Highlights:

  • Initial assays confirm continuous near-surface graphite mineralisation over 30 metres at Iyan.
  • Multiple higher-grade zones within bulk mineralisation provide flexibility for mining and processing.
  • Iyan deposit extends over 1,800 metres with potential strike extensions, supporting resource growth.

Blencowe Resources PLC (LSE:BRES) shares currently trade at GBX 8.05, down 2.42% as of 2 February 2026, yet have gained 89.41% over the past year. The shares fell despite a positive update on the latest assay results from its ongoing drilling program at the Iyan deposit, part of the Orom-Cross graphite project in Uganda. The recent shallow drilling results demonstrate significant graphite mineralisation, supporting potential near-surface resource expansion and advancing Blencowe’s funding discussions.

Shallow Drilling Confirms Thick, Continuous Mineralisation

Initial assay results from 15 of 72 shallow drill holes at the Iyan deposit reveal thick and consistent near-surface graphite mineralisation. Most holes intersected mineralisation throughout their planned depth of around 30 metres, with many ending in mineralised rock, indicating mineralisation likely extends beyond the current drilling depth. This confirms the lateral continuity of the deposit and its suitability for bulk, low-strip mining methods.

High-Quality Bulk Results with Higher-Grade Zones

The drilling outcomes align with Blencowe’s Definitive Feasibility Study (DFS) assumptions, showing average graphite grades consistent with prior estimates. Importantly, multiple higher-grade zones were identified within the broader bulk mineralisation. Selected drill holes reported intercepts exceeding 30 metres of continuous mineralisation, such as 31.20 metres at 6.84% Total Graphitic Carbon (TGC) and 30.20 metres at 7.55% TGC, with some intervals reaching over 11% TGC.

Resource Growth Prospects and Strategic Funding Progress

The Iyan deposit has been mapped over a strike length of approximately 1,800 metres, with geological and geophysical data suggesting extensions of 200 to 300 metres southwards and 100 to 200 metres westwards. Blencowe is progressing funding discussions in parallel with the drilling program to support further resource growth. Additional assay results are pending and will be independently validated, aiding an updated resource estimate that will provide more clarity on the project’s scale and development timeline.