REG - Bezant Resources PLC - Cyprus Joint Venture Drilling Update

Bezant ResourcesAnnouncement

08/06/2022 07:00

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RNS Number : 0524O  Bezant Resources PLC  08 June 2022

8 June 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
the drill results for the Anglisides Licence, a satellite project of the
Troulli Joint Venture.

The ten-hole diamond drill programme announced on 27 April 2022 was expanded
to sixteen holes and has been completed to test the near-surface copper
potential for the Anglisides Licence and the assay results for the first
eleven drill holes have been received. Anglisides forms part of the JV between
the Companies and represents a potential satellite mineral resource that could
be delivered to the Troulli central processing hub.

Highlights

Assays have been received for eleven recently completed drillholes for the
Anglisides Licence.

Table 1: Drill Results indicating selected mineralisation for the Anglisides
Licence Diamond Drill Programme are as follows:

 Borehole ID  From                           To     Intersection  Grade      Grade

              (m)                            (m)    (m)           (g/t Au)   (% Cu eq)
 AN22DD001    0.0                            11.5   11.5          0.85       1.48
 AN22DD002    0.0                            18.7   18.7          0.91       1.11
 AN22DD003    3.9                            22.5   18.6          1.82       1.63
 AN22DD004    17.7                           32.8   15.1          0.77       1.19
 AN22DD005    6.0                            23.0   17.0          1.15       1.44
 AN22DD006    9.1                            16.1   7.0           3.3        2.36
 AN22DD007    10.9                           15.3   4.4           0.47       1.29

              27.5                           33.7   6.2           0.33       1.64
 AN22DD008    0.0                            9.6    9.6           0.78       0.85
 AN22DD009    No significant mineralisation  -      -             -          -
 AN22DD0010   1.9                            6.5    4.6           0.33       0.71
 AN22DD0011   0.0                            8.0    8.0           0.82       0.83

·      Notable copper equivalent intercepts achieved for ten of the
eleven holes drilled.

·      Results validate the drill programme and confirm the presence of
near-surface mineralisation that could potentially be fed into any future
Troulli processing plant.

·      Results will be reviewed by external consultant, Addison Mining
to determine the extent of any infill drilling required before a JORC (2012)
Mineral Resource can be estimated.

·      The presence of easily accessible copper mineralisation at
Anglisides offers an opportunity to increase the global Troulli JV Mineral
Resource and extend the projected life of mine.

Commenting on the drill results, the Chairman of Bezant, Colin Bird said "We
are very pleased with this round of results from the Anglisides deposit.  We
are pleased with the widths and the associated grades. It would appear that
this material will be in general free digging and will not require its own
dedicated process plant, since Troulli is a truckable distance and the
proposed plant will be fit for purpose.  The addition of Anglisides suggest
that our original prognosis of 8,000 tonnes per year contained copper for 8
years, is very feasible.  We are about to commence detailed engineering,
which will include the phasing of ore types for early payback, thus maximising
overall profitability."

Commenting on the drill results, the CEO of Caerus, Charlie Long said
"Anglisides is approximately 25km from Troulli and a potential satellite
operation. It is therefore important that Anglisides material is sufficiently
valuable to allow for the extra trucking cost. With that goal in mind, these
excellent drilling results, which show near surface mineralisation and copper
equivalent grades of up to 2.36%, are very encouraging. The current plan
envisages constructing a central plant at Troulli capable of processing
various ore types. These would include near-surface oxides such as Anglisides'
gossans, deeper sulphide ores discovered at Troulli, as well as surface
material, dumped or left unprocessed when mining stopped abruptly in the
1970's."

 

For further information, in relation to the Companies please 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    Charles Long                                                               Colin Bird

                    Chief Executive Officer                                                    Executive Chairman

                    info@caerusmineralresources.com (mailto:info@caerusmineralresources.com)   info@bezantresources.com (mailto:info@bezantresources.com)

                    +44 (0)7900 246037                                                         +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

Qualified Person The content of this news release has been reviewed,
verified, and approved by Mr. Nigel Chapman, the exploration manager at the
time of the drill programme. 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.

Glossary

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.

An 'Indicated Mineral Resource' is 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.

An 'Inferred Mineral Resource' is 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.

 "Au"      Gold

"Cu"      Copper

"Cu eq" Copper equivalent: Copper equivalent grades are based on a copper
price of US$4.0/lb and a gold price of US$1,800/oz Au, so that 1ppm Au =
0.61 Cu eq in percentage terms

"g/t"      grammes per tonne

"kt"       thousand tonnes

"Mt"      million tonnes

 

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.

About Troulli Project: 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.

The information contained within this announcement is deemed by the Companies
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).

END

 

 

 

 

 

 

 

 

 

 

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