TIDMBZT
RNS Number : 2464G
Bezant Resources PLC
24 November 2020
24 November 2020
Bezant Resources Plc
("Bezant" or the "Company")
Exploration Drilling Progress and licence update
at the Hope Copper-Gold Project, Namibia
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to announce the initial results for its
drilling programmes, as well as positive tenure update news, from
the Hope Copper-Gold Project in Namibia (the "Project").
Highlights
-- Drilling of two holes has been completed at the Gorob-Vendome
prospect aimed at confirming reported copper intervals within the
previously delineated mineral resource and to provide core samples
for gold testing and copper verification
-- Both holes intersected the copper zone, with a 6-metre zone
of indicated copper mineralisation logged in hole GOD002 from 172m
to 178m depth
-- Drill core will be sampled and assayed for copper, gold and other associated minerals
-- The drill rig has now moved to the Hope deposit to test an EM
anomaly target north of the main deposit
-- Renewal of Exclusive Prospecting Licence ("EPL") 5796 owned
by the group's 70% subsidiary Hope and Gorob Mining Pty Ltd
covering the Hope and Gorob prospects has been confirmed by the
Namibian authorities for a two-year period to 19 October 2022
Colin Bird, Executive Chairman of Bezant, commented :
" This is a promising start to our exploration and drilling
programme at the Hope/Gorob Copper-Gold project. The physical
inspection of the newly drilled core at the Gorob prospect
indicates well-developed copper mineralisation at the anticipated
depths to be confirmed by assay. We are continuing with the
programme to test other targets near the Hope deposit and we will
shortly be updating our website with photogra phs from site. Copper
prices continue to increase with reports on scarcity on new
projects and increasing demand due to the EV global acceleration
production. "
Exploration Update
Pictures 1 to 8 which can be viewed by clicking this link show
drilling core from GOD001 and GOD002, detailed logging and sample
demarcation, core marking, mineralised quartzite from the site and
mapping.
http://www.rns-pdf.londonstockexchange.com/rns/2464G_1-2020-11-23.pdf
A contract was signed with a Namibian contractor for up to 1200m
of diamond drilling at both the Gorob and Hope projects and
drilling commenced early this month. The two planned vertical
holes, GOD001 and GOD002, were successfully completed for a total
of 342m advance and the rig has now moved to the Hope prospect to
test a ground EM target located to the north of the main
deposit.
The Gorob holes were laid out to confirm previously reported
copper intervals and to provide fresh drill core to permit gold
assaying which was not systematically carried out during earlier
drill programmes. Core logging in GOD001 showed that the hole
passed through the mineralised schist horizon from 127m to 148.42m
depth, with strong copper sulphides occurring from 137m to 140m.
Hole GOD002 intersected strongly developed copper mineralization
from 172m to 178m depth, with weaker disseminated sulphides above
this zone.
The core will now be logged, sampled and dispatched for analysis
for copper, gold and associated minerals, with results reported
once they are received. These results can then be utilised in a
future resource update for the Gorob deposit, with the potential to
enhance the current resource.
Exploration Licence Renewal
The Company has received notification that the Namibian Ministry
of Mines and Energy has granted renewal of EPL 5796 for a two-year
period from 20(th) October 2020. This licence covers the Hope and
Gorob-Vendome project areas where exploration start-up is under
way, as well as several other copper-gold discoveries on the
property.
Hope Project Background
As previously announced the Hope Copper-Gold Project comprises
three exploration licences, EPL5796 (345 km(2) ), EPL6605 (579
km(2) ) and EPL7170 under application (310 km(2) ) covering over
1,200 km(2) of the Matchless Copper Belt within the stable, safe
and mining friendly jurisdiction of Namibia . This Belt hosts
multiple high-grade copper-gold Besshi Type massive sulphide
deposits, such as the historically mined Otjihase Copper deposit
(>16Mt @ 2.2% Cu & 1.2g/t Au) to the northeast of the Hope
property.
The Bezant project area contains a series of copper deposits, of
which three (Hope, Gorob-Vendome and Anomaly) make up the combined
Indicated and Inferred Mineral Resource of 10.2Mt @ 1.9% Cu and
0.3g/t Au at a 0.7% Cu cut-off, reported in accordance with the
JORC Code (2012). The Hope deposit itself has an Indicated Mineral
Resource of 3.09Mt @ 2.53% Cu and 0.84g/t Au at a 0.7% Cu cut-off.
Historic drill intersections include 23.31m @ 1.59% Cu &
0.23g/t Au from 464.09m, including 9.68m @ 3.18% Cu & 0.42g/t
Au from 477.17m (hole HDD82) and 10.12m @ 5.72% Cu & 0.56g/t Au
from 525.57m (hole HDD91). Gold is an important accompanying
mineral to the copper deposits of the Matchless Belt. This was not
always recognised previously, leaving scope for adding value to
many of the prospects along the Belt, including Gorob-Vendome. Most
of the drill holes at the Gorob-Vendome deposit are from older
programmes (late 70's and early 80's) and were not assayed for
gold. The lack of gold assay information within the copper zone may
have resulted in the gold grade of that portion of the Mineral
Resource being underestimated.
Metal recovery during previous ore processing tests was
excellent. Metallurgical test work at the Hope project indicated
recoveries of 96% Cu and 84% Au to a 28% Cu grade concentrate via
conventional flotation.
Apart from extensions to the known deposits, further strong
exploration potential is recognised along the substantial strike
continuation within the Bezant property, as much of the prospective
ground has never been tested by EM geophysical surveying which is
the most effective method of identifying buried massive
sulphides.
Technical Sign-Off
Technical information in this announcement has been reviewed by
Edward (Ed) Slowey, BSc, PGeo, Technical Director of Bezant. Mr
Slowey is a graduate geologist with more than 40 years' relevant
experience in mineral exploration and mining, a founder member of
the Institute of Geologists of Ireland and is a Qualified Person
under the AIM rules. Mr Slowey has reviewed and approved this
announcement.
For further information, please contact:
Bezant Resources Plc
Colin Bird
Executive Chairman +27 726 118 724
Beaumont Cornish (Nominated Adviser)
Roland Cornish +44 (0) 020 7628 3396
Novum Securities Limited (Broker)
Jon Belliss +44 (0) 20 7399 9400
or visit http://www.bezantresources.com
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Glossary
A 'Mineral Resource' is a concentration or occurrence of solid
material of economic interest in or on the Earth's crust in such
form, grade (or quality), and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from
specific geological evidence and knowledge, including sampling.
Mineral Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated and Measured
categories.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which quantity, grade (or quality), densities, shape
and physical characteristics are estimated with sufficient
confidence to allow the application of Modifying Factors in
sufficient detail to support mine planning and evaluation of the
economic viability of the deposit.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which quantity and grade (or quality) are estimated on
the basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade
(or quality) continuity. It is based on exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill
holes.
"Au" Gold
"Cu" Copper
"Mt" million tonnes
"kt" thousand tonnes
"g/t" grams a tonne
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