Blencowe Resources Plc (LSE:BRES) has reported encouraging new drilling results from the Iyan deposit, located adjacent to the Northern Syncline area within its Orom-Cross graphite project in Uganda. Recent deep drilling has identified thick, continuous graphite mineralisation, including high-grade zones that point to production potential extending well beyond the 15-year mine life outlined in the project’s definitive feasibility study.
The company said the latest results support the case for multi-decade graphite production, significantly enhancing the overall scale of the Orom-Cross project. In addition, assay results from 186 shallow and step-out drill holes are still pending, with an upgraded JORC-compliant resource estimate expected in early 2026. This update could further strengthen the project’s strategic importance in global graphite supply chains.
Despite the positive exploration progress, Blencowe continues to face financial and operational challenges. The company currently has no revenue and remains loss-making, with negative cash flows weighing on overall sentiment. While recent funding activity and strategic partnerships offer some support for longer-term development, near-term financial constraints and bearish technical indicators continue to dominate the outlook.
More about Blencowe Resources Plc
Blencowe Resources Plc is a mining exploration and development company focused on graphite. Its flagship asset is the Orom-Cross graphite project in northern Uganda, which is being advanced as a potential long-life source of graphite for international markets seeking secure and strategic supply.
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