14th Feb 2025 12:05
(Alliance News) - Blencowe Resources PLC on Friday said it continued to make progress on its 7,000 metre drilling programme underway at the Orom-Cross graphite project in Uganda.
The London-based mineral exploration and development company said it completed geotechnical drilling at Camp Lode with four holes drilled at 70 metres per hole.
Further, Ugandan mine inspectors and an EU representative visited Orom-Cross, evaluating the project's progress and potential funding support, the firm added.
Executive Chair Cameron Pearce said: "We continue to make strong progress with this drilling campaign, a critical final step in delivering an expanded definitive feasibility study for Orom-Cross. The infill drilling is expected to significantly upgrade our reserves, while the step-out drilling in the south presents an exciting opportunity to materially expand our overall Resource base. We are particularly eager to test a completely new deposit in this region, which, if successful, could further demonstrate the immense scale and potential of the graphite mineralisation at Orom-Cross which has previously been estimated at 2-3 billion tonnes."
On January 30, the company announced "significant" progress with Project Safeloop, an EU-led initiative under the EUR100 billion Horizon Europe programme focused on the EU's renewable energy transition.
"Safeloop aims to deliver a Gen3 lithium-ion battery for standardised electric vehicle buses, prioritising safety, recycling, and high performance. Blencowe is the exclusive supplier of natural flake graphite to the project," the company said.
Blencowe shares rose 5.0% to 4.10 pence each on Friday afternoon in London.
By Tom Budszus, Alliance News slot editor
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