock the next tranches of funding.

 

Executive Chairman Cameron Pearce commented:

"Blencowe is making progress on all parts of the Definitive Feasibility Study with key actions currently underway in Uganda, China, Australia and the United States respectively. We are very pleased with all results to date and we will continue to add value to this world class project."

Mr Pearce added "Orom-Cross is one of the few graphite projects worldwide with the critical three inflection point factors all in play together, being lowest percentile capital cost, lowest percentile operating cost and highest purity of end products. Not many other graphite projects have all of these together and any one of them out of sync creates big problems. Add to this a very sustainable project with significant ESG advantages and Orom-Cross becomes almost unique. These are what will ultimately allow Blencowe to secure offtake contracts, fund the project, and bring Orom-Cross into production once we have completed the DFS. Our feasibility study continues to highlight these advantages and we will use them to showcase the quality of the asset that we are developing."

 

 

For further information please contact:

 

 Blencowe Resources Plc

 Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

 

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Financial

Jonathan Evans

Tel: +44 (0)20 3192 1733

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

 

 

 

Twitter https://twitter.com/BlencoweRes

LinkedIn https://www.linkedin.com/company/72382491/admin/

 

 

Background

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is now in the Definitive Feasibility Study phase shortly as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

 

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UPDEAFAEFLFDFAA
Date   Source Headline
14th Jun 20247:00 amRNSHalf-year Report
10th Jun 20247:00 amRNSFirst offtake for 15,000 tonnes
3rd Jun 20247:00 amRNSCorporate Presentation Updated
28th May 20249:00 amRNSCEO Video Interview
15th Apr 20247:00 amRNSBulk Sample Update
10th Apr 20247:00 amRNSReceipt of Third Tranche from DFC
26th Feb 20248:52 amRNSResult of AGM
9th Feb 20247:00 amRNSSubscription & Conditional Subscription - Replace
6th Feb 20247:00 amRNSSubscription & Conditional Subscription
31st Jan 20247:00 amRNSAnnual Financial Report
29th Jan 20247:00 amRNSDFC LOI Regarding Project Financing
25th Jan 20247:00 amRNSReceipt of further $1m Tranche from the DFC
2nd Jan 20247:00 amRNSProject Update
11th Dec 20237:00 amRNSDFS Update
30th Oct 20237:00 amRNSSPG Test Work Completed
10th Oct 202312:16 pmRNSReceipt of $1m Grant First Tranche from DFC
22nd Sep 20237:05 amRNSCorporate Presentation
22nd Sep 20237:00 amRNSDFC Grant Completed
4th Sep 20237:00 amRNSBulk Sampling Completed
23rd Aug 20237:16 amRNSHolding(s) in Company
14th Aug 20237:57 amRNSBulk Sampling Update & China Visit
18th Jul 20237:00 amRNSWarrants Update
22nd Jun 20231:49 pmRNSCEO Interview
19th Jun 20237:00 amRNSMetallurgical test work results
2nd Jun 20237:00 amRNSHalf-year Report
24th May 20238:59 amRNSHolding(s) in Company
18th May 20237:46 amRNSPlacing to Raise £635,000
9th May 20237:00 amRNSWebinar Today
2nd May 20237:11 amRNSInvestor Webinar & Updated Presentation
27th Apr 20233:22 pmRNSStrategic Funding Partner for Orom-Cross
18th Apr 20237:00 amRNSWarrant Expiry Extension
2nd Mar 20237:49 amRNSResearch Note
27th Feb 20237:00 amRNSBulk Sampling Complete
15th Feb 202310:17 amRNSResult of AGM
23rd Jan 20237:00 amRNSAppointment of Leading Engineering Firm to DFS
16th Jan 20237:00 amRNSFinal Metallurgical Testing Programs
13th Jan 20237:00 amRNSAnnual Results 30 September 2022 & Notice of AGM
11th Jan 20234:40 pmRNSSecond Price Monitoring Extn
11th Jan 20234:35 pmRNSPrice Monitoring Extension
11th Jan 20237:00 amRNSExport Approval for Bulk Samples
6th Dec 20227:00 amRNSMetallurgical Test Work Update
17th Nov 20229:00 amRNSPrice Monitoring Extension
27th Oct 202211:10 amRNSIssue of Options
26th Oct 20227:00 amRNSStrategic Investment
24th Oct 20224:41 pmRNSSecond Price Monitoring Extn
24th Oct 20224:36 pmRNSPrice Monitoring Extension
6th Oct 202212:45 pmRNSWebinar Call
3rd Oct 20229:06 amRNSSecond Price Monitoring Extn
3rd Oct 20229:00 amRNSPrice Monitoring Extension
3rd Oct 20227:00 amRNSStrategic Party

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