2 July 2024
Bezant Resources
Plc
("Bezant"
or the
"Company")
Mankayan Project Investment
Update
Bezant (AIM: BZT), the
copper-gold exploration and development company, announces that IDM
International Limited ("IDM") to which the Company sold its
interest in the Mankayan Copper Gold project in the Philippines
("Mankayan Project") has
provided a shareholder update which is copied in its entirety below
and has launched an updated corporate website at
https://www.idminternational.com.au/
("IDM Website") which
provides information on and updates in relation to the Mankayan
Project and IDM International.
Bezant currently owns 19,381,054 IDM
shares (approx. 22.96%) which are recognized in its 2023 accounts
at AUD 20 cents per share.
Colin Bird, Executive Chairman of
Bezant, commented
"We are very pleased to share an
update on the Mankayan Copper Gold Project which demonstrates the
professional and diligent manner in which management in the
Philippines supported by IDM are developing the Mankayan
Project. The Mankayan Copper Gold Project is a Tier 1 asset
and with the recognised copper shortfall there is a need to bring
large copper projects like the Mankayan Copper Gold project into
production to meet the copper supply shortfall being faced by
global markets."
The
IDM International shareholders update dated : 28 June
2024 is in
italics and starts after the double line below and continues to the
double line at the end of this announcement
"
IDM International Limited
("IDM" or
the "Company") is
pleased to
provide an
update on
the operations
at
its
Mankayan copper-gold
project in
the Philippines ("Mankayan").
Highlights since Mankayan
Project Acquisition
•
The renewal
of the
Mankayan MPSA
(25-year mining
license).
•
Prefeasibility drilling
complete.
•
Final
assemblies for
the FPIC
underway (life
of mine
social license).
Background
In 2022
IDM acquired
Mankayan on
the back
of
a
25-year Mineral
Production Sharing
Agreement ("MPSA") renewal by the
Mines and Geosciences Bureau ("MGB"). In conjunction with the
acquisition, key in
country management, who have long
been involved with the project, joined IDM to provide the important
local, governmental, social and technical content required to take Mankayan forward.
Mankayan is
a Tier 1 asset located in the mining friendly jurisdiction
of Northern
Luzon which
hosts other
large Cu-Au deposits and prospects (Figure
1). Sitting with over 56,000m of drilling and a JORC 2012 compliant
mineral resource of 793Mt
containing 2.8Mt of copper, 9.7M oz of gold and 21M oz of silver
(>.25% Cu eq cut off) it is one of the largest undeveloped copper-gold
porphyry projects
in the world. Significant intercepts from this historic drilling are tabulated below. A drill hole location plan is included as figure 2.
|
DHID
|
Significant
Intercepts
|
Higher Grade Intercepts
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Ave
%Cu
|
Ave
ppm
Au
|
From
(m)
|
To (m)
|
Interval
(m)
|
Ave
%Cu
|
Ave
ppm Au
|
|
PFC-40
|
229.90
|
1348.60
|
1118.70
|
0.422
|
0.559
|
558.30
|
582.30
|
24.00
|
0.661
|
0.609
|
|
690.30
|
772.30
|
82.00
|
0.486
|
0.622
|
|
883.30
|
1235.15
|
351.85
|
0.534
|
0.793
|
|
MMD-11
|
156.20
|
1067.50
|
911.30
|
0.510
|
0.626
|
476.10
|
545.30
|
69.20
|
0.463
|
1.090
|
|
814.70
|
1067.50
|
252.80
|
0.733
|
0.886
|
|
PFC-44
|
247.00
|
1219.30
|
972.30
|
0.435
|
0.584
|
487.00
|
496.00
|
9.00
|
0.493
|
1.777
|
|
565.00
|
1090.00
|
525.00
|
0.517
|
0.730
|
|
THM-22
|
254.00
|
1008.00
|
754.00
|
0.491
|
0.638
|
572.00
|
1002.00
|
430.00
|
0.581
|
0.800
|
|
PFC-43
|
308.00
|
1055.00
|
747.00
|
0.486
|
0.593
|
395.00
|
422.00
|
27.00
|
0.474
|
1.198
|
|
443.00
|
461.00
|
18.00
|
1.048
|
1.995
|
|
560.00
|
625.80
|
65.80
|
0.640
|
0.747
|
|
790.80
|
1034.00
|
243.20
|
0.589
|
0.604
|
Mankayan is registered as a Priority Project by the
Philippines government.
It is seen as critical Mankayan is brought through development and ultimately into production.
Work to date since acquisition of project by IDM
International
Upon grant of the MPSA the company initiated pre-feasibility
studies. A gap analysis was conducted
on the 2014 Scoping Study Updated by Mining Plus.
This identified
the need for refined metallurgical test work,
geotechnical studies and structural
modelling. This necessitated two diamond drill holes which have
been completed. Geotechnical logging and subsequent structural
modelling are
complete. The
samples for
metallurgical test
work have been delivered to Perth for processing.
In
tandem with the pre-feasibility work the company has been advancing
it's permitting and community relations. The most important being to
obtain a Free and Prior Informed Consent ("FPIC"). This involves
extensive consultation with the
community at large as
well as the local
governments (Barangays) and the
recognised Indigenous Peoples.
The first
round of
assemblies have
been carried
out with
favourable results.
The second round of
assemblies will be conducted this month, hopefully culminating in a
consensus. Once consent is given negotiations commence
on a Memorandum of Agreement (MoA) which is the social license to operate for the life of the
mine.
Further announcements
on
key outcomes
will be
made in
due course.
Financing and Capital Structure
The Company has funded the work to date through equity (no
debt) through the board, existing IDM shareholders and sophisticated investors
and is in discussions with other strategic investors
to provide
the capital with which to complete the PFS.
Post or in conjunction with this, IDM will be seeking to IPO, RTO
or work through alternative ways for a liquidity event as a means to drive the best value for shareholders.
Tightly held
with the
top 20
amongst 800
shareholders,
IDM's current capital structure is as follows:
Shares on issue 85,116,560 (~800
shareholders)
Options on issue 3,800,000
@ 20c, 2 years 6,620,000 @ 40c, 2
years
New Website
Shareholders are
invited to
look at
IDMs new
website, https://www.idminternational.com.au/
which has
full details
on Mankayan or
reach out
to the IDM International board
with any
questions.
Table 1:
Mineral Resource
Table
|
JORC
2012 MINERAL
RESOURCE ESTIMATE
(0.25% CuEq cut-off)
|
|
Resource
Category
|
Mt
|
CuEq
(%)
|
Cu (%)
|
Au (g/t)
|
Ag (g/t)
|
Cu (Mt)
|
Au (Moz)
|
Ag (Moz)
|
|
Measured
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Indicated
|
638
|
0.68
|
0.37
|
0.40
|
0.9
|
2.3
|
8.2
|
18
|
|
Inferred
|
155
|
0.52
|
0.29
|
0.30
|
0.5
|
0.5
|
1.5
|
3
|
|
TOTAL
|
793
|
0.65
|
0.35
|
0.38
|
0.8
|
2.8
|
9.7
|
20
|
Notes:
1. This table is from
the September 2020, Mineral Resources Estimate prepared by Derisk
Geomining Consultants (Derisk) based on all drilling
completed up to
2013.
2. Totals may not add due to rounding
effects
3. CuEq calculation assumes metal
prices of USD 2.80 /lb Cu, USD1,800/oz Au and recoveries of 90% of
Cu and 75% for Au.
4. CuEq (%) = (Cu% X
Cu price per lb x 2,204.6 Cu recovery) + (Au g/t x Au price
oz/31.1035 x Au recovery)
(Cu price per lb v 2,204.6)
Figure 1: Location of Mankayan
Figure 2: Drill hole location plan
Figure 3.1 The resource starts ~200m
below surface to ~1,100m
(900m x 300resource-400 intrusive complex)
Figure 3.2: Oblique view of the
deposit showing grade shells for copper and
gold
Competent
Persons Statement
The information in this Shareholders Update that relates to
historical Exploration Results is based on information compiled by
Mr Greg Cunnold, who is a Director and shareholder of IDM. Mr
Cunnold is a Member of the Australian Institute of Geoscientists
and has sufficient experience of relevance to the styles of
mineralisation and the types of deposits under consideration, and
to the activities undertaken, to qualify as a Competent Person as
defined in the 2012 Edition of the Joint Ore Reserves Committee
(JORC) Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr Cunnold consents to the
inclusion in the report of the matters based on the information in
the context in which it appears."
End
of IDM International shareholders update
For further information, please
contact:
|
Bezant Resources Plc
Colin Bird Executive
Chairman
|
|
|
Beaumont Cornish (Nominated
Adviser)
Roland Cornish / Asia Szusciak
|
+44 (0) 20 7628 3396
|
|
Novum Securities Limited (Joint
Broker)
Jon Belliss
|
+44
(0) 20 7399 9400
|
|
Shard Capital Partners LLP (Joint
Broker)
Damon Heath
|
+44 (0) 20 7186 9952
|
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).
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
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.
Technical Glossary
|
"CuEq"
|
Copper Equivalent
|
|
"g/t"
|
Grammes per tonne
|
|
"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. 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. An Indicated
Mineral Resource has a lower level of confidence than that applying
to a Measured Mineral Resource and may only be converted to a
Probable Ore Reserve.
|
|
"Inferred Resource"
|
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. An Inferred Mineral Resource has a lower level of confidence
than that applying to an Indicated Mineral Resource and must not be
converted to an Ore Reserve. It is reasonably expected that the
majority of Inferred Mineral Resources could be upgraded to
Indicated Mineral Resources with continued exploration.
|
|
"JORC"
|
The Australasian Joint Ore Reserves
Committee Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves 2012 (the "JORC Code" or "the Code").
The Code sets out minimum standards, recommendations and guidelines
for Public Reporting in Australasia of Exploration Results, Mineral
Resources and Ore Reserves
|
|
"Pre-Feasibility Study"
|
A Preliminary Feasibility Study
(Pre-Feasibility Study) is a comprehensive study of a range of
options for the technical and economic viability of a mineral
project that has advanced to a stage where a preferred mining
method, in the case of underground mining, or the pit
configuration, in the case of an open pit, is established and an
effective method of mineral processing is determined. It includes a
financial analysis based on reasonable assumptions on the Modifying
Factors and the evaluation of any other relevant factors which are
sufficient for a Competent Person, acting reasonably, to determine
if all or part of the Mineral Resources may be converted to an Ore
Reserve at the time of reporting. A Pre-Feasibility Study is at a
lower confidence level than a Feasibility Study.
|
|
"Mineral Resource"
|
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.
|
|
"oz"
|
Troy Ounce, unit of mass for selling
of precious metals
|
|
"t"
|
Tonnes (metric)
|
|
"$/t"
|
US dollars per tonne
|