TIDMBZT
RNS Number : 2783B
Bezant Resources PLC
03 April 2017
3 April 2017
Bezant Resources Plc
("Bezant" or the "Company")
Choco Alluvial Gold-Platinum Project: Phase 2 Gold &
Platinum Recovery Results
Bezant (AIM: BZT), the AIM quoted mineral exploration and
development company, is pleased to announce the Phase 2 gold and
platinum recovery results from its Choco alluvial Gold-Platinum
exploration and development project located in Western Colombia
(the "Choco Project"). The results are for material from within the
proposed mining area of the FKJ-083 licence and the samples were
taken below pit floor level from the Phase 1 exploration pit and
include virgin ground. These latest results demonstrate gold ("Au")
and alluvial platinum ("Pt") recoveries at grades well above the
0.17 grammes per tonne ("g/t") (238 miligrams per cubic metre
("mg/m(3) ")) break-even point, determined by an independent
scoping study, announced earlier in the year. The Company has now
initiated the development of a dry mining operation and scheduled
to begin mine development and production in Q2 2017.
Highlights:
-- Independent scoping study announced on 8 March 2017 for dry
mining on the Choco Project calculated a:
o 0.17 grammes per tonne (238 mg/m(3) ) break-even grade for combined Pt and Au
-- Initial Phase 2 recovery analysis for gold-platinum from the FKJ-083 licence area:
o 37 individual samples in aggregate from 14 pits with a total
of 23.5 m(3) (32.9 tonnes) extracted and processed
o Average combined volume weighted Pt and Au grade of 0.235 g/t
(329 mg/m(3) )
o Samples taken from the Phase 1 pit floor at depths between 9.5
and 17.5 metres below the surface
o Highest combined grade from virgin platinum and gold bearing
gravels was 1.23 g/t (1724 mg/m(3) )
-- Phase 2 work-plan summary:
o Focussed on pitting, sampling and testing located, on the
bottom of the Phase 1 open pit
o Concentrates treated and grades established through the onsite
platinum and gold recovery laboratory and offsite refining of
particles below 250 microns
The two principal recovery metrics used by Bezant during the
assessment period were: grammes of precious metal recovered per
tonne and milligrammes of precious metals per cubic metre of
material. The [metric cube/cubic metre] measure has been used to
assess the throughput rate of ore that can be processed by the
initial dry mining plant to be developed at the Choco Project.. The
Choco Project's model for platinum and gold recovery operations is
based on the deployment, over time, of multiple sub-US$1 million
dry mining plants each designed to process up to 1,800 mg/m(3) per
day with a break-even opex cost below US$800/oz of gold and
platinum based upon the recent 2017 scoping study results. The
Company is targeting mine development, plant acquisition and
commissioning as well as first production during Q2 2017.
Ed Nealon, Chairman of Bezant, today commented:
"These Phase 2 recovery results demonstrate the consistent
levels of gold and platinum occurring in areas previously untested
for precious metals and compare favourably with our Phase 1 results
that were used to verify mining data from historic operations.
Grades of both platinum and gold occur at levels well above the
break-even point determined by the recent INGEX scoping study
commissioned by Bezant and released to the market during the first
quarter of 2017. We are now in the process of foccussing on the
development of our first full-scale platinum and gold production
operation that we have targeted for commissioning during Q2 2017. I
look forward to updating shareholders as we meet these objectives
in due course. The Choco province is an extremely exciting and long
established platinum and gold field and Bezant has a clear first
mover advantage in applying a coordinated, cost effective recovery
operation in the area which focuses on low capital expenditure and
achieving attractive margins with near-term cash flow."
Phase 2 Operational Update
Working with its mining contracting partner, Exumax SAS
("Exumax"), Bezant has now completed surface and near-surface
exploration on the FJK-083 licence area. The FKJ-083 licence area
was mined by the current owner/operator between 2007 and 2012 and
the Bezant-Exumax programme is focusing on correlating open pit
test results with historic mining, geological reports and platinum
and gold recoveries.
On 8 March 2017, Bezant announced the findings of an independent
scoping study prepared by INGEX Grupo Minero SAS for the FKJ-083
and surrounding licence areas. The scoping study calculated a
combined Pt and Au break-even grade for the project of 0.17 g/t
(238mg/m(3) ).
The exploration and verification work on the FJK-083 licence
area focused on the development of a large trial pit and sampling
over two phases. In Phase 1, a total of 25,000m(3) of material was
excavated to form the first stage of the pit's development. This
initial stage provided for the establishment of the trial pit with
approximate dimensions of 80m length by 40m width at surface and a
main pit floor at 9.5 m depth.
The now completed Phase 2 work involved the development of 14
smaller secondary pits in the main pit floor, which allowed deeper
level sampling for a total of 34 samples of alluvial material. The
samples have now been processed through the pilot sampling plant
and the concentrate from the operation was subsequently treated and
analysed through the Company's onsite mercury free, platinum and
gold recovery laboratory. The samples returned an average combined
volume weighted platinum and gold grade of 329 mg/m(3) (ca. 0.235
g/t) for the 14 test pits at depths in the range of 9.5 to 17.5
metres below surface. The highest combined Pt and Au pit grade was
1,724 mg/m(3) (1.23 g/t) recovered from a 0.5 tonne sample.
Photo One: Example of Photo Two: on site sample
Platinum and Gold recovered assessment and measurement
from sampling operations
http://www.rns-pdf.londonstockexchange.com/rns/2783B_-2017-4-2.pdf
Confirmation of gold-platinum located within heavy particles
Test pitting has confirmed that the Choco Project has an
alluvial deposit where the gold and platinum occur in free form
within the gravels. The metals have typically settled above the
bedrock layer in the region, within other heavy, larger particle
constituents. The bedrock depth varies within an estimated range of
between 18 and 30 metres from surface. Given the free platinum and
gold nature of the deposit, the precious metals can be recoved
through basic minerals processing methods and equipment.
Furthermore, a generic model for alluvial mining and processing
operations for multiple sites can also be model base on the FKJ-083
operation.
Further commenting on the recent operations, Judd van den Brenk
of Exumax, said:
"The open pit has allowed us to confirm the presence at depth of
very significant concentrations of both platinum and gold. We now
enter a mobilisation phase for our main processing plant, and I
look forward to repeating the success we have demonstrated in other
parts of Colombia with our world class mining, environmental and
social practices."
Dr Bernard Olivier has reviewed and approved the technical
information contained within this announcement in his capacity as a
qualified person, as required under the AIM rules. Dr Olivier is
Chief Executive Officer of the Company and a Member of the
Australasian Institute of Mining and Metallurgy.
For further information, please contact:
Bezant Resources plc
Bernard Olivier Tel: +61 40 894
Chief Executive Officer 8182
Laurence Read
Executive Director / Communications Tel: +44 (0)20
Officer 3289 9923
Strand Hanson Limited (Nomad)
James Harris / Matthew Chandler
/ James Dance Tel: +44 (0)20
7409 3494
Beaufort Securities Limited (Broker)
Elliot Hance Tel: +44 (0)20
7382 8300
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 Regulation (EU) No. 596/2014.
Note to Editors:
Exumax (www.exumax.co) is a Colombian based mine operating
Company with over 6 years mine operating experience in Colombia and
has a well-established Colombian based team that can provide
turnkey exploration solutions to Bezant's wholly owned Colombian
subsidiary, Ulloa Recursos Naturales SAS. The principals of Exumax
have over 50 years' of combined operating experience in the mining
and construction industry in South America and in this period have
developed extensive proprietary mining expertise. Exumax own and
have imported special purpose alluvial mining equipment from New
Zealand, where such operations are common, for use in low-cost
alluvial extraction projects focused on precious metals. Exumax's
activities are led by Judd van den Brenk a fluent Spanish speaker
with 6 years alluvial mining experience in Colombia. Exumax have
operated a series of alluvial projects in Colombia and prioritise
community relations and environmental management work as key
components to building successful mining operations in-country.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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