TIDMBZT
RNS Number : 8068A
Bezant Resources PLC
07 February 2022
7 February 2022
Bezant Resources Plc
("Bezant" or the "Company")
Hope and Gorob Project Update
Bezant (AIM: BZT) ("Bezant"), the copper-gold exploration and
development company, is pleased to announce the successful
completion of an all-parties technical visit to review the Hope and
Gorob Project in Namibia leading to consensus on the best way to
optimise project development and more specifically the lodging of a
Mining Licence application.
Highlights:
-- Lead engineering consultant Practara (Pty) Limited has
developed a number of recommendations to be adopted aimed at
including near-surface mineralisation into the Resource Model
-- Project design engineers Nurizon will review plant layout
specifically to offer multiple options for presentation to the
Namibian authorities for consideration
-- Further guidance will be provided by specialist Namibian
environmental consultants, Namisun Environmental Projects and
Development, managing a consortium of local experts given the
responsibility for environmental impact assessment
documentation
-- Plant design consultants will embark on high-level design
based on feedback from the Company and consultants referencing
project throughput, ore types, scheduling and life of mine
-- Current 2,000 metre drill programme objectives to be
realigned with the Mining Licence application process with a
short-term emphasis on:
o twinning historic drill holes to provide invaluable geological
data
o completion of initial geotechnical logging for engineering
purposes including the siting of infrastructure and underground
development
o collection of drill core for detailed metallurgical test
work
o drilling to intersect near-surface copper (gold) oxide
potential and to refine the geological model
Colin Bird, Executive Chairman of Bezant, commented : "The Team
had very productive site meetings and discussions with all
stakeholders. The outcome was that the Project presents significant
opportunity over and above previously considered mining plans.
Our work suggests that an open pit working oxides and transition
materials may well be possible and as such we are fast tracking
determination of the presence, mineralisation style and
metallurgical suitability for leaching or similar process. What did
impress the Group was the apparent occurrence of significant gold
workings that were reported as exploratory but appear in actual
fact to have been exploited by previous artisanal mining.
The work programme should lead to early submission of the Mining
Licence application and we will keep the Market fully informed of
material developments as the process continues"
A coordinated programme of action has been implemented by Bezant
aimed specifically at the completion of scoping studies,
preliminary design and the expansion and upgrade of the Mineral
Resource model all aimed at the near-term submission of a Mining
Licence application.
Work will be undertaken to include near-surface copper
mineralisation in the Resource model offering scope for lower cost
early years production alongside the existing underground Resource
development plan, with the potential to access underground via adit
development from the open pit.
Planned drill holes will be relocated specifically to achieve
multiple outcomes including validation of historic drill results,
provision of new geotechnical information and the collection of
fresh ore samples for detailed metallurgical test work.
External engineering consultants will continue to supplement the
existing scoping work with updated information to generate a more
detailed study which, in turn, can then be used by the
environmental consultant for the Impact Assessment.
Hope and Gorob 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 +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.
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
END
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