TIDMBZT
RNS Number : 6037L
Bezant Resources PLC
14 January 2021
14 January 2021
Bezant Resources Plc
("Bezant" or the "Company")
Exploration Drilling and Analytical Results
at the Hope Copper-Gold Project, Namibia
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to announce results for its recent drilling
programme at the Hope Copper-Gold Project in Namibia (the
"Project").
Highlights
-- Assaying of samples from the two diamond drill holes
completed by Bezant at the Gorob-Vendome massive sulphide deposit
has indicated continuity of copper-gold mineralisation within the
Inferred Mineral Resource envelope.
-- Downhole assay intervals best results include 3.57m @ an
average 4.36% Cu, 0.64g/t Au in hole GOD-001 and 3.0m @ an average
2.18% Cu, 0.26% Au in hole GOD-002 within a wider zone of
copper-gold mineralisation.
-- Accompanying gold values in the Bezant holes support
management's belief that the gold content could be higher than
previously reported in the Gorob-Vendome Inferred Mineral Resource
estimate and could add considerable value to the project; very
limited gold assaying was carried out in the historic drill
holes.
-- The new results will be incorporated into the Company's
internal valuation studies and into future revised resource
estimates.
-- Two diamond drill holes designed to test a NSAMT anomaly at
Hope North intersected cavities and did not intersect any base
metal mineralisation , confirming management's suspicion that the
source is most likely to be saline water.
-- Bezant is now planning for exploration along the 130km strike
extent of the Hope/Matchless Copper Belt, including airborne
geophysical surveying to see through the overburden cover which has
hidden much of the Belt from previous explorers.
Colin Bird, Executive Chairman of Bezant, commented :
"The result of this initial programme achieved the objective of
confirming our assertion that gold should be present at the
Gorob-Vendome deposit since it is present at the Hope project. Both
copper and gold values were pleasing and we will obviously
internally rework the valuation of Gorob based on the new results.
This result has provided us with increased motivation to test the
130km of strike under license and this will be carried out by a
heli-airborne survey during this first quarter.
We are currently planning our initial reconnaissance holes for
the manganese project in southern Botswana. Again, we are intending
to start drilling in the first quarter."
Exploration Update
Four diamond drill holes totalling 645 metres were completed
during November 2020, two each at the Gorob-Vendome and Hope North
targets. The Gorob-Vendome holes were planned to increase
confidence in the geology and mineral intercepts reported in the
historic drilling and specifically to provide information on the
gold grades associated with the copper-bearing massive sulphides.
Little gold assaying was carried out on drill core from the earlier
holes used in the current Inferred Mineral Resource at
Gorob-Vendome, therefore it was interpreted that it might not
reflect potentially important gold credits.
At the Gorob-Vendome massive sulphide deposit, the two vertical
Bezant holes, GOD-001 and 002, were sited about 300m apart close to
the location of historic holes GD45 and GD43 respectively. While
the historic holes were also collared vertically they deviated
significantly, whereas the Bezant holes remained considerably
straighter and therefore intersected the deposit deeper than the
historic holes. Mineralised core intervals were cut by diamond saw,
sampled and dispatched to ALS Global laboratories in South Africa
for ICP multi-element analysis using a four acid digest and gold
determination by fire assay. Significant assay intervals >0.2%
Cu are presented in Table 1 below:
TABLE 1 - BEZANT GOROB-VOME DRILL ASSAY INTERVALS
>0.2% Cu*
Hole No. Depth from Depth Interval Cu % Au g/t
(m) to (m) (m)
------------ --------- ---------- ----- -------
GOD-001 135.52 140.21 4.69 3.47 0.51
------------ --------- ---------- ----- -------
incl. 136.64 140.21 3.57 4.36 0.64
------------ --------- ---------- ----- -------
GOD-002 156.45 164.20 7.75 0.30 0.05
------------ --------- ---------- ----- -------
and 173.95 181.90 7.95 1.12 0.12
------------ --------- ---------- ----- -------
incl. 173.95 176.95 3.00 2.18 0.26
------------ --------- ---------- ----- -------
*Downhole intervals quoted - true widths have not yet been
established but will be less
The mineralised intercepts returned assay values up to an
average 4.36% Cu over 3.57m and are consistent with the high grades
reported previously while gold values, ranging up to 0.64g/t Au
over the same interval, are significantly higher than the grade of
0.04g/t Au reported in the Inferred Mineral Resource estimate. This
supports the Company's belief that gold grades at Gorob-Vendome are
understated in the current resource estimate and can add
considerable value to the project. Data from these holes will be
incorporated into internal valuation studies and into a future
resource update.
Review by the Company of previous Natural Source Audio
Magneto-Telluric (NSAMT) geophysics data at the Hope deposit
indicated the presence of an untested, sub-parallel conductor a
short distance to the north which might suggest a hidden second or
multiple shoot system over 3km of strike. Two diamond drill holes
were aimed at testing this anomaly. Neither hole intersected base
metal mineralisation. While the complex anomaly has only been
partially tested, it was concluded that the anomaly is most likely
related to the presence of conductive saline water channels in
bedrock and no further drilling is currently planned on this
target.
Hope Project Background
As previously announced the Hope Copper-Gold Project comprises
three exploration licences, EPL5796 (345km(2) ), EPL6605 (579km(2)
) and EPL7170 under application (310km(2) ) covering over
1,200km(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. As demonstrated by the
recent Bezant drilling, the lack of gold assay information within
the copper zone has almost certainly resulted in the gold grade of
that portion of the Mineral Resource being significantly
underestimated. The current Inferred Mineral Resource for the
Gorob-Vendome portion of the project, reported in accordance with
the JORC Code (2012), is 3.83Mt @ 1.91% Cu & 0.04g/t Au at a
0.7% Cu cut-off.
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
"g/t" grams per tonne
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