Highlights

  • Second Stage 7 assay batch confirms thick, near-surface graphite mineralisation at the Iyan deposit
  • Multiple drill holes intersected more than 30 metres of graphite from surface, with several ending in mineralisation
  • Results are expected to contribute to an updated JORC resource estimate in Q1 2026

Blencowe Resources Plc (LSE:BRES) has released a second batch of assay results from its Stage 7 drilling programme at the Iyan deposit, part of the Orom-Cross Graphite Project in Uganda. The update follows analysis of 12 shallow drill holes and comes as the company continues work toward an updated JORC mineral resource estimate expected in Q1 2026. Blencowe shares were trading at GBX 7.57, down 0.41% on the day (6 February 2025), while remaining up 82.39% over the past year.

Shallow Drilling Confirms Near-Surface Graphite Mineralisation

The latest assay results cover shallow drill holes completed to depths of approximately 30 metres, targeting near-surface material rather than geological limits. Blencowe reported that graphite mineralisation was intersected from surface in most holes, with several drill holes ending in mineralisation, indicating potential continuity beyond the current drilling depth.

The Iyan deposit forms the western extension of the Northern Syncline graphite system and is being advanced as a bulk blending deposit, designed to support consistent near-surface feed for future mining operations. Previous deeper drilling at Iyan and the nearby Beehive deposit, extending to depths of approximately 100 metres, has already confirmed the continuation of mineralisation at depth.

Intercepts Highlight Thick Graphite Zones

Selected intercepts from the latest batch include 31.20 metres at 6.84% Total Graphitic Carbon (TGC) in hole NSDD-L705 and 30.20 metres at 7.55% TGC in hole NSDD-L707, both from surface and both ending in mineralisation. Additional holes returned similar thicknesses and grades, reinforcing the presence of laterally continuous graphite zones close to surface.

Within the broader bulk mineralisation, repeated higher-grade intervals were identified, supporting mine planning strategies that incorporate blending flexibility and grade management across the Orom-Cross system.

JORC Update and Beehive Results Pending

Blencowe confirmed that the newly received assay data has been submitted to independent geological consultants Minrom for validation. Further assay batches are expected to be reported progressively and incorporated into an updated JORC resource estimate scheduled for Q1 2026.

At the nearby Beehive deposit, the company has completed more than 100 shallow drill holes to approximately 30 metres, with assay results pending. Earlier deep drilling at Beehive returned higher-grade graphite at depth, and results from the shallow programme are expected to be released in batches.

Blencowe Resources continues to advance drilling and resource definition at the Orom-Cross Graphite Project, with recent results reinforcing the scale and continuity of near-surface graphite at Iyan. As additional assays are processed and Beehive results are released, the company remains focused on progressing toward an updated resource estimate and supporting longer-term mine planning activities.

FAQs

What is the Iyan deposit?
The Iyan deposit is part of Blencowe’s Orom-Cross Graphite Project in Uganda and represents the western extension of the Northern Syncline graphite system.

Why is shallow drilling important for the project?
Shallow drilling helps define near-surface mineralisation, which is relevant for mine planning, bulk blending strategies, and potential production efficiencies.

When is the next resource update expected?
Blencowe expects to release an updated JORC-compliant mineral resource estimate in Q1 2026, incorporating recent drilling results.