Blencowe Resources PLC (LSE:BRES) has announced new drilling results from the Beehive Deposit at its Orom-Cross graphite project in Uganda.
The results from the first deep drill hole at the deposit have "exceeded all expectations" with over 92 metres of continuous graphite mineralisation from surface.
Describing the results as "exceptional", chair Cameron Pearce noted that the grades are strong, and 'clearly demonstrate the scale potential emerging at Beehive'.
The hole, L238B, returned 92.355 metres true width at 6.8% total graphitic carbon from surface to 120.6 metres. The intercept included higher-grade zones of 15.89 metres at 9.42% and 8.3 metres at 10.95%.
"We knew Beehive was shaping up as a promising system, however, the result from Hole L238B has exceeded all expectations," Pearce said.
"This result sits within a substantial drilling programme that has now been completed across Beehive and the nearby Iyan deposit ... The results from this programme are expected to materially expand the mineralised footprint and support an updated JORC Mineral Resource Estimate in due course."
The Blencowe chair noted that the firm's recent £3 milliion raise means the small-cap explorer is funded for its next phase.
"We are well capitalised as we move into 2026, placing us in a strong position to maintain momentum across drilling, resource growth, early project implementation and ongoing strategic engagement following the completion of an outstanding DFS," he added.
"We continue to see growing interest from potential offtake partners and expect these discussions to progress as the New Year unfolds."