Akelikongo Nickel Project Exploration Programme Gets Underway

 Planned work as per Phase One expenditure as part of recent Akelikongo acquisition

21 March 2022                 
Blencowe Resources Plc
(“Blencowe” or the “Company“)
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Highlights

  • Blencowe acquired Akelikongo nickel project in February 2022; this is a highly prospective nickel sulphide tenement near to existing Orom-Cross graphite project
  • Exploration program for Akelikongo is underway; this includes re-analysis of existing database from previous work (US$15m spent to date by previous owners Sipa Resources and Rio Tinto) to consider all geochemical samples and previous drilling information
  • Focus will be on a substantial electromagnetic (“EM”) program to identify new drilling targets

As part of the planned exploration program for the Akelikongo Project, Blencowe’s geologists have commenced a detailed re-analysis of the Akelikongo exploration database to assist in targeting of additional exploration works.

This review is focussed on both a re-assessment of geochemical soil samples and drillhole logs to identify additional target areas for deep program IP to outline additional orebodies, as well as highlighting target holes for a down-hole EM program to identify extensions of the existing lenses.

Since acquiring farm-in rights the company has been actively securing proposals from geophysical consultants for a low-level, high-density airborne EM survey of the lease to identify additional drill target zones. The Company is working closely with the Ugandan Directorate of Geological Survey and Mines (DGSM) for a modified work program approval to allow the planned exploration activities to proceed. The Company is currently preparing geologists for the fieldwork to complete the planned exploration programs which are expected to commence at the end of the regional wet season in late May.

 This program above fits neatly into the consideration milestones that have been set for Blencowe to earn into the project.

Cameron Pearce, Blencowe’s Executive Chairman commented;

“Our team has hit the ground running on Akelikongo and work has already commenced to plan the necessary airborne and other surveys to identify new drill targets.

He added “Akelikongo is a highly prospective nickel sulphide deposit and previous drilling has already identified three impressive zones of mineralisation over approximately 800 meters.  Our intention is to test for expansions to this system as it is open everywhere.  Nickel is in high demand and prices are at record levels, hence a substantial new nickel sulphide resource ahead would add considerable value to the Company.”

For further information, please contact:

Blencowe Resources

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0) 1624 681 250

[email protected]

Investor Enquiries

Sasha Sethi

Tel: +44 (0) 7891 677 441

[email protected]

Tavira Securities Limited

Jonathan Evans

Tel: +44 (0)20 7330 5000

[email protected]

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

[email protected]

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 coarse 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 moving through the Feasibility Study phase as it drives towards first production targeted for 2023.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 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.

Akelikongo Nickel Project

Akelikongo is a highly prospective nickel sulphide exploration project that has previously had considerable work completed by Rio Tinto and Sipa to establish three mineralised lenses to date.  It represents an opportunity for Blencowe to add further value through a targeted work programme that will seek to delineate higher grade and thicker intercepts of nickel.

Nickel sulphide deposits are rare and valuable and the prospect of further exploration success gives Blencowe suitable incentive to develop this asset under a structured earn-in agreement, whereby 100% of the asset can ultimately be acquired for US$1.5m, all payable in shares.