TIDMBZT
RNS Number : 2074F
Bezant Resources PLC
18 March 2022
18 March 2022
Bezant Resources Plc
("Bezant" or the "Company")
Mankayan Project MPSA renewal
Bezant (AIM: BZT), the copper-gold exploration and development
company, further to its announcements dated 13 September 2021 and
21 October 2021 and 22 November 2021, confirms that the Mines and
Geosciences Bureau of the Department of Environment and Natural
Resources of the Philippines government ("MGB") has renewed
Crescent Mining Development Corporation's ("Crescent") Mineral
Production Sharing Agreement No. 057-96-CAR (the " MPSA ") for a
second 25 year term with effect from 12 November 2021 (the " MPSA
Renewal ").
Highlights
Mankayan project
-- The MPSA Renewal for 25 years is seen by the Company as a
catalyst for the development of the Mankayan Project which is a
potentially world class copper-gold porphyry project at a time when
the Philippines is looking to further develop its mining
industry.
-- Since the acquisition by IDM Mankayan Pty Ltd ("IDM") from
Mining and Minerals Industries Holding Pte Ltd. (MMIH) of MMIH's
interest in the project including project reports commissioned by
MMIH there has been an extensive review of the work undertaken in
relation to the project during 2019 to 2021 which is referred to
under the project's background information summary below.
Bezant's Interest in the Mankayan project
-- Bezant's interest in the Mankayan Project is via its 27.5%
shareholding in IDM, a company incorporated in Australia,
established to support Crescent in developing the Mankayan Project
in the Philippines, with the remaining 72.5% owned by established
investors in the mining sector. IDM owns 100% of Asean Copper
Investments Limited, further details of IDM and its interest in the
Mankayan Project were announced on 13 September 2021.
Project work underway and planned
-- Crescent has commenced the feasibility study process and has
engaged internationally recognised firms with in-country presence
and Philippine firms to complete the scoping phase of the project
and to plan a drill campaign to assist with geotechnical
studies.
ASX Listing
-- As previously announced on 13 September 2021 it is proposed
that IDM will be acquired by IDM International Limited (ACN
108029198) with the view that IDM International Limited in the
future may apply for a listing on the Australian Stock Exchange
("ASX").
Colin Bird, Executive Chairman of Bezant, commented: We are very
pleased with the renewal of the MPSA for 25 years which will be a
catalyst for the development of this world class copper gold
porphyry project. We are very confident that management in the
Philippines supported by IDM have the experience and expertise to
take the project forward through the next stages of evaluation and
development which will significantly enhance the value of the
project. We are also aware of the renewed focus of the Philippines
since the lifting in August 2021 of the moratorium on new mining
projects and the nationwide ban on open-pit mining method, in
ensuring that the Philippines considerable mining resources are
developed and play a significant role in the development of the
Philippine economy in the post COVID era."
Mankayan Copper-Gold Porphyry Deposit Background information
The Guinaoang (Mankayan) copper-gold deposit forms part of the
major Lepanto mineralisation system located approximately 240km
north of Manila on Luzon Island, Philippines. The district hosts a
number of large copper and gold deposits, including the Far
Southeast porphyry deposit, the Lepanto lodes, and the Suyoc
epithermal gold-silver veins.
The copper mineralisation encountered in the Guinaoang deposit
is typical of porphyry copper-gold style deposits. The Pliocene
intrusive stock complex is composed largely of quartz diorite
porphyry rocks, with two distinct phases of igneous intrusion, both
of which are host to copper and gold mineralisation. In plan view
the intrusives occupy an area which is approximately 400m wide and
900m long and it has been drilled to more than 900m depth.
By way of background information the following information is
provided as it is in the public domain:
-- Several phases of drilling defined a copper-gold resource
estimate by Snowden Mining Industry Pty Limited ("Snowden") in 2009
under JORC (2004) which defined an initial mineral resource as per
the table below. The Snowden report was prepared for the Company
and was JORC compliant when issued in 2009 but is not compliant
with JORC (2012).
Mankayan Resource Summary, JORC (2004) to a 0.4%
Cu cut-off
prepared by Snowden in 2009
Resource Tonnes Cu % Au g/t Cu metal Au metal
Category (Mt) (Mt) (Moz)
------------ -------- ----- ------- --------- ---------
Indicated 221.6 0.49 0.52 1.1 3.7
Inferred 36.2 0.44 0.48 0.2 0.6
-- In November 2020 MMIH announced an updated Mineral Resource
was prepared by Derisk Geomining Consultants Pty Ltd ("Derisk") for
MMIH under JORC (2012) and stated that "Mankayan is now estimated
to have combined Mineral Resources of 793 million tonnes containing
2.8 million tonnes of copper, 9.6million ounces of gold and 20
million ounces of silver. It has indicated Mineral Resource of 638
million tonnes @ 0.37% Cu, 0.40 g/t Au and 0.90 g/t Ag, and
inferred Mineral Resource of 155 million tonnes @ 0.29% Cu, 0.
30g/t Au and 0.5 g/t Ag." This information is provided as MMIH have
made it publicly available but it is not an updated JORC resource
statement in accordance with AIM Rules and should therefore not be
relied upon until it has been independently verified or updated by
the Company. As referred to above Crescent are undertaking further
technical studies and the Company will make further announcements
as soon as practical once these studies are completed.
A 2019 study by Mining Plus Pty Limited announced by Bezant on
12 February 2019 and based on the 2009 resource identified and
assessed a number of high-level alternative mining options for the
Mankayan project as well as substantially improving the underlying
economics of the proposed operations. In total, eleven options were
investigated, with the two main options being block cave
development routes at different scales. The highest mining rate
examined was 24Mtpa.
Further potential remains to extend the resource through
additional drilling, as well as delineating higher grade
copper-gold zones within the deposit as a potential focus for
mining start-up.
Bezant interest in the Mankayan project: The Company announced
on 13 September 2021 i) the Company's agreement with IDM under
which it was agreed that IDM would take the Mankayan Project
forward and the Company would own 27.5% of IDM with anti-dilution
rights to enable the Company to maintain its shareholding; and ii)
IDM's agreement with Mining and Minerals Industries Holding Pte
Ltd. ("MMIH") under which it acquired MMIH's interest in Asean
Copper Investments Ltd and MMIH's Project information ( the "IDM
Agreements").
Proposed ASX listing: As previously announced It is proposed
that IDM will be acquired by IDM International Limited (ACN
108029198) with the view that IDM International in the future may
apply for a listing on the Australian Stock Exchange ("ASX").
For further information, please contact:
Bezant Resources Plc
Colin Bird, Executive Chairman +44 (0) 20 3416 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 pursuant to the Market Abuse (Amendment) (EU Exit)
regulations (SI 2019/310).
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 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.
Technical Glossary
"Au" Gold
------------------- ------------------------------------------------------
"Cu" Copper
------------------- ------------------------------------------------------
"Cu eq" Copper equivalent: Copper equivalent grades
are based on a copper price of US$2.80/lb
and a gold price of US$1,800/oz Au.
------------------- ------------------------------------------------------
"g/t" grammes per tonne
------------------- ------------------------------------------------------
"Indicated Mineral That part of a Mineral Resource for which
Resource" 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. Geological
evidence is derived from adequately detailed
and reliable exploration, sampling and testing
gathered through appropriate techniques from
locations such as outcrops, trenches, pits,
workings and drill holes, and is sufficient
to assume geological and grade (or quality)
continuity between points of observation where
data and samples are gathered (JORC 2012)
------------------- ------------------------------------------------------
"Inferred Mineral An 'Inferred Mineral Resource' is that part
Resource" 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.
------------------- ------------------------------------------------------
"kt" thousand tonnes
------------------- ------------------------------------------------------
"Mineral Resource" 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.
------------------- ------------------------------------------------------
"Moz" million ounces
------------------- ------------------------------------------------------
"Mt" million tonnes
------------------- ------------------------------------------------------
"Mtpa" million tonnes per annum
------------------- ------------------------------------------------------
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END
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