TIDMBZT
RNS Number : 1711W
Bezant Resources PLC
21 April 2021
21 April 2021
Bezant Resources Plc
("Bezant" or the "Company")
Airborne EM-Magnetic Survey at Hope Copper-Gold Project,
Namibia
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to announce that it has signed a contract with
SkyTEM Surveys ApS ("SkyTEM") to undertake an airborne
electromagnetic (EM) and magnetic survey over a large part of its
Hope Copper-Gold licence block.
Highlights:
-- The Company has signed a contract to undertake an airborne
EM/magnetic survey commencing late April 2021 along the 130km
prospective Hope-Matchless massive sulphide belt to identify
previously unrecognised copper-gold targets hidden beneath
sand/overburden cover and at depth
-- The survey will 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
-- Several copper showings are known historically along the belt
to the northeast but these were not investigated using modern
exploration techniques and were never drill tested
-- Flying is expected to commence before the end of the current week
Colin Bird, Executive Chairman of Bezant, commented :
"The Hope and Gorob copper/gold licence block represents a very
prospective target for Bezant where we already have a resource of
almost 200,000 tonnes of contained copper . The Matchless copper
belt has many old small-scale workings which have never been
subject to assessment by modern exploration techniques. The
objective of the airborne geophysical survey is to identify unmined
potential extensions to Hope and Gorob, as well as identifying
other drill prospects along the extensive 130km strike length of
prospective geology. The team is excited about the potential of the
Matchless copper belt for new discoveries and looks forward to the
results of the survey which is set to commence in the coming week.
"
The planned SkyTEM programme, costing circa US$300k, will
comprise approximately 3,000 line km of helicopter-borne surveying
covering most of the 130km strike length of the prospective
Hope-Matchless belt stratigraphy within the property, with a flight
line spacing of 200m. The survey objective is to map for
copper-gold massive sulphide mineralisation from surface to
approximately 200m depth or beyond. Mineralisation typically occurs
in clusters of often steeply-dipping lenses which may be partially
covered by surficial sands or represented at surface by small
mineral occurrences/workings or soil geochemical anomalies. Much of
the area is very underexplored, with drill testing being confined
to a number of well documented occurrences, such as Hope and Gorob
which are exposed at surface.
Surveying is expected to commence in late April and to take
approximately ten days to complete. Data processing and final
report delivery will take a further six weeks, with the aim of
delineating targets for subsequent drill testing.
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.
Previous Exploration: Previous exploration on the Bezant licence
block focussed on the known prospects in the immediate vicinity of
the Hope and Gorob deposits on EPL 5796, mainly due to the fact
that they outcrop and are still open at depth. This work has led to
a sound understanding of these copper-gold prospects but has left
the vast majority of the area unexplored, especially by modern
exploration techniques. EPL 6605 and EPL 7170 contain the
Niedersachsen Cluster which includes three previously discovered
copper prospects (Niedersachsen, Aros and Kobos) within EPL 6605
and one copper prospect situated in EPL 7170 (Schlesien, situated
close to the north-eastern licence border with EPL 6605).
The information on the Hope Copper-Gold Project has been sourced
from the geology and resource estimate competent persons report
prepared by Measured Group Pty Ltd for Virgo Resources Limited on
18 October 2019.
For further information, please contact:
Bezant Resources Plc
Colin Bird
Executive Chairman +44 (0)20 7581 4477
Beaumont Cornish (Nominated Adviser)
Roland Cornish +44 (0) 020 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
"Mt" million tonnes
"kt" thousand tonnes
"g/t" grammes a tonne
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