TIDMBZT
RNS Number : 7243O
Bezant Resources PLC
14 June 2022
14 June 2022
Bezant Resources Plc
("Bezant" or the "Company")
Hope and Gorob Project Shallow Drilling Update
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to report results of the Gorob drill programme
targeting previously untested near-surface copper - gold
mineralisation on the Hope and Gorob Project in Namibia.
Highlights
-- Drill assay results received to date for eight diamond drillholes testing near-surface copper mineralisation at the Gorob Prospect returned significant intercepts, including 2.16% Cu, 0.35g/t Au over 2.4 metres in hole GRD006 and 2.03% Cu, 0.18g/t Au over 5.5m in GRD003.
-- These holes are part of a 23-hole programme recently
completed over 5 prospects (Gorob, Anomaly, Vendome, Du Preez and
Hope) within the Hope and Gorob Licence.
-- The assays to date confirm that strong copper-gold
mineralisation extends to surface from the deeper historic drill
intercepts.
-- This recent work by the Company indicates scope for
additional open pit potential at several sites across the wider
licence area, in addition to the already established underground
resources.
-- Further strike extensions remain to be tested over a minimum strike length of 3km.
Table 1: Selected Drillhole Mineralised Intercepts for the Gorob
Prospect
Borehole From To Mineralised Grade Grade
ID (m) (m) Width (% Cu) g/t Au
(m)
GRD001 1 8.07 2 1.07 3 .0 1 .90 0.27
------- ------- ------------ -------- --------
GRD002 3 3.12 35.28 2.16 0.83 0.26
37.3 38.6 1.3 1.69 0.40
------- ------- ------------ -------- --------
GRD003 21.54 27.04 5.50 2.03 0.18
------- ------- ------------ -------- --------
GRD004 No mineralised intercept
---------------------------------------- --------
GRD005 38.26 39.35 1.09 1.29 0.17
------- ------- ------------ -------- --------
GRD006 26.8 27.85 1.05 0.95 0.06
38.94 41.34 2.4 2.16 0.35
------- ------- ------------ -------- --------
GRD007 22.89 23.64 0.75 0.95 0.01
------- ------- ------------ -------- --------
GRD008 33.9 37.72 3.82 0.71 0.04
------- ------- ------------ -------- --------
Colin Bird, Executive Chairman of Bezant, commented : "We are
very pleased with these results in that all previous narratives and
testing of the deposit neglected the first 150m from surface, based
on the assumption that the deposit was either absent or in oxide
form, which in the 1970s was very difficult to treat. Our prognosis
was that the historic assumption overlooked a potentially
significant near-surface resource, and we therefore entered into
the recent test programme. The results attained to date are very
pleasing and have put a completely new perspective on the Hope and
Gorob complex. Whilst we have yet to receive assay results from
Hope, visual indication suggests a similar situation exists at
Hope. In addition to copper, gold assay results from our drilling
suggests that an associated or possibly disassociated gold system
also exists at Gorob.
We feel that Hope and Gorob is going to be a major addition to
the Bezant portfolio and the potential for a large copper/gold
system certainly exists."
Objective of recently completed drilling
Historic drilling was focussed on defining a resource at
downhole depths ranging from 100m to >300m below surface.
Historical resource estimates undertaken prior to Bezant ownership
identified a combined mineralised 6.4km of strike length associated
with the Hope, Gorob, Vendome, Luigi and Anomaly prospects.
Historic drilling was frequently wide-spaced, making no attempt to
confirm continuity either along strike or up-dip towards surface
from the typically deeper intercepts. Bezant is targeting similar
grades in the up-dip extension of this mineralisation at or
near-surface.
Assay results have been returned for Gorob and those for the
other prospects are expected over the next few weeks. A further
potential 3km of strike length has been identified that warrants
drilling based on outcrop mapping and both pitting and trenching
undertaken by previous explorers.
Shareholders can expect further assay results for the Anomaly,
Vendome, Du Preez and Hope prospects in the coming weeks.
Gorob Strike extension drilling programme
Eight angled diamond drillholes were completed for a total of
395.96m of drilling over a 500m strike length of known outcrop at
Gorob. Visible copper mineralisation, predominantly oxide has been
noted in old pits and other excavations at Gorob over a strike
length of approximately 700m. Scope may exist for further
extensions to the Gorob near-surface mineralisation subject to
further drilling, particularly in those areas where there is no
obvious outcrop.
Observations around the former small-scale Gorob open pit, where
mineralisation was hand cobbed and processed, indicates a typical
mineralised width of approximately 3 metres.
Gorob mineralisation is described as a planar, steeply dipping
deposit comprising two lenses, one shallower and one found at
depth. The current programme specifically targeted the shallower of
the two lenses. As indicated by the recent drilling, deposit width
ranges from 2 to 5 metres.
Hope and Gorob Copper-Gold Project Background Information
Project Area: The Hope Copper-Gold project comprises three
exclusive prospecting licences, EPL 5796 (Bezant interest = 70%),
and EPLs 7170 and 6605 (Bezant interest in both = 80%), totalling
approximately 1,053km (2) , located in central Namibia
approximately 100km to the southwest of Windhoek, the capital of
Namibia.
Regional Geology and Mines: The area covered by the Hope
Copper-Gold Project is characterised by superficial quaternary sand
and gravel overlying the Swakop Group of the Damara Supergroup. The
area is dominated by massive mica schists of the Kuiseb Formation
of the Pan-African Damara Orogen. These lithologies host 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.
JORC Resource: The Hope Copper-Gold Project covers a significant
portion of the highly prospective Matchless Copper Belt. The Bezant
project area contains a series of copper deposits, of which three
(Hope, Gorob-Vendome and Anomaly) make up a combined gross
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), containing 192kt of Cu metal and 3,190kg of Au.
Approximately 30% of the Mineral Resource tonnage is classified in
the "Indicated" Mineral Resource category with the balance in the
"Inferred" Mineral Resource category and the estimate was based on
339 drill holes for a total of 63,855 metres.
The links below are to a map of the Hope & Gorob licence and
photographs of recent drill core and surface expressions of copper
malachite mineralisation
Plan Map of the Hope & Gorob Licence
http://www.rns-pdf.londonstockexchange.com/rns/7315E_1-2022-3-14.pdf
Photograph of New Drill Core with Abundant Chalcopyrite
http://www.rns-pdf.londonstockexchange.com/rns/7315E_2-2022-3-14.pdf
Drill core Sample Displaying Copper Sulphide Mineralisation
http://www.rns-pdf.londonstockexchange.com/rns/7315E_4-2022-3-14.pdf
Hope Gorob Surface Expression of Copper Malachite
Mineralisation
http://www.rns-pdf.londonstockexchange.com/rns/7315E_3-2022-3-14.pdf
For further information, please contact:
Bezant Resources Plc
Colin Bird +44 (0) 20 3416
Executive Chairman 3695
Beaumont Cornish (Nominated Adviser)
Roland Cornish +44 (0) 20 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 Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit)
regulations (SI 2019/310).
Qualified Person:
Technical information in this announcement has been reviewed by
Edward (Ed) Slowey, BSc, PGeo, technical director of Bezant
Resources Plc. 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.
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
based on 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
"Chalcopyrite" A copper-iron sulphide mineral, CuFeS (2) , often found in copper ores
"EPL" Exclusive Prospecting Licence
"g/t" grammes per tonne
"kt" thousand tonnes
"Malachite" A green copper carbonate mineral (Cu2(OH)2CO3) which
forms by alteration of copper sulphide minerals
"Mt" million tonnes
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