Blencowe Resources (AIM:BRES) said that its first diamond drill hole drilled at its Orom-Cross graphite project in Northern Uganda has returned visible high-grade graphite.
A single diamond drill hole was drilled to a depth of 30m to test both the weathered zone and possible graphite mineralisation as part of a JORC Resource diamond drilling program.
The natural resources-focused exploration company said the hole returned visible high grade graphite over 28m of 30m of intersection, with weathering extending to the base of the hole.
Based on prior samples taken in this particular area, the expectation is to receive grades of up to double the 6-8% average Orom-Cross grade.
The company’s geologists also identified zones of large to jumbo flakes in the core which has now been sampled and is being prepared for dispatch to assay laboratories in Tanzania.
Shares in Blencowe Resources closed at 7.25p on Monday afternoon.
Blencowe has now authorised the redirection of a drill rig to complete a 9-15 hole program to delineate the Lode after confirming the high-grade zone to be in close proximity to the intended plant location.
The group said this will occur following the completion of the current drill program and within the current budgeted numbers.
“We are very enthusiastic to note the potential of this new high-grade zone based on visual inspection,” said Cameron Pearce, Executive Chairman of Blencowe Resources.
“We look forward to receiving the assay results and in the meantime, we are going to escalate the drill programme in the vicinity to identify the extent of this zone,” he commented.
He added, “This additional high grade zone would add material value to the overall project and we look forward to reporting further on the drilling and assays in due course.”
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