TIDMBZT
RNS Number : 7427Y
Bezant Resources PLC
18 January 2022
18 January 2022
Caerus Mineral Resources PLC ("Caerus") &
Bezant Resources PLC ("Bezant")
Cyprus Joint Venture Update
Caerus Mineral Resources (LON: CMRS) and Bezant Resources (LON:
BZT), the exploration and resource development companies (the
"Companies") with a Joint Venture ("JV") focused on the Troulli
Mine Development Project and other copper - gold JV targets in
Cyprus, are pleased to provide Shareholders with a joint update on
the JV Projects and the objectives set for 2022.
Martyn Churchouse, Chief Executive Officer of Caerus said : "The
partners to the JV have set some ambitious targets for the year
ahead with a focus on the rapid development of the Troulli Mine
Project. In parallel, aggressive programmes have been approved by
the JV Committee for the development of a maiden Mineral Resource
at the Pano Lefkara Project together with the delineation of
Mineral Resources at St. Nicholas and Anglisides, both of which
have the potential to act as satellite operations providing
high-grade feedstock to the Troulli mine and processing hub. Whilst
the JV focus is clearly on the development of Troulli with a
processing plant to be developed based on the metallurgical work
being undertaken by Jubilee Metals Group ("Jubilee"), the Partners
agree that the JV must ensure that sufficient exploration and
Resource development work is done on other high priority projects
to ensure the next in-line is ready for development. The JV plans
to make use of in-house expertise available within Bezant as well
as Caerus but will also look to import relevant skill sets,
particularly in the field of mine development and construction.
This will complement Caerus' already strong technical team based
permanently in Cyprus. The JV has an opportunity to develop a new
mining operation in Cyprus, underpinned by world-class expertise
provided by Jubilee, and Caerus will make every effort to ensure
the successful completion of the Project".
Colin Bird, Executive Chairman of Bezant said Colin Bird CEO of
Bezant Resources said : "Following our initial review and work on
the former Troulli mine, we have gained much confidence that a mine
can be developed from multiple sources. It appears that the pit can
be deepened and extended. The standalone oxide cap adjacent to the
known fault, has the potential to support a small gold extraction
process or be included as part of the general feed to a new plant.
In addition, former waste rock and other secondaries indicate that
they have copper/gold values to be part of the feed to the proposed
new processing plant.
Work to be completed is the final process route, tonnes and
grade, together with sequencing and pit deepening design. On
completion of the aforementioned, we can quickly make the decision
whether to proceed to the construction and development of our first
joint venture mine. The drilling and investigation results to date,
are not finite and as such we will ensure that any plant built has
the ability to accept increased feed should circumstances require.
The intent, is to develop a mine, from the various feed sources
that will sustain proper concentrate production of at least 7,000
tonnes per year for a minimum period of 8 years. Our initial work,
strongly suggests that whilst Troulli, is a good start to our joint
venture plans, considerable potential exist for repeat type
operations within the Cyprus portfolio.
The combination of Bezant and Caerus, represents partners who
have the capability and experience to execute these plans. It is
becoming increasingly obvious that World copper demand is
outstripping supply and that the situation is unlikely to get
better as the decade advances. When the two companies agreed to
combine their expertise, it was against this scenario and we intend
to employ our joint forces, recruiting other capability where
necessary to accelerate our plans. The board of Bezant is delighted
with the progress and is confident that our joint venture will go
from strength to strength, positioning us very well in the small
copper mine space."
As separately announced by the Companies on 2 August 2021, the
Companies entered into an 18 month option agreement with effect
from 1 August 2021 to allow the Companies to review Caerus
extensive portfolio of copper / gold projects in Cyprus with a view
to possible joint venture mining operations (the "Option
Agreement") . On 11 November 2021 the companies separately
announced the JV in relation to the Troulli, Kokkinapetra and
Anglisides projects and the following is a high level summary of
information previously announced by Caerus (as referenced below) in
relation to these three JV Projects:
Troulli Project : Resource estimation of metal-bearing surface
materials is well-advanced with the majority of known targets
having been drilled, trenched and sampled during 2021. A sizeable
number of samples have been dispatched for laboratory analysis and
results are pending. Dumps, ore stockpiles and low-grade
mineralised waste represent a suite of easily accessible low-cost
sources of early revenue for the Project. New areas of possible
mineralised surface material are found weekly and routinely sampled
as a possible addition to the Resource inventory.
Hard rock exploration and Resource development is progressing
well and a major leap forward in progress can be expected once
pending assays results, delayed by Covid issues at the laboratory,
are received for both copper and gold mineralisation. Hard rock
potential has been targeted in four distinct areas, all of which
occur in or around the former open pit.
-- Former Open Pit Extensions - Drilling along the immediate
strike extensions of the former open pit has resulted in the broad
delineation of pervasive mineralisation to a depth of more than
100m below the current pit floor including an intersection of 0.7%
Cu over 44m from 8m depth below surface. Strike extensions include
the recently announced partial analysis (gold only) for drillhole
TR21DD10 returned a grade of 1.4g/t Au over 52.6 metres from
surface. Infill drilling and the return of outstanding copper and
gold assays for holes completed will be delivered to external
consultant, Addison Mining as part of the development of a Mineral
Resource model.
-- Troulli Gold Zone - Grades from drilling the Gold Zone,
located immediately adjacent to the former open pit are
well-documented. Grades range from 12m at 5.11g/t Au, 10m at
2.07g/t Au, 22m at 1.93g/t Au, 14m at 1.18g/t Au and 30m at 1.10g/t
Au. Further drilling has been undertaken to determine the outer
limits of the Gold Zone ahead of an initial Mineral Resource
estimation. It is apparent that similar gold zone-type
mineralisation probably at one time occurred capping the former
open pit. At the time of mine development, this oxide gold material
would not have been processed due to a less than favourable
in-country gold price offered by the Cypriot government for the
purchase of gold in concentrates. As a consequence, and supported
by some recent discoveries during exploration, Caerus is of the
opinion that this material remains on-site, buried beneath later
generations of waste rock and represents a potentially valuable
by-product of future dump processing.
-- New Discovery Copper Zone - A new copper zone has been
discovered beneath the Gold Zone. Drilling has penetrated the
copper zone and work is continuing to test the depth extent of this
mineralisation as well as the overall footprint of the projected
orebody. The origin of this mineralisation remains to be
established but a fault separating the former open pit from this
new zone suggests the two bodies may, at one time, have been part
of the same mineralised breccia pipe. This being the case, Caerus
is actively seeking the feeder zone for the pipe which can
typically contain high grade mineralisation.
-- Strike Extensions from Troulli to Kokkinapetra - The 1.5km
strike length represents the possible long-term growth opportunity
for the Troulli Project. Compelling evidence has been found for the
presence of hydrothermal vents found at the top of a typical
Cyprus-type volcanogenic massive sulphide (VMS) deposit and surface
grab samples, with gold grades in excess of 1g/t Au and a peak
grade of 4.2g/t Au. The JV is contemplating the appointment of an
External Contractor to undertake ground geophysical surveys to
determine both structure and possible mineralisation along the
corridor between the two deposits.
Kokkinapetra Project - Located on end of the Troulli strike
extension, Kokkinapetra provides an opportunity to discover a new
copper - gold deposit. Impressive alteration in the form of umber
(a reddish-brown iron-rich pigment indicative of hydrothermal vents
in a VMS system) occupies a large area around the target. A drill
programme has been approved by the JV Committee and will be
implemented during Q1 2022.
Anglisides Project : Anglisides potentially represents a
satellite project with future feedstock being delivered to the
Troulli hub. The Project was mined in 1936 at an average grade of
5.98% Cu, 24.5g.t Au and 86.4g/t Ag. More recent channel and pit
sampling has consistently returned gold grades in excess of 2g/t Au
and waste dump sampling has returned peak grades of 50.1g/t Au.
More recent scout drilling by Caerus returned a peak intercept of
0.81g/t Au over 38m. Work is required by the exploration team to
optimise drilling to outline a high-grade Resource that could be
pre-concentrated and transported to Troulli for subsequent
treatment.
Metallurgical work related to plant design : Jubilee Metals
Group plc is busy completing test work on a wide range of samples
predominantly from the Troulli Project. Samples include drill core
associated with both copper and gold mineralisation together with a
range of metal-bearing surface residual materials. Test work is
focused on flotation and milling to confirm the suitability of
future ore for the prescribed recovery process and to determine the
required size of crushing and milling capacity. The results of test
work will determine the future design of a processing plant and,
provisional 'sterilisation' drilling will be required at the
Troulli site before determining the location of the processing
plant and other permanent infrastructure.
The following is a high level summary of information announced
by Caerus (as referenced below) in relation to the Pano Lefkara and
St. Nicholas projects which are two of Caerus' projects which are
the subject of the Option Agreement:
Pano Lefkara Project : The Project is drill-ready. Pano Lefkara
is a stand-alone project located midway between the Troulli and
Kalavasos Project areas. Historic drill intercepts include 3.13% Cu
and 4.1g/t Au over 7.6m in massive sulphide mineralisation together
with underlying intercepts of 0.34% Cu and 1.5g/t Au over 18.3m and
0.69% Cu over 27.4m in stockwork-type mineralisation. More
recently, two scout drillholes completed by Caerus returned
intercepts of 0.63g/t Au over 34m from surface and 8m at 0.6% Cu
and 1.03g/t Au in borehole PL21DH01 and 0.45g/t Au over 14m from
surface and 0.51g/t Au over 14m from 18m in borehole PL21DH02.
Surface trench samples returning gold grades of 3.47g/t Au over 41m
and 1.06g/t Au over 24.5m point towards scope for near-surface gold
oxide potential to complement underlying sulphide mineralisation.
The JV Team is completing planning for a drill campaign and more
detailed assessment of the Project. Drilling is expected to
commence upon completion of the next round of drilling at
Troulli.
St. Nicholas Project : St. Nicholas is a further potential
satellite operation but has the scope for the discovery of a more
substantial copper - gold deposit subject to planned drilling. The
initial targets at St. Nicholas include known partially drilled
high-grade copper - gold sulphide bodies with peak intercepts
including 5m at 4.82% Cu and 6g/t Au from 11m depth and 1.06% Cu
over 28.6m. Drill planning is underway and, the JV intends drilling
the Project during Q1 2022.
(Source of the information regarding the Caerus' Cyprus
Properties is Caerus announcements dated 11 June 2021, 14 June
2021, 28 June 2021, 13 September 2021, 14 December 2021 and 13
January 2022).
For further information , in relation to the Companies please
visit www.caerusmineralresources.com or contact:
Caerus Mineral Resources Bezant Resources plc
plc
Website www.caerusmineralresources.com www.bezantresurces.com
Company Contact Martyn Churchouse Colin Bird
Chief Executive Officer Executive Chairman
info@caerusmineralresources.com info@bezantrsources.com
+44 (0)1249 782162 +44 (0)20 3416 3695
Broker Novum Securities Novum Securities
Jon Bellis Jon Bellis
+44 (0) 20 7399 9425 +44 (0) 20 7399 9400
Nominated Adviser Not applicable Beaumont Cornish
Roland Cornish
+44 (0) 20 7628 3396
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").
About Caerus Mineral Resources : Caerus Mineral Resources is a
European focused copper-gold resource development and exploration
company with a portfolio of mineral exploration licences located in
Cyprus. The Country has a well-developed infrastructure and history
of mineral exploration and production, which has been dormant over
the last 50 years and provides significant undiscovered value and
can be followed on Twitter at @CaerusMineral.
About Bezant Resources : Bezant Resources is a focused on
developing its pipeline of copper gold projects to provide a new
generation of economically and socially sustainable mines and in
addition to its joint venture with Caerus Mineral Resources in
relation to Cyprus has copper projects in Namibia, Zambia,
Philippines and Argentina and a manganese project in Botswana.
Qualified Person The content of this news release has been
reviewed, verified, and approved by Mr. Nigel Chapman who is the
exploration manager of Caerus. Mr. Chapman has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity to which he
is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves and as a qualified
person under the AIM Note for Mining, Oil and Gas Companies. Mr.
Chapman is an employee of Mineral Exploration Management Limited,
an independent geological consultancy established in 2005 and is a
Member of the Australasian Institute of Geoscientists (A.I.G.)
Mr. Chapman consents to the inclusion in this Announcement of
such information in the form and context in which it appears.
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END
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