Blencowe Resources (LSE: BRES) has received an additional US$750,000 in grant funding from the US International Development Finance Corporation (DFC), bringing the total received under the US$5 million technical assistance grant to US$4.75 million. The final US$250,000 tranche will be disbursed upon completion of the Definitive Feasibility Study (DFS) for the company’s Orom-Cross graphite project in Uganda.
To unlock the latest tranche, Blencowe achieved key milestones, including the completion of all infill drilling aimed at increasing mineable reserves, and progress on key infrastructure works—both of which are integral to the DFS.
Independent geological consultant Minrom is set to deliver an updated JORC Resource once assay results are finalised. The upgraded resource is expected to extend the project’s life of mine and enable higher annual production and sales. Advancing inferred and indicated resources to measured resources and reserves is essential for inclusion in the DFS.
“This latest tranche of funding from the DFC brings us closer to unlocking significant value at Orom-Cross,” said Cameron Pearce, Executive Chairman of Blencowe. “Their continued support is a strong endorsement of the project’s potential and strategic importance. As the revised JORC Resource is finalised and the DFS completed, we are approaching a clear value inflection point.”
Key Milestones Delivered to Secure This Tranche:
· Completion of all infill drilling, to substantially increment the Mineable Reserves
· Completion of all infrastructure scope – power, roads, water, communications and camp
These milestones mark substantial progress in finalising the Definitive Feasibility Study (“DFS”).
Cameron Pearce, Executive Chairman commented:
“This latest tranche of funding from the DFC brings us closer to unlocking significant value at Orom-Cross. Their continued support is a strong endorsement of the project’s potential and strategic importance.”
“As the revised JORC Resource is finalised and the Definitive Feasibility Study completed, we are approaching a clear value inflection point.”
