REG - Bezant Resources PLC - Cyprus Joint Venture Update

Bezant ResourcesAnnouncement

16/03/2022 07:00

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RNS Number : 8925E  Bezant Resources PLC  16 March 2022

16 March 2022

 

Bezant Resources PLC ("Bezant") &

Caerus Mineral Resources PLC ("Caerus")

Cyprus Joint Venture 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 a
further Joint Venture update.

Highlights

·      Troulli Project;

o  Phase 2 drilling at Troulli, which has been ongoing for approximately a
year has been completed, on schedule and within budget. On 22 April 2021,
which is prior to the initial announcement of the JV, Caerus announced
approval of a phase 2 drill programme with a focus on the epithermal gold
target and potential extension to the former Troulli Volcanogenic Massive
Sulphide (VMS) deposit. The Companies' joint announcement on 24 February 2022
provided results of 6 drill holes from the drilling campaign.

 

o  Assay results received for drill hole TR22DD025 return peak intercepts of
1.25g/t Au over 12.9m from surface, 1.84% Cu over 5m from 12.9m, 1.26% Cu over
5.2m from 24.2m, 1.3% Cu eq over 16.5m from 12.9m and, 0.98% Cu eq over 17m
from 62.5m.

 

o  Drill hole TR22DD025 ended in mineralisation indicating the possible
presence of further previously unknown mineralisation dipping beneath barren
cover.

 

o  Given delays experienced in assay results by the mining industry due to
unprecedented demand, the balance of drill samples have been dispatched to
three accredited laboratories  for analysis; ALS Ireland, ALS Romania and SGS
Spain.

 

o  Addison Mining, the external resource consultant, remains on-schedule to
release a maiden Mineral Resource estimate for the Troulli Project by the end
of March 2022.

 

o Metallurgical test work by Jubilee Metals Group Plc ("Jubilee") is underway
and progressing well.

 

·      Baseline studies: progressing under the guidance of the JV's
external independent Cypriot environmental consultant for both Troulli Project
and Kokkinapetra -Troulli Extension Project.

 

·      Drill targets approved: for both the Kokkinapetra -Troulli
Extension Project and the Anglisides high-grade satellite JV Project with
drilling to start in April 2022.

 

 

 

Colin Bird, Chief Executive Officer of Bezant said  "We are very pleased with
the work carried out within this joint venture.  Every facet of the work has
been confirmatory, and has often extended well beyond our initial
expectations.

 

We will soon receive a 3D resource model and be able to move on to definitive
mine planning, with a view to optimising feed input to the proposed processing
plant.

 

Metallurgical work being carried out in Australia, is continuing and is
producing very encouraging results.  The results of this metallurgical
programme will be fed into financial assessment and we are confident of
producing an overall development plan by the third quarter of 2022."

 

 

Martyn Churchouse, Chief Executive Officer of Caerus said "The exploration
team continues to make excellent progress and has provided Addison Mining the
external Resource consultant with the bulk of data required for the maiden
Mineral Resource estimate. Any additional assay results that are received will
be included in subsequent estimates as the Company wishes to meet the end of
March deadline for the maiden Mineral Resource estimate.

 

The assay results generated from the recent drilling of the Kokkinapetra
-Troulli Extension Project and the Anglisides Project , reported 24 February
2022, have resulted in the approval of an exciting follow-up drill programme
to commence in April. Targets for both projects offer scope for a material
increase in the future treatable tonnes that could be processed through the
Troulli plant. Caerus will continue to manage its treasury to ensure that the
bulk of available funds is spent "in the ground" as we move towards the first
material value-add, transforming the Troulli exploration licence with the
addition of a maiden Mineral Resource estimate and the move towards a Mining
Licence".

 

 

Troulli Project: Diamond Drill Program

The results of the Phase 2 drilling campaign have provided sufficient assay
analyses for Addison Mining, the independent Resource consultant to complete
work to generate a maiden Mineral Resource estimate for the Troulli Project.
The estimate will include dump and stockpile Mineral Resources but will not,
at this stage, include any estimate for the extensions or satellites to
Troulli and will provide a summary of the drill results used in calculating
the estimate.

 

 

Drill hole TR22DD025 returned encouraging results typical of the Troulli
deposit with gold values at or near-surface overlying a number of higher-grade
copper zones within a broad copper - gold halo often returning copper
equivalent grades over significant mineralised widths.

 

 Borehole No  From  To    Mineralised Interval  End of hole  Copper   Gold       Cu eq

              (m)   (m)   (m)                   (m)          (% Cu)   (g/t Au)   (% Cu)
 TR22DD025    0.0   12.9  12.9                                        1.25
              12.9  17.9  5.0                                1.84
              24.2  29.4  5.2                                1.26
              12.9  29.2  16.5                                                   1.3
              62.5  79.5  17.0                                                   0.98

 

 

Jubilee Metallurgical Test Work: Test work is ongoing, with an emphasis on
copper - gold sulphide, gold oxide and copper - gold oxide mineralisation
styles encountered at Troulli. Jubilee is also preparing a high-level summary
of expected processing methodologies to be incorporated by the external
Resource consultant in the Maiden Resource Estimate documentation.

 

 

Kokkinapetra -Troulli Extension Project drill targets Drilling in late
February of gossan targets located along the strike length between Troulli and
Kokkinapetra also returned sufficiently encouraging results to warrant the
approval of a follow-up drill programme. Caerus will be targeting near-surface
gold mineralisation together with copper-gold sulphide at depth. The strike
extension drilling will be aided by a scheduled ground geophysical survey over
the same area.

 

 

Anglisides Project drill targets: The recent drilling completed at the nearby
Anglisides Project, returning a notable 1.18% Cu eq over 40m from surface, has
resulted in the approval of a programme to test the high-grade near-surface
mineralisation indicated in historic drilling undertaken prior to Caerus's
ownership. Jubilee will be actively involved in the assessment of any Resource
that is defined by the next drill campaign so that the JV can potentially
transport an upgraded feedstock to the Troulli plant for processing.

 

 

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    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

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.

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.

"g/t"      grammes per tonne

"kt"       thousand tonnes

"Mt"      million tonnes

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 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.

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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