24th Feb 2026 18:06
(Alliance News) - Blencowe Resources on Tuesday said it has completed the assays at its Iyam graphite deposit, and as such expects to release the maiden Joint Ore Resource Committee estimate "shortly".
The stage seven drillings, the final batch at the Iyam deposit of the company's Orom-Cross project in Uganda, provided the last required data for the estimate and "continue to exceed expectations", the company said.
The London-based natural resources company said it made multiple intercepts exceeding 30 metres and that the site will be developed as a bulk-blending deposit, supporting low-strip mining.
Results of testing from the drillings "support near-term resource growth, larger-scale development and ongoing funding and offtake discussions", it added.
The Jorc estimate for the Iyam deposit is expected before the end of the first quarter of 2026.
Executive Chair Cameron Pearce said: "These further great results from Iyan continue to exceed our expectations. We are seeing thick graphite from surface, strong grades, and excellent consistency across the deposit, which is exactly what we need as we build scale at Orom-Cross.
"With the maiden Iyan JORC estimate now imminent, these results clearly demonstrate the size and quality of the resource. This is particularly important as we progress funding discussions, as it reinforces the long-life, large-scale development potential of Orom-Cross...Importantly, we still have significant upside ahead. Many holes continue to end in mineralisation, and Beehive drilling results remain to come, which we expect will further strengthen the overall resource base."
Blencowe shares closed up 1.4% at 9.84 pence each on Tuesday in London.
By Martin Miraglia, Alliance News reporter
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