TIDMBZT
RNS Number : 6052C
Bezant Resources PLC
24 February 2022
24 February 2022
Caerus Mineral Resources PLC ("Caerus") &
Bezant Resources PLC ("Bezant")
Cyprus Joint Venture Update
Caerus Mineral Resources (LON: CMRS) and Bezant Resources (AIM:
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 advise Shareholders that independent
laboratory assays have been received for both dump sampling and
drilling for the Troulli, Kokkinapetra and Anglisides JV
Projects.
Highlights
-- Troulli Project: stock pile sampling average grade of 1.2%
Cu; tailings sampling at double projected grade; and positive
copper and gold mineralisation drill results outside main Troulli
deposit area
o Troulli stockpile sampling has returned a consistent average
copper grade of 1.2% Cu over more than 639 metres of trenching with
sections sampled at 5 metre intervals.
o Troulli tailings sampling over 44 metres has returned an
average grade of 0.4% Cu and 0.2g/t Au, double the projected grade
and provides a further easily accessible low-cost resource for
early cash flow.
o Drilling on the fringes of the Troulli deposit has extended
the surface profile of both copper and gold mineralisation with
peak intercepts including:
-- TR21DD007: 0.86% Cu eq over 15.6m from 67.1m
-- TR21DD013: 1.21g/t Au over 21.8m from 2.7m
-- TR21DD014: 0.77% Cu eq over 37.1m from 0.0m
-- TR21DD014: 0.8g/t Au over 15.2m from 0.0m
-- TR21DD017: 0.50g/t Au over 35.5m from 0.0m
-- TR21DD017: 1.0% Cu eq over 16.05m from 15.05m
-- TR21DD018: 0.50g/t Au over 36m from 5.2m
-- TR21DD018: 0.60% Cu eq over 39.4m from 4.0m
-- TR21DD019: 0.65% Cu over 16.9m from 21.6m
-- TR21DD019: 0.8g/t Au over 10.4m from 0.0m
-- Kokkinapetra Project: : Drilling of the 1.5km strike length
of the Kokkinapetra extension of the Troulli deposit returned
extremely encouraging drill results including 0.85% Cu eq over
28.10m from surface, 1.0g/t Au over 10.8m and 0.66% Cu eq over
29.2, also from surface. Ground geophysical survey will now be
conducted to better define the next round of drill targets.
-- Anglsides Project: Validation drilling of the Troulli
satellite project, Anglisides returned equally encouraging results
with a peak intercept of 1.18% Cu eq over 40m from surface. A more
comprehensive drilling programme will now be undertaken with the
objective of defining a high-grade resource that can be processed
off-site at the future Troulli plant site.
-- Chief Operating Officer Appointment: The Board of Caerus is
pleased to announce the appointment of Nigel Chapman as Chief
Operating Officer for Caerus's Cypriot operations.
Martyn Churchouse, Chief Executive Officer of Caerus said "The
recent results are very encouraging on a number of levels.
Troulli project stockpile assays have met expectations and
confirm Caerus's view that they represent an ideal target for early
treatment to generate cash flow to meet a significant proportion of
the anticipated capital cost of the processing plant. The ability
to meet the bulk of capital costs upfront provides a lot more
flexibility with regard to the subsequent mining and processing of
hard rock and lower grade dump material.
Troulli project drill results from the outer limits of the
Troulli deposit indicate it is larger than anticipated and, in some
cases, requires further step-out drilling to close off
mineralisation. We will be looking to include these and historic
holes with the objective of defining a global Mineral Resource.
Kokkinapetra project: The 1.5km strike length between
Kokkinapetra and Troulli is potential upside to the Troulli
Project. We have now proven that evidence of mineralisation at
surface can be backed up with positive copper and gold drill
intercepts and it remains to complete more detailed mapping and a
ground geophysical survey in order to generate drill targets.
Anglisides project: We have mentioned previously, the perceived
value of moderate sized high-grade partially drilled out deposits
at localities such as Anglisides, St. Nicholas and Mala and the
recent drilling at Anglisides has validated this view.
Project development plans: We now plan; i) to complete a more
detailed drill programme at Anglisides with the objective of
defining a Mineral Resource for this project and to provide
sufficient information for metallurgical test work; ii) a
preliminary economic assessment , also at Anglsides, with a view to
future off-site processing at Troulli; and iii) Exploration and
resource development on many fronts. We have increased our
in-country technical staff complement to meet the increased
workload and work is now underway on 5 separate projects and
further updates can be anticipated. I am delighted to say that we
have appointed Nigel Chapman as COO of Caerus to manage Cypriot
operations. Whilst the COO role is not a board level position, we
have given Nigel responsibility for all aspects of day-to-day
management of exploration in Cyprus."
Colin Bird, Chief Executive Officer of Bezant said "These
results are highly encouraging in whichever way you look at them.
We have good results from our stockpiles and tailings and
extensions to primary copper are significant and will extend our
known resources for mine planning purposes.
I am particularly encouraged by the Kokkinapetra extension of
the Troulli deposit. Since, drilled mineralised intervals were
significant and consistent. With the widths being experienced, we
have potential to build up considerable tonnage between the two
deposits.
Our initial foray into Anglisides, again show considerable
mineralised intervals at good grades.
The potential to link these two areas is evident and will be
included in our project planning. We intend to carry out an outline
scoping study to define the annual tonnage and grade, whilst
determining capital and operating cost. The results to date,
underpin our prognosis and expectations for initial joint venture
producing some 8,000 tonnes of copper for 8-10 years.
However, this being the objective, we will not be blinkered in
our approach, since the combined scenario may present an
opportunity for a bigger operational plan, which if evident, we
will pursue."
Troulli project: Detailed assay and drilling results
Preliminary trench assay results have been received for several
dumps and tailings on the Troulli site.
TROSP (Main) Stockpile
Results have been received for 6 trenches excavated across the
stockpile over a combined sample length of 512 metres. The
cumulative average copper grade, based on average grades of
representative channel samples taken at 5m intervals along each
trench returns a grade of 1.20% Cu over 2.6m.
Total trench Average width Copper Grade
excavation of mineralised (Cu %)
Length zone
(m) (m)
512 2.6 1.20
---------------- -------------
Peak assay intercepts over selected horizons within each sample
profile returned copper grades of 5.84% Cu over 0.35m, 5.51% Cu
over 0.2m, 5.49% Cu over 0.30m, 5.22% Cu over 0.35m, 5.01% Cu over
0.50m, 4.98% Cu over 0.35m, 4.84% Cu over 0.20m and 4.7% Cu over
0.25m. The results confirm the delineation of a significant zone
with a consistent grade across all sampled surfaces underpinned by
high-grade zones of copper enrichment providing an opportunity for
the Companies to prioritise an easily accessible, low mining and
processing cost asset with scope to cover a significant upfront
portion of the cost of processing plant capital.
Junction Stockpile
Results have been received for 4 trenches excavated to an
average depth of 3.4 metres over a combined sample length of 127
metres returning a cumulative average copper grade of 1.3% Cu over
3. 4 m. Peak assay grades over specific horizons within sampled
profiles included 4.81% Cu over 0.75m, 4.79% Cu over 1.0m, 4.35% Cu
over 0.5m, 4.17% Cu over 0.65m, 4.0% Cu over 0.3m, 3.99% Cu over
0.7m, 3.95% Cu over 0.6m and 3.6% Cu over 0.15m.
Similarly to the TROSP Stockpile, the Junction resource
represents another target that can be mined and processed at
low-cost to quickly generate early-stage cash flow.
Tailings ("Trails Tailings")
Two trench excavations across the Trails Tailings over a
combined sample length of 44 metres returned an average Cu grade of
0.4% Cu and 0.2g/t Au over 2. 6 m. Peak intercepts achieved during
sampling of tailings included 3.03% Cu and 0.2g/t Au over 0.1m,
2.04% Cu and 0.4g/t Au over 0. 25 m and 1.48% Cu and 0.2g/t Au over
0.15m. The average tailings grade significantly exceeds
expectations returning a grade that is double that anticipated.
Tailings grades are indicative of another easily accessible and
mineable asset that can further contribute to early-stage cash
flow.
Troulli Drilling
Results have been received for a 6-hole drill programme to
specifically test the margins of known mineralisation and to
determine the likely limits of future ore.
Borehole From To Mineralised End of Copper Gold Cu eq
No (m) (m) Interval Hole (% Cu) (g/t (% Cu)
(m) (m) Au)
TR21DD006 0.0 5.8 5.8 97.3 0.51
20.9 24.8 3.9 0.5 0.95 1 .09
42.0 46.4 4.4 0.53
------- ------- ------------ ------- -------- ------- --------
TR21DD007 14.6 19.8 5.2 116.6 0.66
51.0 58.2 7.2 0.35 0.49 0.67
67.1 82.7 15.6 0.57 0.43 0.86
including 67.1 77.3 10.2 0.52
69.1 82.7 13.6 0.61
------- ------- ------------ ------- -------- ------- --------
TR21DD013 2.7 24.5 21.8 34.8 1.21
21.0 25.4 4.4 1.47
------- ------- ------------ ------- -------- ------- --------
TR21DD014 0.0 37.1 37.1 44.8 0.77
0.0 15.2 15.2 0.8
27.5 36.3 8.8 1.36
------- ------- ------------ ------- -------- ------- --------
TR21DD015 0.0 3.0 11.30 0.47
------- ------- ------------ ------- -------- ------- --------
TR21DD017 0.0 35.5 35.5 49.2 0.5
including 15.05 31.10 16.05 0.68 0.5 1.0
15.05 23.90 8.85 0.91
------- ------- ------------ ------- -------- ------- --------
TR21DD018 4.0 43.4 39.4 55.2 0.31 0.43 0.6
including 5.20 41.2 36.0 0.50
24.0 27.15 3.15 1.0
------- ------- ------------ ------- -------- ------- --------
TR21DD019 0.0 59.0 59.0 59.0 0.31
Including 0.0 10.4 10.4 0.80
21.6 38.5 16.9 0.65
51.6 59.0 7.40 0.39
------- ------- ------------ ------- -------- ------- --------
TR21DD006 and TR21DD007 were drilled on the western margin of
the gold Oxide Zone with TR21DD006 75m beyond the known limits of
mineralisation. Results indicate that the western limit of the Gold
Zone has been reached although a further hole will be planned to
test the 75m intervening strike length as the geological model
suggests mineralisation extends into this area.
Geological logging of drill core within the past 4 weeks has
also indicated that both copper and gold mineralisation could
extend to the west and north-west and appears to dip under cover in
this direction. (This would extend Cu/Au mineralisation between
TR21DD007,019, 021 TR22DD022 and TR21DD006 to the west).
TR21DD017, 018 and 019 have extended the Gold Zone and
underlying copper sulphide zone beyond previous limits and
demonstrate the presence of copper-gold mineralisation from surface
to a depth of approximately 60m and an additional 100m along
strike.
Infill drilling is continuing to define additional
mineralisation particularly around the high-grade core of the
deposit and in an area between the former open pit and more recent
discovery where additional mineralisation appears to be
present.
All drill and assay data is being added to the geological and
Mineral Resource models being generated by external
consultants.
Kokkinapetra - Troulli Extension Project: Detailed assay and
drilling results
The Kokkinapetra - Troulli Extension Project offers potential
for an expansion of the Troulli deposit resource over an additional
1.5km of strike length. Three holes were drilled, TR21DD010, 011
and 012, both returning highly encouraging results that clearly
indicate the presence of copper and gold mineralisation associated
with gossans that link Kokkinapetra to Troulli. These results have
important implications for the potential expansion of the Troulli
Project and as a result, the Companies have commissioned a ground
geophysical survey to locate structures most likely to focus copper
and gold mineralisation and to identify areas of sulphide
concentration that may have a copper association. It is important
that work is completed on the Kokkinapetra Target as soon as
possible as results could determine the future capacity requirement
of the planned processing plant.
Borehole From To Mineralised End of Copper Gold Cu eq
No (m) (m) Interval Hole (% Cu) (g/t (% Cu)
(m) (m) Au)
TR21DD011
Including 0.0 29.2 29.2 38.3 0.47 0.30 0.66
------ ------ ------------ ------- -------- ------- --------
TR21DD012 0.0 49.0 49.0 49.0 0.33
Including 0.0 10.8 10.8 1.0
0.0 28.1 18.1 0.43 0.60 0.85
------ ------ ------------ ------- -------- ------- --------
TR21DD010 12.45 22.5 10.05 52.6 0.93 0.59 1.32
Including 0.90 6.90 6.00 7.83 5.28
------ ------ ------------ ------- -------- ------- --------
Anglisides project: Detailed assay and drilling results
Anglisides represents a satellite project targeting high-grade
copper - gold mineralisation suitable for open pit production and a
target that has been partially drilled out. Caerus has completed
two open hole percussion drillholes to validate historical
drilling. Highly encouraging results have been obtained including
an intercept in hole ANG21DH001 of 0.65% Cu and 0.8g/t Au over 40m
from surface and a copper equivalent grade of 1.18% Cu. Anglisides
is the first of the targets held by Caerus with potential to
deliver high-grade selectively mined feedstock that is of
sufficient grade to be able to carry the cost of haulage from its
origin to a central processing facility whether pre-concentrated
on-site or not. There are multiple other targets within the /Caerus
portfolio that are currently being tested, initially for copper -
gold content, and, subject to grade, metallurgical test work to
determine the most cost effective and efficient way to
pre-concentrate metals prior to transport to a central processing
facility.
Borehole From To Mineralised End of Copper Gold Cu eq
No (m) (m) Interval Hole (% Cu) (g/t (% Cu)
(m) (m) Au)
ANG21DH001 0.0 40.0 40.0 40.0 0.65 0.80 1.18
Including 0.0 12.0 12.0 1.80
0.0 14.0 14.0 1.35
----- ------ ------------ ------- -------- ------ --------
ANG21DH002 0.0 12.0 12.0 40.0 0.40
----- ------ ------------ ------- -------- ------ --------
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
--------------------------------- ------------------------
Qualified Person The content of this news release has been
reviewed, verified, and approved by Mr. Nigel Chapman who is the
exploration manager and now COO 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.
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
"Cu eq" Copper equivalent: Copper equivalent grades are based on
a copper price of US$4.0/lb and a gold price of US$1,800/oz Au.
"g/t" grammes per tonne
"kt" thousand tonnes
"Mt" million tonnes
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.
The information contained within this announcement is deemed by
the Companies 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").
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END
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