TIDMBZT
RNS Number : 2280M
Bezant Resources PLC
20 September 2021
20 September 2021
Bezant Resources Plc
("Bezant" or the "Company")
Minemba Prospect Kalengwa Copper Project, Zambia
Bezant (AIM: BZT), the copper-gold exploration and development
company, provides an update on progress at the Minemba prospect
within the Kalengwa exploration project area in Zambia (the "
Kalengwa Exploration Project ") in which the Company has a 30%
interest and acts as operator.
Highlights
-- Laboratory assaying of drill core and planned geophysical
surveying referenced in the announcement dated 22(nd) April 2021
took considerably longer to complete than anticipated, however all
work was eventually concluded satisfactorily and has now been fully
evaluated by the Company
-- Assays for the two completed drill holes returned multiple
moderate grade copper intervals within an altered and brecciated
gabbro intrusive, such as 23m @ 0.27% Cu from 57m depth, including
5m @ 0.44% Cu from 69m (MB-02)
-- Assay grades peaked at 1.30% Cu and, although they were
generally considerably less than indicated by initial hand-held XRF
readings, along with historic results they confirmed extensive
lateral and vertical copper distribution covering a minimum of 350m
and 100m respectively, with mineralisation remaining open
laterally
-- Magnetic and IP geophysical surveys carried out to follow up
the drill intercepts outlined strong coincident anomalies over
1,200m of strike (open to the southwest), the peaks of which have
not been drill-tested
-- It is planned to undertake a comparative review of the Bezant
holes with historical drill core for Minemba held in storage by the
Zambian Chamber of Mines (subject to Covid-19 restrictions) to
establish vectors for alteration and mineral intensity
-- The Company is considering further drilling to test the
geophysical target peaks, including the open south-westerly
extension of the target zone, based on a recently completed
internal project report
Colin Bird, Executive Chairman of Bezant, commented :
"The various results for Minemba presented a composite
disconnect in that it has been difficult to align the historically
reported assay results, the initial Bezant XRF results and assays
along with the geophysics data. As such, we have spent a
significant amount of time delving into the archives to create a
cohesive model. The geophysics programme, after interpretation,
shows that the Minemba prospect has considerable potential and we
will continue to test that potential."
Bezant Exploration
The Company received laboratory assay results for the two angled
diamond drill holes, MB-01 and MB-02, completed earlier this year
at Minemba. The aim of Bezant's drill programme was to test the
down-plunge and along-strike extent of historic narrow drill
intercepts at Minemba within the gabbro intrusive (potential
mineral feeder zone) while also looking to test the boundaries of
this unit with the Kalengwa Mine sedimentary package (potential
host unit). Both holes drilled into a hydrothermally altered and
brecciated gabbro intrusive hosting disseminated and fracture-fill
copper mineralisation. Significant assay intervals are summarised
in the table below:
Minemba Project - selected core assay intervals
Hole Depth From Depth
No. (m) to (m) Width (m) Cu % Ag g/t
----------- -------- ---------- ----- -------
MB-01 24.0 35.0 11.0 0.21 1.53
----------- -------- ---------- ----- -------
47.0 52.0 5.0 0.24 0.90
----------- -------- ---------- ----- -------
69.0 72.0 3.0 0.30 0.91
----------- -------- ---------- ----- -------
102.6 103.8 1.2 0.76 3.89
----------- -------- ---------- ----- -------
127.0 131.0 4.0 0.41 0.40
----------- -------- ---------- ----- -------
153.0 155.0 2.0 0.77 5.57
----------- -------- ---------- ----- -------
MB-02 40.0 45.0 5.0 0.23 0.85
----------- -------- ---------- ----- -------
57.0 80.0 23.0 0.27 1.52
----------- -------- ---------- ----- -------
incl. 69.0 74.0 5.0 0.44 0.51
----------- -------- ---------- ----- -------
125.0 127.0 2.0 0.34 3.86
----------- -------- ---------- ----- -------
Although assay values in the Bezant holes were considerably
lower than indicated by initial hand-held XRF core measurements,
they confirm the occurrence of more widespread disseminated
moderate grade copper mineralisation than reported in the historic
drill holes, with mineralisation recorded over at least 350m in a
NE-SW direction, as well as more than 100m in a vertical
dimension.
It was concluded that the Minemba gabbro intrusive is widely
brecciated and carries copper mineralisation over a considerable
aerial and vertical extent. This suggests that it may have acted as
a source or conduit for copper-bearing fluids which could indicate
potential for a sediment-hosted deposit in the vicinity, analogous
to the Kalengwa mine setting.
Based on encouragement from the two Bezant drill holes, it was
decided to undertake an IP/Resistivity survey and a separate ground
magnetic survey over the Minemba area with the aim of delineating
the extent of the gabbro intrusive and its' structural controls
(magnetic survey), as well as the distribution and extent of copper
mineralisation within the target area (IP/Resistivity survey) using
a locally based geophysics contractor which has worked for some of
the major mining companies in the country.
The survey grid comprised 9 lines, 1.5km long x 200m apart,
covering 1,600m of strike, with lines orientated NW-SE across the
strike of the intrusive and the Kalengwa Lineament. The timely
completion of the planned surveys was impacted by availability of
the contractor crew, instrument malfunctions and delayed delivery
of final results, however it was eventually completed
satisfactorily.
The magnetic images clearly show the NE-SW orientated gabbro
intrusive as a sharp magnetic 'high' over more than 1,200m of
strike (and still open to the SW). The south-eastern boundary of
the anomaly is roughly coincident with the interpreted position of
the Kalengwa Lineament which is a potential mineral conduit and a
possible trap for mineralising fluids.
The IP/Resistivity survey shows a well-defined, semi-continuous
chargeability anomaly with a NE-SW trend across much of the grid,
remaining open to the SW (minimum 1,200m of strike and 100-200m
wide). The chargeability anomaly is approximately coincident with
the magnetic anomaly, suggesting that it is reflective of sulphide
mineralisation associated with the brecciated gabbro.
Mineralisation has not yet been confirmed in the sediments bounding
the intrusive, but this might not be evident, given the current
lack of geological control from bedrock exposure and limited
drilling.
It appears that Bezant holes MB-01, MB-02 and most of the
historic holes were sited to the north of the IP chargeability
peak, angled away from the zone and so have not have fully tested
the most conductive target. Also, the extension of the anomaly to
the southwest has not been drill tested.
Following extensive review of the Minemba geological setting,
drilling results and geophysical surveys, drilling of two further
diamond drill holes is being considered to fully test the Minemba
target area, with a particular focus on the IP chargeability peaks
which have not been tested by previous drilling.
The Company also plans a comparative review of the Bezant holes
with historical drill core for Minemba held in storage by the
Zambian Chamber of Mines (subject to Covid-19 restrictions) to
establish vectors for alteration and mineral intensity and further
assist with drill site selection.
Minemba Target Background
The Minemba target was first identified by Roan Consolidated
Mines ('RCM'), the operator of the Kalengwa open pit copper-silver
mine in the 1960s, based on a copper geochemical anomaly found by
auger drilling 4km to the northeast of Kalengwa, associated with a
discrete magnetic anomaly believe to be related to gabbro intrusive
rocks. Five diamond drill holes spaced 100-200m apart and angled
towards the north were completed at that time. Four of these
reported steeply-dipping chalcopyrite-pyrite mineralisation over
narrow intervals at depths ranging from 80-200m below surface
within the gabbro. Drill intercepts included 4.3m @ 1.43% Cu (hole
MN 496) and 2.7m @ 2.08% Cu (MN 495). Despite the proximity to the
high grade Kalengwa mine, no further diamond drilling was
subsequently carried out.
Bezant reviewed the extensive dataset from previous exploration
over the Kalengwa exploration licence and concluded that Minemba
was located on a structural mirror image of the Kalengwa deposit
setting, aligned directly with the offset continuation of the
NE-trending Kalengwa Lineament and therefore the target was
prioritised for further drill testing.
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 +27 726 118 724
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").
Glossary
"brecciated" Rock fragmented into angular components
"chalcopyrite" A copper-iron sulphide mineral, CuFeS(2)
, often found in copper ores
"conglomerate" Sedimentary rock formed by the cementing
together of water-rounded pebbles
"Cu" Chemical symbol for copper
"gabbro" A coarse grained mafic intrusive rock composed
of pyroxene and plagioclase, similar in
composition to dolerite
"hematite" A mineral composed of ferric iron oxide.
"magnetite" A magnetic iron oxide, Fe(3) O(4)
"pyrite" Iron sulphide mineral, FeS(2)
"silicified" Descriptive of a rock in which original
minerals have been replaced by silica.
"XRF Spectrometer" Instrument to determine the chemistry of
a sample by measuring the fluorescent (or
secondary) X-ray emitted from a sample
when it is excited by a primary X-ray source
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFFFSLAEIALIL
(END) Dow Jones Newswires
September 20, 2021 02:00 ET (06:00 GMT)
Bezant Resources (AQSE:BZT.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bezant Resources (AQSE:BZT.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024