TIDMBZT
RNS Number : 9628J
Bezant Resources PLC
03 May 2022
3 May 2022
Bezant Resources PLC ("Bezant") & Caerus Mineral Resources PLC ("Caerus")
Cyprus Joint Venture Drilling Update
Bezant Resources (AIM: BZT) and Caerus Mineral Resources (LON:
CMRS) 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 drill results for
the Troulli Project.
Highlights
-- Assays received for eight out of ten recently completed drillholes for the Troulli Project
Table 1: Peak Mineralised Intercepts
Hole Number From To Intersection Grade Grade
(m) (m) (m) (% Cu eq) (g/t
Au)
TRDD030 7.7 17.4 9.7 1.14
37.25 58.50 21.25 1.83
------- ------- ------------- ----------- ------
TRDD034 0.0 31.2 31.2 0.98
0.0 84.5 84.5 0.61
------- ------- ------------- ----------- ------
TRDD035 45.9 61.6 15.7 1.40
------- ------- ------------- ----------- ------
TRDD036 4.4 34.5 30.1 1.58
------- ------- ------------- ----------- ------
TRDD037 23.25 40.30 17.05 0.80
------- ------- ------------- ----------- ------
TRDD038 29.65 41.3 11.65 0.73
------- ------- ------------- ----------- ------
TRDD039 0.0 14.1 14.1 1.57
------- ------- ------------- ----------- ------
TRDD040 0.0 11.2 11.2 1.15
------- ------- ------------- ----------- ------
-- TRDD030: A highly significant drillhole sited to test for
extension of mineralisation to the northwest of the current deposit
and Mineral Resource. The intersection of high-grade copper - gold
mineralisation over a notable width bodes well for planned
follow-up drilling of the NW extension.
-- TRDD034: Mineralisation reaffirms the presence of sulphide
copper-gold mineralisation beneath the oxide gold cap to the south
of the former Troulli open pit and strengthens the geological model
and Mineral Resource.
-- TRDD035: Drilled at the east end of the old Troulli open pit
and the start of the extension of mineralisation returned economic
grade copper mineralisation.
-- TRDD036: Also drilled at the eastern end of the former open
pit intersected old underground workings together with economic
grade copper mineralisation over a significant width of 30.1
metres.
-- TRDD037: Located north of the oxide Gold Zone and drilled
into the former open pit access ramp and fault zone separating the
pit from the Gold Zone demonstrated the presence of previously
unknown mineralisation between the two delineated deposits.
-- TRDD038, TRDD039 and TRDD040: Notable mineralised intercepts
of first phase drilling of gossans located between Troulli and
Kokkinapetra. The three wide-spaced holes are located along a 1.5km
strike length all returning copper mineralisation over widths of
more than 11 metres with two holes returning mineralisation from
surface.
-- A site meeting with Jubilee Metals Group consultants and
metallurgists is scheduled for May 2022 by which time it is
expected that test work will have been completed and the process of
plant design can commence.
Colin Bird, Chairman of Bezant Resources said "These drill
results bode well for the addition of further high-grade copper to
the Mineral Resource at the Troulli Project with a positive impact
on the economics. As exploration work continues and results come in
we are very positive about the prospects for the Troulli Project
which is only one of several joint venture projects."
Martyn Churchouse, Chief Executive Officer of Caerus said "The
recent work undertaken by the Exploration Team pointed to a NW
extension to mineralisation and the latest drill result for TRDD030
returning 1.83% Cu eq over 21.25 metres confirms their view. This
result has the potential to add further high-grade copper-gold
tonnage to the recently reported Mineral Resource. The extent of
the new mineralised zone is unknown at this time as it dips beneath
unmineralized cover and this new discovery will be tested both by
geophysics and drilling. The new discovery will not slow down the
process of conversion to a mining licence and has the potential to
increase the resource being used in the mine planning currently
underway.
New higher-grade intercepts of this nature make the Troulli
Resource more robust and provides for more flexibility both in
terms of resource estimation and future mine scheduling. Troulli
continues to deliver with all of the recent drillholes returning
impressive grades over substantial widths demonstrating that the
Troulli Project still has plenty of upside and scope for further
expansion. The assay intercepts for the first three holes drilled
as part of the planned step-out drilling along the 1.5km strike
length to Kokkinapetra have delivered exciting results with all
three holes intercepting near-surface copper mineralisation. The
scheduled geophysical survey over the same area is designed to
expose further targets in addition to uncovering local structure
that is assumed to control mineralisation which could lead to more
discoveries between Troulli and Kokkinapetra.
This is an exciting time in the Troulli Project development not
least because the visual indications from drilling on-going at the
Anglisides satellite Project show impressive near-surface
copper-bearing mineralised packages that enhance the scope for
future delivery of high-grade additional feedstock to the Troulli
plant. Combined with the recently delineated mineral Resource at
Troulli and the increasing likelihood of more mineralisation
between the former Troulli mine and Kokkinapetra there is plenty of
optimism that the Exploration Team can continue to generate
additional ore to be incorporated into the mine plan."
Table 2: Troulli Project Drill Results for Drillholes TRDD030,
TRDD034. TRDD035, TRDD036, TRDD037, TRDD038, TRDD039 and
TRDD040
Hole Number From To Intersection Grade Grade
(m) (m) (m) (% Cu eq) (g/t
Au)
TRDD030 7.7 17.4 9.7 1.14
Including 7.7 14.2 6.5 1.49
37.25 58.5 21.25 1.83
------- ------ ------------- ----------- ------
TRDD034 0.0 31.2 31.2 0.98
0.0 84.5 84.5 0.61
Including 34.4 48.5 14.1 0.98
70.2 84.5 14.3 0.47
------- ------ ------------- ----------- ------
TRDD035 45.9 61.6 15.7 1.40
------- ------ ------------- ----------- ------
TRDD036 4.40 34.5 30.1 1.58
Including 25.2 33.5 8.3 1.84
------- ------ ------------- ----------- ------
TRDD037 23.25 40.3 17.05 0.80
------- ------ ------------- ----------- ------
TRDD038 29.65 41.3 11.65 0.73
------- ------ ------------- ----------- ------
TRDD039 0.0 14.1 14.1 1.57
------- ------ ------------- ----------- ------
TRDD040 0.0 11.2 11.2 1.15
21.4 27.3 5.9 0.94
------- ------ ------------- ----------- ------
For further information, in relation to the Companies, please
visit or contact:
Caerus Mineral Resources Bezant Resources plc
plc
Website www.caerusmineralresources.com www.bezantresources.com
--------------------------------- -------------------------
Company Contact Martyn Churchouse Colin Bird
Chief Executive Officer Executive Chairman
info@caerusmineralresources.com info@bezantresources.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
--------------------------------- -------------------------
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.
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.
On 6 April 2022 the Companies announced an initial Mineral
Resource Estimate, effective as of 22(nd) March 2022 for the
Troulli Project compris ing a total hard rock resource estimate of
approximately 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for
20,000 t of Cu metal and 31,000 ounces of Au, including.
Indicated Gossan Resources of 260,000 tonnes at 0.18% Cu and
0.91 g/t Au for 460 t of Cu and 7,700 ounces of Au.
Inferred Gossan Resources of 180,000 tonnes at 0.14% Cu and 0.47
g/t Au for 260 t of Cu and 2,800 ounces.
Inferred Breccia Resources of 4.4 million tonnes at 0.43% Cu and
0.14 g/t Au for 19,000 t of Cu and 21,000 oz of Au.
Inferred waste and tailings dump resources of approximately
93,000 tonnes at 0.76% Cu and 0.12 g/t Au for 710 tonnes of Cu and
360 oz of Au.
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 Luna Recursos
Naturales SAC, an independent geological consultancy established in
2015 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.
Qualified Person : In accordance with AIM Note for Mining and
Oil & Gas Companies, June 2009 ("Guidance Note"), Colin Bird,
CC.ENG, FIMMM, South African and UK Certified Mine Manager and
Director of Bezant Resources Plc, with more than 40 years'
experience mainly in hard rock mining, is the qualified person as
defined in the Guidance Note of the London Stock Exchange, who has
reviewed the technical information contained in this press
release.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic pursuant to the Market Abuse (Amendment)
(EU Exit) regulations (SI 2019/310).
Glossary of technical terms :
"Ag" silver;
"Au" Gold;
"Au eq" gold equivalent;
"BG" basal Group, oldest rocks outcropping in the Troulli
Inlier;
"Breccia" rock which has been fractured or broken in-situ
by processes in the earth's crust, including fracturing
by hydrothermal fluids percolating the rock under
high pressure or by tectonic activity;
"CRM" Certified Reference Material; standards;
"Cu" Copper;
"Cu eq" copper equivalent grades are based on a copper
price of US$ 4.0 /lb and a gold price of US$ 1,800
/ oz
"Fe" Iron;
"g" grammes;
"Gossan" is intensely oxidized, weathered, or decomposed
rock, usually the upper and exposed part of a mineral
deposit. The weathering process can result in enrichment
of immobile metals and elements and depletion of
mobile metals and elements;
"g/t" grammes per tonne; equal to ppm;
"ICP" inductively coupled plasma;
"Inferred resource" that part of a Mineral Resource for which quantity
and grade (or quality) are estimated based on 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;
"Indicated resource" 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;
"JORC" the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves, as
published by the Joint Ore Reserves Committee of
The Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists and Minerals
Council of Australia;
"JORC (2012)" the 2012 edition of the JORC code;
"km" Kilometre;
"LPL" Lower Pillow Lavas;
"m" metre;
"Mineral Resource" a concentration or occurrence of material of economic
interest in or on the earth's crust in such form
and quantity that there are reasonable and realistic
prospects for eventual economic extraction. The
location, quantity, grade, continuity, and other
geological characteristics of a Mineral Resource
are known, estimated from specific geological evidence
and knowledge, or interpreted from a well-constrained
and portrayed geological model;
"Mt" million tonnes;
"oz" troy ounce;
"ppm" Parts per million, equal to g/t
"Preliminary also referred to as a "scoping study", is a study
Economic Assessment that includes an economic analysis of the potential
viability of Mineral Resources taken at an early
stage of the project prior to the completion of
a preliminary feasibility study.;
"QA/QC" quality assurance/quality control;
"ROM" Run of mine;
"UPL" Upper Pillow Lavas;
"Zn" Zinc; and
"%" Percent.
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