Bezant Resources PLC Cu-Au Assays from Buffalo Project, Zambia (3208I)

TIDMBZT

RNS Number : 3208I

Bezant Resources PLC

08 August 2019

8 August 2019

Bezant Resources Plc

("Bezant" or the "Company")

Cu-Au Assays from Buffalo Project, Zambia

Highlights

-- Assay results from second round of composite rock chip sampling return high grade copper values with supporting silver from surface bedrock exposure

-- In situ sample results from the existing 12-15m wide pit face (BFR 2 and 3) range from 2.21% - 4.07% Cu

-- Sidewall mineralisation results (BFR 5 and 6) grading at 0.64% - 2.03% Cu significantly extend the potential width of the target zone

   --   New outcrop discovery identifies extension of the copper zone 350m to the southwest 
   --   Further mapping and trenching work scheduled to define potential near surface drilling targets 

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce assay results returned from the Buffalo Project in Zambia showing the presence of high grade copper at surface.

The selected significant assay results below are from a total of 8 composite rock chip samples taken by the Company's geological survey team as part of its ongoing exploration work on the Buffalo project, a 398 hectare copper/gold asset situated in the Central Zambian iron oxide copper-gold ("IOCG") belt, over which the Company holds a conditional option to acquire a 50 per cent. interest (the "Buffalo Project").

 
           Buffalo Project's Second Round Composite Rock Chip Samples - 
                              Selected Assay Results 
 Rock ID    Description                                     Assay values 
           --------------------------------------  ------------------------------ 
                                                    Cu%    Ag ppm   Fe%    Au ppm 
           --------------------------------------  -----  -------  -----  ------- 
            Red hematite breccia with malachite 
 BFR 2       from pit face (LHS)                    2.21    6.47    6.27   <0.01 
           --------------------------------------  -----  -------  -----  ------- 
            Red hematite breccia with malachite 
 BFR 3       from pit face (RHS)                    4.07    4.70    8.23   <0.01 
           --------------------------------------  -----  -------  -----  ------- 
            Vuggy red mudstone with malachite 
 BFR 4       in sidewall of ore zone (RHS)          1.16    4.47    4.94   <0.01 
           --------------------------------------  -----  -------  -----  ------- 
            Banded grey siltstone with 
             hematite & malachite in sidewall 
 BFR 5       of ore zone (LHS)                      0.64    8.96    1.37    0.02 
           --------------------------------------  -----  -------  -----  ------- 
            Pale grey silicified mudstone 
             breccia with disseminated malachite 
             in matrix on LHS sidewall of 
 BFR 6       pit                                    2.03   10.10    1.88    0.02 
           --------------------------------------  -----  -------  -----  ------- 
            Silicified hematitic/limonitic 
 BFR 8       breccia with vuggy texture             0.23   <0.01    1.75    0.02 
           --------------------------------------  -----  -------  -----  ------- 
 

The sample results from BFR 2 and 3 confirm the tenor of strong copper grades obtained during an earlier reconnaissance visit to the site of the small-scale open pit at the Buffalo Project. Samples BFR 4 to 6 also demonstrate that copper mineralisation at potentially economic grades extends for some distance into the footwall and hangingwall margins of the 12-15m wide, near-vertical shear zone, thereby adding significantly to the width of the target for follow-up drilling.

Further encouragement was obtained from the sampling of a newly-discovered bedrock occurrence 350m directly along strike from the mineralised shear zone to the southwest. The outcrop exhibited iron-silica alteration and a rock chip sample (BFR 8) assayed 0.23% Cu, confirming the continuation of copper mineralisation into this area.

All of the samples were submitted for analysis to the SGS Kalulushi geochemical laboratory in Zambia. The laboratory is accredited to ISO/IEC 17025 standard for copper analysis.

Detailed mapping, sampling and trenching is planned in the next phase of work in order to define potential shallow, near-term drilling targets.

Overview

Bezant's exploration review has to date identified a zone of structural focus centred on a site of artisanal copper/gold mining activity within the Buffalo Project's open pit. This serves to support the prospective nature of a mineralised structure traversing the project's licence area which is seemingly open at depth.

The Buffalo Project is located within a major east-northeast/west-southwest structural corridor in the Central Zambian IOCG province. Approximately 70km to the southwest along the structural corridor lies the Jifumpa copper mine, currently operated by a Chinese enterprise, Ruida Investments Limited. Deposits in this province are generally hosted at a higher stratigraphic level within the same rock package as the world-class Zambian copper belt deposits. The IOCG province was previously subject to only limited exploration due to the focus on the long-established projects located on the copper belt. Nevertheless, such historic exploration activity resulted in the discovery of several significant copper deposits, including the Kalengwa mine (production estimate of 1.9 million tonnes ("Mt") @ 9.44% Cu and 50 g/t Ag) and the Kitumba (Mumbwa) deposit with a reported JORC-compliant Indicated Mineral Resource estimate of 87.6Mt @ 1.17% Cu, including 29.8Mt @ 2.13% Cu. In other global mining districts, major projects have been brought into development hosted within similar IOCG structures including BHP's giant Olympic Dam mine located in South Australia.

Laurence Read, CEO of Bezant, commented:

"This latest round of rock chip sample results demonstrates the presence of principally one per cent or more copper located at surface. In addition to the recorded copper results the other information obtained from the assay results including the iron, silver and gold content adds valuable information informing the team as to how the mineralisation might be structured along strike and at depth. Adding this new data to the historic logs, we shall now seek to start generating initial drill targets, most probably near surface and along strike."

For further information, please contact:

 
 Bezant Resources plc 
  Laurence Read                               Tel: [phone] 
  Chief Executive Officer                     9923 
 
  Colin Bird 
  Executive Chairman 
 
  Strand Hanson Limited (Nomad) 
  James Harris / Matthew Chandler / James     Tel: [phone] 
  Bellman                                     3494 
 
  Novum Securities Limited (Broker) 
  Jon Belliss                                 Tel: [phone] 
                                              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.

Qualified Person's Statements

Geological information in this announcement relating to the licence area has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a consultant to 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 a qualified person under the AIM Rules. Mr Slowey has reviewed and approved the geological content of this announcement.

In accordance with the AIM Note for Mining and Oil & Gas Companies, June 2009 (the "Guidance Note"), Colin Bird, CEng, FIMMM, a South African and UK Certified Mine Manager and Executive Chairman of Bezant, with more than 40 years' relevant experience, is the qualified person who has reviewed and approved the technical information contained herein.

Note to Editors:

IOCG Province Zambia

Numerous copper occurrences are known throughout central and western Zambia, mostly as a result of prospecting in the early to mid-1900s. Much of the early exploration effort in this region was focused on the search for Copperbelt-style sediment-hosted deposits, but instead resulted in the discovery of vein and breccia-type copper showings and deposits often associated with iron concentrations and, in some instances, gold. Numerous copper-gold and iron oxide occurrences are known in the district and are noted on the Geological and Mineral Occurrence Map of Zambia. These types of deposit have come to be known as iron oxide copper-gold (IOCG) deposits, with the best known example being the Olympic Dam mine site in Australia.

IOCG deposits comprise a broad range of mineralisation styles, grouped together chiefly because they contain hydrothermal magnetite and/or specular haematite as major accompaniments (>20% Fe oxides) to copper sulphides.

Option Agreement

In April 2019, Bezant entered into an agreement with KPZ International Limited pursuant to which it was granted a conditional option to acquire a 50 per cent. interest in licence number 15164-HQ-SML in The Republic of Zambia which contains the Buffalo exploration project.

Under the terms of this agreement and as consideration for such potential 50 per cent. interest in the Buffalo project, Bezant is required to complete an initial assessment of the licence area at a cost of up to US$200,000 by 1 February 2020. Throughout this initial phase, Bezant retains the right, at its sole discretion, to cease expenditure on the initial assessment and withdraw from the option, whereupon all other obligations under the agreement would be terminated.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 08, 2019 02:01 ET (06:01 GMT)