REG - Bezant Resources PLC - Cyprus Joint Venture Drilling Update

Bezant ResourcesAnnouncement

03/05/2022 07:00

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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 plc                                               Bezant Resources plc
 Website            www.caerusmineralresources.com (http://www.caerusmineralresources.com)     www.bezantresources.com (http://www.bezantresources.com)
 Company Contact    Martyn Churchouse                                                          Colin Bird

Executive Chairman
                    Chief Executive Officer                                                    info@bezantresources.com (mailto:info@bezantresources.com)

                    info@caerusmineralresources.com (mailto:info@caerusmineralresources.com)   +44 (0)20 3416 3695

                    +44 (0)1249 782162

 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 comprising 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 Economic Assessment  also referred to as a "scoping study", is a study 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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