TIDMBZT
RNS Number : 6654V
Bezant Resources PLC
15 December 2021
15 December 2021
Bezant Resources Plc
("Bezant" or the "Company")
Caerus Mineral Resources ("Caerus") Joint Venture Update
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to provide Shareholders with an update on the
Caerus Joint Venture programme underway in Cyprus.
The Joint Venture partners have focused on the Troulli Project
("Troulli") where the team is currently building both gold oxide
and copper sulphide hard rock resources from new discoveries and
extensions to a former open pit.
Highlights:
Gold Oxide Drill Programme (Troulli)
-- Assays for short percussion holes drilled into the Gold Oxide
Zone at Troulli returned highly encouraging results.
-- Results for 20 percussion drillholes received to date -
analyses for all diamond drillholes still awaited from the
independent laboratory.
-- Indications are that drilling could potentially delineate a
gold oxide zone suitable for near-term development.
-- Ongoing diamond drilling will provide the information
required to complete the generation of a JORC (2012) Mineral
Resource expected in Q1, 2022.
-- It is important to note all mineralisation commences from
surface and is thus conducive to low-cost mining.
Table 1: Principal intersections for the completed percussion
drill programme on the oxide gold zone include:
Hole From To Mineralised Width Gold
(metres) (metres) (metres) (g/t Au)
TR21DH01 0.0 12.0 12.0 5.11
---------- ---------- ------------------ ----------
TR21DH02 0.0 22.0 22.0 1.93
---------- ---------- ------------------ ----------
TR21DH03 0.0 22.0 22.0 1.20
---------- ---------- ------------------ ----------
TR21DH04 0.0 4.0 4.0 1.32
---------- ---------- ------------------ ----------
TR21DH05 0.0 14.0 14.0 1.18
---------- ---------- ------------------ ----------
TR21DH06 0.0 10.0 10.0 2.07
---------- ---------- ------------------ ----------
TR21DH08 0.0 18.0 18.0 0.98
---------- ---------- ------------------ ----------
TR21DH09 0.0 6.0 6.0 1.50
---------- ---------- ------------------ ----------
TR21DH10 6.0 32.0 26.0 0.50
---------- ---------- ------------------ ----------
TR21DH11 0.0 22.0 22.0 1.40
---------- ---------- ------------------ ----------
TR21DH12 0.0 20.0 20.0 0.90
---------- ---------- ------------------ ----------
TR21DH13 0.0 14.0 14.0 0.50
---------- ---------- ------------------ ----------
TR21DH14 0.0 15.0 15.0 0.70
---------- ---------- ------------------ ----------
TR21DH18 0.0 30.0 30.0 1.10
---------- ---------- ------------------ ----------
TR21DH19 0.0 20.0 20.0 1.00
---------- ---------- ------------------ ----------
TR21DH20 0.0 12.0 12.0 1.00
---------- ---------- ------------------ ----------
Copper Zone Drill Programme (Troulli)
-- The JV Partners are now confident that the new copper zone
discovery located close to surface and immediately beneath the Gold
Oxide Zone has potential for development in tandem with the gold
deposit.
-- Initial percussion drilling did not intersect the full width
of sulphide copper mineralisation. This has now been achieved with
the recent diamond drill programme from which further analyses are
pending.
-- Recent infill diamond drilling has yielded compelling
evidence for the continuity of the sulphide zone at depth.
-- The Company is targeting a copper sulphide JORC (2012) Mineral Resource during Q1, 2022.
Table 2: Peak copper intersections beneath the oxide gold zone
include:
Hole From To Mineralised Grade
(metres) (metres) Width (% Cu)
(metres)
TR21DH02 14.0 22.0 8.0 0.62
---------- ---------- ------------ --------
TR21DH05 14.0 20.0 6.0 1.41
---------- ---------- ------------ --------
TR21DH07 14.0 16.0 2.0 1.68
---------- ---------- ------------ --------
TR21DH10 26.0 32.0 6.0 0.80
---------- ---------- ------------ --------
TR21DH11 18.0 22.0 4.0 0.70
---------- ---------- ------------ --------
TR21DH18 20.0 30.0 20.0 0.70
---------- ---------- ------------ --------
TR21DH19 12.0 20.0 8.0 0.50
---------- ---------- ------------ --------
TR21DH25 0.0 48.0 48.0 0.40
---------- ---------- ------------ --------
Includes 34.0 40.0 6.0 1.30
---------- ---------- ------------ --------
TR21DH26 0.0 22.0 22.0 0.50
---------- ---------- ------------ --------
Copper Sulphide Drill Programme (Open Pit Extensions)
-- 8 drillholes have been completed in the sulphide zone of the
former open pit immediately lateral to Trulli, with assays returned
for only one hole to date.
-- TR21DD002 has returned significant mineralised intercepts
indicative of a broad zone of sulphide mineralisation commencing at
surface and extending to depth beneath the former open pit.
-- Copper mineralisation has been demonstrated in all holes
drilled to date which, combined with the width of the intercept in
drillhole TR21DD002, suggests potential for considerable additional
tonnages at Troulli, subject to assay results for the remaining
drillholes.
Table 3: Peak copper intersections for Former Open Pit Copper
Zone Extension include:
Hole From To Mineralised Grade
(metres) (metres) Width (% Cu)
(metres)
TR21DD002 0.0 117.0 117.0 0.40
---------- ---------- ------------ --------
Includes 8.0 52.0 44.0 0.70
---------- ---------- ------------ --------
Includes 37.0 47.0 10.0 1.10
---------- ---------- ------------ --------
Includes 90.0 98.0 8.0 0.60
---------- ---------- ------------ --------
Colin Bird, Executive Chairman of Bezant, commented : "These
initial assay results are very encouraging and indicate the
potential for development of a shallow gold resource as well as the
opportunity to deepen and extend the current open pit to access the
sulphides which contain both copper and gold. I am particularly
encouraged by the intersected widths since, if consistent, they can
lead to a significant open pit operation. We have the benefit of
infrastructure and the potential to restart a mining ready open
pit, which is quite unique. I look forward to receiving more
results and moving towards open pit planning and designing the
process plant. These initial results do not confine the model and
the joint venture is optimistic for further resource additions as
we extend our current knowledge. The New Year should bring
increased activity in all matters relative to technical and
financial planning as we advance our Caerus Joint Venture."
Option and Joint Venture Agreement
Under the agreement with Caerus, each party has committed to
fund and initial amount of up to US$500,000 during the period of
exploration and project appraisal (18 months, with the option for
renewal for a further 18 months), with Caerus acting as
operator.
Upon a decision to mine Bezant will be nominated as the operator
and on a best endeavour's basis will be responsible for seeking
funding for the Project JV Company. 70% of all cash flows will be
paid to Caerus until their exploration expenditure has been repaid
and thereafter Bezant will receive 80% of all operating
cashflows.
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 by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
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.
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