Blencowe Resources PLC (LSE:BRES) has boosted the resource at its Orom-Cross graphite project in Uganda by 50% to 24.5mln tonnes of ore grading 6% total graphite content (TGC).
The resource is sufficient to cover the first 15 years of mine life.
Some areas show significantly higher grades, including recent holes that intercepted 11 metres at 9.73% TGC, and five metres at 10.3% TGC.
As a result, modelling has confirmed the robustness of the two higher grade zones within the main Northern Syncline deposit which surround a zone of medium grade graphite.
The measured, indicated and inferred resources commence from surface outcrop to the depth of current drilling at 30 metres, and the orebody remains open below this.
Blencowe is looking at options to deliver green graphite products using renewable energy and other sustainable components.
Meanwhile, work on the pre-feasibility study is ongoing, including on infrastructure, energy, roads, water, tailings, logistics, sales and marketing, and plant and camp design. The study should be complete in mid-2022.
Separately, specialist mining investors RAB Capital is investing £800,000 to become largest shareholder in Blencowe via the issue of 16mln shares to be issued at 5p.
RAB will also receive one warrant per two placing shares, exercisable at 8p for three years from admission. The money raised will be used to fast-track the pre-feasibility study, and to help initiate exploration work at the Akelikongo nickel project.