Bezant Resources PLC Exploration drilling progress and licence update (2464G)

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                      [phone] 
Beaumont Cornish (Nominated Adviser) 
 Roland Cornish                         [phone] 
Novum Securities Limited (Broker) 
 Jon Belliss                           [phone] 
 

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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November 24, 2020 02:00 ET (07:00 GMT)