TIDMBZT
RNS Number : 9479T
Bezant Resources PLC
30 November 2021
30 November 2021
Bezant Resources Plc
("Bezant" or the "Company")
Contracts signed for Hope drilling and studies for mining
licence application
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to announce that it has mobilised a drill rig
to test several new airborne EM targets in the vicinity of the Hope
and Gorob copper-gold deposits in Namibia and has commenced work in
preparation for a mining licence application over the Hope-Gorob
copper-gold project area.
Highlights:
-- A drill rig has been mobilised to undertake at least 2,000m
of diamond drilling to test a number of new airborne EM conductors
in the vicinity of the Hope and Gorob deposit cluster on the
Matchless belt in Namibia
-- The drilling has the potential to add to the existing JORC
(2012) - compliant mineral resource base
-- Bezant has also engaged consultants to undertake work on an
updated scoping study and an environmental screening and baseline
study covering the Hope-Gorob deposits, with the aim of preparing
for a mining licence application before the expiry of the current
exclusive prospecting licence in October 2022
-- The studies will cover such areas as geotechnical
engineering, underground mine planning and scheduling and financial
assessment, as well as groundwater, biodiversity and dust
monitoring
-- Work has already commenced on data review/evaluation and environmental monitoring
Colin Bird, Executive Chairman of Bezant, commented :
" We consider Namibia a very supportive jurisdiction and we are
doing all necessary to progress plans for a mining application at
Hope-Gorob .
We are excited about the planned drilling programme - we have an
already established resource and the geophysics suggests the
potential to mirror that resource. A drill rig is on site and we
look forward to reporting on progress as the programme advances.
"
Diamond Drilling Programme
Modelling of data from Bezant's helicopter-borne EM survey,
covering about 3,000 line kms along a 130km strike extent of the
Matchless Copper Belt, highlighted several highly prospective drill
targets on EPL 5796 (refer to RNS dated 29 September 2021). The EM
survey was designed to look for buried extensions of the Hope and
Gorob-Vendome deposit cluster on EPL 5796, as well as testing the
extensive underexplored potential through EPLs 7170 and 6605.
The drilling plan envisages completion of 8-10 holes on the
identified targets on EPL 5796, commencing in late November and
likely to continue into January 2022 after the Christmas break. The
aim of the programme is to discover new copper-gold zones adjacent
to the established deposits which have the potential to increase
the mineral resources that will be available to a future mining
operation.
Mining Licence Application
Bezant has initiated work in preparation for a mining licence
application covering the Hope-Gorob copper-gold deposit cluster.
The current exclusive prospecting licence covering the deposits
will expire at the end of October 2022 and the Company has
commenced studies that will be incorporated into a mining licence
application to be submitted before the expiry of the exclusive
prospecting licence. A contract has been signed with Practara (Pty)
Limited, a boutique economic solutions consultancy firm of South
Africa, for an update of the project scoping study for inclusion in
the mining licence application and a further contract has been
signed with Namisun Environmental Projects and Development of
Namibia to undertake an environmental screening and initial
baseline study on the area.
The updated scoping study will cover the following areas:
-- Data review and gap analysis of provided information in the data room
-- Review of Rock Engineering and Geotechnical constraints
-- Revision of the underground mining method, access approach and production scheduling
-- Update of OPEX and CAPEX Costing
-- Financial assessment
-- Combining all the above in completing a comprehensive Mine
Works Programme (MWP) in support of a Mining Licence
application
The environmental screening study will cover:
-- Groundwater and surface water
-- Biodiversity
-- Archaeology
-- On-site dust monitoring
-- On-site weather monitoring
Hope Copper-Gold Project Background Information
Project Area: The Hope Copper-Gold project comprises three
exclusive prospecting licences, EPL 5796, EPL 7170 and EPL 6605,
totalling approximately 1,053km(2) , located in central Namibia
approximately 100km to the south west 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 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.
For further information, please contact:
Bezant Resources Plc
Colin Bird
Executive Chairman +44 (0) 20 3416 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.
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
"EPL" Exclusive Prospecting Licence
"g/t" grammes per tonne
"kt" thousand tonnes
"Mt" million tonnes
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