REG - Bezant Resources PLC - Hope and Gorob Project Shallow Drilling Update

Bezant ResourcesAnnouncement

14/06/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220614:nRSN7243Oa&default-theme=true

RNS Number : 7243O  Bezant Resources PLC  14 June 2022

14 June 2022

 

Bezant Resources Plc

("Bezant" or the "Company")

Hope and Gorob Project Shallow Drilling Update

 

Bezant (AIM: BZT), the copper-gold exploration and development company, is
pleased to report results of the Gorob drill programme targeting previously
untested near-surface copper - gold mineralisation on the Hope and Gorob
Project in Namibia.

 

Highlights

 

·    Drill assay results received to date for eight diamond drillholes
testing near-surface copper mineralisation at the Gorob Prospect returned
significant intercepts, including 2.16% Cu, 0.35g/t Au over 2.4 metres in hole
GRD006 and 2.03% Cu, 0.18g/t Au over 5.5m in GRD003.

 

·    These holes are part of a 23-hole programme recently completed over 5
prospects (Gorob, Anomaly, Vendome, Du Preez and Hope) within the Hope and
Gorob Licence.

 

·    The assays to date confirm that strong copper-gold mineralisation
extends to surface from the deeper historic drill intercepts.

 

·    This recent work by the Company indicates scope for additional open
pit potential at several sites across the wider licence area, in addition to
the already established underground resources.

 

·    Further strike extensions remain to be tested over a minimum strike
length of 3km.

 

 

Table 1: Selected Drillhole Mineralised Intercepts for the Gorob Prospect

 Borehole ID  From     To       Mineralised Width  Grade    Grade

              (m)      (m)      (m)                (% Cu)   g/t Au
 GRD001       18.07    21.07    3.0                1.90     0.27
 GRD002       33.12    35.28    2.16               0.83     0.26

              37.3     38.6     1.3                1.69     0.40
 GRD003       21.54    27.04    5.50               2.03     0.18
 GRD004       No mineralised intercept
 GRD005       38.26    39.35    1.09               1.29     0.17
 GRD006       26.8     27.85    1.05               0.95     0.06

              38.94    41.34    2.4                2.16     0.35
 GRD007       22.89    23.64    0.75               0.95     0.01
 GRD008       33.9     37.72    3.82               0.71     0.04

 

 

Colin Bird, Executive Chairman of Bezant, commented: "We are very pleased
with these results in that all previous narratives and testing of the deposit
neglected the first 150m from surface, based on the assumption that the
deposit was either absent or in oxide form, which in the 1970s was very
difficult to treat. Our prognosis was that the historic assumption overlooked
a potentially significant near-surface resource, and we therefore entered into
the recent test programme. The results attained to date are very pleasing and
have put a completely new perspective on the Hope and Gorob complex.  Whilst
we have yet to receive assay results from Hope, visual indication suggests a
similar situation exists at Hope. In addition to copper, gold assay results
from our drilling suggests that an associated or possibly disassociated gold
system also exists at Gorob.

 

We feel that Hope and Gorob is going to be a major addition to the Bezant
portfolio and the potential for a large copper/gold system certainly exists."

 

Objective of recently completed drilling

Historic drilling was focussed on defining a resource at downhole depths
ranging from 100m to >300m below surface. Historical resource estimates
undertaken prior to Bezant ownership identified a combined mineralised 6.4km
of strike length associated with the Hope, Gorob, Vendome, Luigi and Anomaly
prospects. Historic drilling was frequently wide-spaced, making no attempt to
confirm continuity either along strike or up-dip towards surface from the
typically deeper intercepts. Bezant is targeting similar grades in the up-dip
extension of this mineralisation at or near-surface.

 

Assay results have been returned for Gorob and those for the other prospects
are expected over the next few weeks. A further potential 3km of strike length
has been identified that warrants drilling based on outcrop mapping and both
pitting and trenching undertaken by previous explorers.

 

Shareholders can expect further assay results for the Anomaly, Vendome, Du
Preez and Hope prospects in the coming weeks.

 

Gorob Strike extension drilling programme

Eight angled diamond drillholes were completed for a total of 395.96m of
drilling over a 500m strike length of known outcrop at Gorob. Visible copper
mineralisation, predominantly oxide has been noted in old pits and other
excavations at Gorob over a strike length of approximately 700m. Scope may
exist for further extensions to the Gorob near-surface mineralisation subject
to further drilling, particularly in those areas where there is no obvious
outcrop.

 

Observations around the former small-scale Gorob open pit, where
mineralisation was hand cobbed and processed, indicates a typical mineralised
width of approximately 3 metres.

 

Gorob mineralisation is described as a planar, steeply dipping deposit
comprising two lenses, one shallower and one found at depth. The current
programme specifically targeted the shallower of the two lenses. As indicated
by the recent drilling, deposit width ranges from 2 to 5 metres.

 

Hope and Gorob Copper-Gold Project Background Information

Project Area: The Hope Copper-Gold project comprises three exclusive
prospecting licences, EPL 5796 (Bezant interest = 70%), and EPLs 7170 and 6605
(Bezant interest in both = 80%), totalling approximately 1,053km(2), located
in central Namibia approximately 100km to the southwest of Windhoek, the
capital of Namibia.

Regional Geology and Mines: The area covered by the Hope Copper-Gold Project
is characterised by superficial quaternary sand and gravel overlying the
Swakop Group of the Damara Supergroup. The area is dominated by massive mica
schists of the Kuiseb Formation of the Pan-African Damara Orogen. These
lithologies host multiple high-grade copper-gold Besshi Type massive sulphide
deposits, such as the historically mined Otjihase Copper deposit (>16Mt @
2.2% Cu & 1.2g/t Au) to the northeast of the Hope property.

JORC Resource: The Hope Copper-Gold Project covers a significant portion of
the highly prospective Matchless Copper Belt. The Bezant project area contains
a series of copper deposits, of which three (Hope, Gorob-Vendome and Anomaly)
make up a combined gross Indicated and Inferred Mineral Resource of 10.2Mt @
1.9% Cu and 0.3g/t Au at a 0.7% Cu cut-off, reported in accordance with the
JORC Code (2012), containing 192kt of Cu metal and 3,190kg of Au.
Approximately 30% of the Mineral Resource tonnage is classified in the
"Indicated" Mineral Resource category with the balance in the "Inferred"
Mineral Resource category and the estimate was based on 339 drill holes for a
total of 63,855 metres.

The links below are to a map of the Hope & Gorob licence and photographs
of recent drill core and surface expressions of copper
malachite mineralisation

Plan Map of the Hope & Gorob Licence

http://www.rns-pdf.londonstockexchange.com/rns/7315E_1-2022-3-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7315E_1-2022-3-14.pdf)

 

Photograph of New Drill Core with Abundant Chalcopyrite

http://www.rns-pdf.londonstockexchange.com/rns/7315E_2-2022-3-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7315E_2-2022-3-14.pdf)

 

Drill core Sample Displaying Copper Sulphide Mineralisation

http://www.rns-pdf.londonstockexchange.com/rns/7315E_4-2022-3-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7315E_4-2022-3-14.pdf)

 

Hope Gorob Surface Expression of Copper Malachite Mineralisation

http://www.rns-pdf.londonstockexchange.com/rns/7315E_3-2022-3-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7315E_3-2022-3-14.pdf)

 

 For further information, please contact:

 Bezant Resources Plc

+44 (0) 20 3416 3695
 Colin Bird

 
 Executive Chairman

 Beaumont Cornish (Nominated Adviser)    +44 (0) 20 7628 3396

Roland Cornish

 Novum Securities Limited (Broker)

 Jon Belliss                             +44 (0) 20 7399 9400

 

 

Beaumont Cornish (Nominated Adviser)

Roland Cornish

 

+44 (0) 20 7628 3396

Novum Securities Limited (Broker)

Jon Belliss

 

 

+44 (0) 20 7399 9400

 

or visit http://www.bezantresources.com (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).

 

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.

 

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 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.

 

"Au"                      Gold

"Cu"                       Copper

"Chalcopyrite"    A copper-iron sulphide mineral, CuFeS(2), often found in
copper ores

"EPL"                     Exclusive Prospecting Licence

"g/t"                      grammes per tonne

"kt"                        thousand tonnes

"Malachite"        A green copper carbonate mineral (Cu2(OH)2CO3) which
forms by alteration of copper sulphide minerals

"Mt"                      million tonnes

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLDGGDLDUBDGDX