Blencowe Resources PLC (LSE:BRES) said it has already started exploration work on the Akelikongo nickel project that it acquired last month.
The nickel sulphide and copper project is located near to Blencowe’s existing Orom-Cross project in northern Uganda and was previously jointly owned by Rio Tinto PLC (LSE:RIO) and ASX-listed Sipa Resources Ltd (ASX:SRI).
As part of the programme for Akelikongo, Blencowe's geologists have started a detailed re-analysis of the existing database, which contains about US$15mln (£11mln) worth of work carried out by Sipa and Rio Tinto, to help target additional exploration work.
Blencowe will also focus on a substantial electromagnetic (EM) programme to identify new drilling targets.
"Our team has hit the ground running on Akelikongo and work has already commenced to plan the necessary airborne and other surveys to identify new drill target,” said executive chairman Cameron Pearce.
“Akelikongo is a highly prospective nickel sulphide deposit and previous drilling has already identified three impressive zones of mineralisation over approximately 800 meters. Our intention is to test for expansions to this system as it is open everywhere.
“Nickel is in high demand and prices are at record levels, hence a substantial new nickel sulphide resource ahead would add considerable value to the company," Pearce said.