Blencowe Resources (BRES ) has released assay results from the latest round of shallow drilling at the Iyan deposit, one of the two new deposits recently discovered at the Company's Orom-Cross graphite project in Uganda.
The Iyan deposit is the western extension of the Northern Syncline graphite system.
As part of the Stage 7 drilling programme Blencowe completed 72 shallow drill holes at Iyan, designed to test the continuity, thickness and near-surface extent of graphite mineralisation across the deposit.
This drilling was designed to define near-surface, bulk mineable graphite mineralisation. The majority of reported holes intersected graphite mineralisation from near surface to end-of-hole, with many holes ending in mineralisation, highlighting clear potential for continuation below the current drilling depth.
This continuation was underlined by the results as previously reported for the deeper holes completed at Iyan which indicated strong mineralisation all the way to 100 metres.
Initial results from the first 15 of the 72 shallow holes drilled confirm thick, continuous near-surface graphite mineralisation at Iyan.
The results confirm the existence of a laterally continuous graphite system well suited to bulk, low-strip mining. The average grades are consistent with assumptions made in the definitive feasibility study, with multiple higher-grade zones within bulk mineralisation.
Further assay results are expected shortly.
Among the highlights were 30.27 metres grading 6.27% total graphitic content, 31.2 metres grading 6.84% TGC, and 30.2 metres grading 7.55% TGC.
The Iyan deposit has a currently identified strike length of approximately 1,800 metres, with drilling and supporting geophysical interpretation indicating potential extensions of between 200 metres and 300 metres to the south and 100 metres and 200 metres to the west.
"We are seeing even the Orom-Cross's bulk-tonnage mineralisation deposits delivering multiple higher-grade zones, which is a standout characteristic for a graphite project of this scale and consistency,” said Blencowe Resources’ executive chairman, Cameron Pearce.
“These initial Iyan results reinforce the underlying quality of the Orom-Cross asset and its suitability for long-life, low-cost production. The shallow drilling programme was deliberately designed to test near-surface continuity rather than depth, yet as with our Beehive deposit many holes still ended in mineralisation, clearly highlighting upside beyond the current drilling limit. The exceptional results in all of the six deep holes we drilled underline the massive potential for depth extensions across the system, which could contribute to additional resources and further extension of mine life as the geological limits to this project continue to be evaluated."
View from Vox
Orom-Cross is the graphite project that just keeps on giving, and with more assays yet to come from this shallow drilling campaign, it will be interesting to see how good it really gets. The mine life already stretches out far into the future, the grades are good, and there’s mineralisation all over the place. An economic model has been clearly laid out, and potential buyers are lining up for the product. Not surprising then that Blencowe’s shares have doubled in the past 12 months or so. The direction of travel is clear.