London-listed Blencowe Resources has reported that the first assay returned from one of six deep holes drilled during the Stage 7 programme at the Orom-Cross project has confirmed substantial high-grade graphite mineralisation, with near-continuous graphite identified from close to surface to about 100 m at the newly identified Iyan deposit, in Uganda.

Iyan is located immediately beside the Northern Syncline and does not form part of the current Joint Ore Reserves Committee- (Jorc-) compliant resource reported in November, the company explained.

According to Blencowe, the continuity and grades recorded in the first deep hole indicate the potential for a material expansion of future resource estimates. The company added that the hole remains open at depth, showing that the mineralised system extends beyond the limits of current drilling.

The Iyan result is the first of three deep holes drilled in this newly identified area. Assays for the remaining Iyan deep holes, as well as three deep holes drilled at the Beehive deposit, are still pending.

Blencowe noted that further assays are also outstanding from 186 additional holes completed across extensions, step-outs and shallow drilling within the broader Stage 7 programme.

The first deep hole at Iyan, designated L909B, recorded continuous graphite from 4 m below surface to the end of the hole at roughly 100 m. Reported intervals included 18.85 m at 7.01% total graphite content from 4 m to 32.7 m, 29.47 m at 5.34% total graphite content from 32.7 m to 62.2 m, and 10.88 m at 5.10% total graphite content from 62.2 m to 73.1 m.

The company stated that the hole ended while still within mineralisation, demonstrating depth continuity and the potential for a larger system below the current drilling limit.

Blencowe said the results confirm Iyan as a new deposit that lies directly beside the Northern Syncline. The company stated that mineralisation at Iyan is interpreted as the western continuation of the Northern Syncline and that the location offers operational synergies, including access to the nearby proposed plant site. Because Iyan is not included in the current Jorc resource, the company said all mineralisation reported represents direct upside.

Blencowe explained that the data from Iyan and Beehive would be incorporated into updated geological models alongside the ongoing shallow drilling information. The company expects the full Stage 7 dataset to support an updated resource estimate in early 2026.

"These preliminary results from our first deep hole at Iyan have exceeded expectations, both in the exceptionally long intersections and the consistently higher grades returned.

“The picture emerging at Iyan is of a continuous orebody extending from surface to around 100 m, and we were still in graphite when drilling stopped so its full depth is yet to be defined,” Blencowe executive chairperson Cameron Pearce said on December 12.

He explained that Iyan was a newly identified deposit, named in recognition of local communities, and that it represented a significant addition to the company’s resource potential.

Together with the Beehive deposit, the two new zones sit alongside Northern Syncline and Camp Lode within the company’s 21-year mining licence and close to the proposed plant site.

"External geological estimates of two-billion to three-billion tonnes for Orom-Cross are further supported by these deep-hole results and reinforce the long-term scale of the project as we move toward first production.

“Over half of the Stage 7 programme comprises shallow holes at Iyan and Beehive. These new deposits have the potential to materially expand our resource base and may justify another Jorc resource upgrade in the first quarter of 2026,” Pearce said.

He added that Orom-Cross was emerging as one of the most significant graphite deposits globally, with the latest results serving to strengthen Blencowe’s discussions with strategic parties seeking secure, multi-decade supply.