REG - Bezant Resources PLC - Hope & Gorob Copper – Gold Project, Namibia Update

Bezant ResourcesAnnouncement

09/02/2024 07:00

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RNS Number : 5428C  Bezant Resources PLC  09 February 2024

9 February 2024

 

Bezant Resources PLC

("Bezant Resources", "BZT" or "the Company")

Update for the Hope & Gorob Copper - Gold Project, Namibia

 

Bezant Resources Plc ("Bezant Resources", "BZT" or the "Company") is pleased
to provide an update for Hope and Gorob copper-gold project situated within
EPL 5796 ("the "Project") in central Namibia, approximately 100km SW of
Windhoek, the capital city, and 120km SE of the major African port of Walvis
Bay. BZT holds a 70% interest in the Project.

 

The Company has undertaken a Social and Environmental Impact Assessment
(ESIA), which has been submitted to interested and affected parties for
comments, in anticipation of a near-term issue by the Namibian Government of a
Mining Licence. In addition, a significant amount of supplementary work has
been completed that will aid optimisation of the process flowsheet, final mine
design and eventual commencement of the operation.

 

Highlights

 

·    On 27 October, 2023 the company reported an updated JORC-2012
compliant Mineral Resource Estimate (MRE) completed by Addison Mining Services
(AMS) of 15 Mt @ 1.2% Cu and a projected average grade of 0.4 g/t Au amenable
to a Phase 1 open-pit operation and Phase 2 underground mine. The MRE includes
1.24 Mt @ 1.6% Cu and 0.4 g/t Au (Indicated) and 14 Mt @ 1.2% Cu (Inferred)
across Hope, Gorob Vendome and Anomaly deposits within which lies 3 Mt @ 1.7%
Cu and 0.4g/t Au at the Hope project alone (gross*).

·     AMS estimates 2.4Mt of ore as potentially amenable to an initial,
low-cost, open-pit mine

·    Following the completion of ore sorting, magnetic separation, and
flotation test work, it has been possible to advance workstreams for a variety
of different Project inputs with the express purpose of maintaining momentum
and preparing Hope & Gorob for rapid progression into production.

·    Social and Environmental Impact Assessment (ESIA) scoped, managed and
undertaken by EnviroNam Consultants and has been submitted to interested and
affected parties for comments.

·    Further studies aimed largely at design optimisation and contract
negotiations linked to initial development are also underway including project
based financing.

*Gross representing 100% estimated Resources - Bezant has a 70% interest in
the Hope and Gorob Project

 

Colin Bird, Executive Chairman of Bezant, commented "We have continued to
advance the Project pending the anticipated award of the Mining Licence. Our
time has been well-spent confirming the suitability of Hope & Gorob ore to
dry sorting technologies together with the optimisation of various aspects of
the future operation. In the interim we will continue with essential work
largely linked to project development and keep shareholders informed of
progress."

 

Location: The Hope and Gorob project lies within (1) the Swakopmund District,
Erongo Region, and (2) the highly prospective Matchless Copper Belt that hosts
multiple high-grade copper-gold deposits. The historic Otjihase mine (>16Mt
@ 2.2% Cu & 1.2g/t Au) is located 200km NE of the Hope sub-property.
Bezant owns 70% of Hope and Gorob Mining Pty Ltd

 

incorporated in Namibia. This in turn owns EPL 5796 and also 80% of Hope
Namibia Mineral Exploration Pty Ltd which owns adjacent licences, EPL 6605 and
EPL 7170 which are under renewal. The balance of the Hope and Gorob project is
held by local Namibian partners.

Resources: The current JORC 2012-compliant Mineral Resource Estimate (MRE) for
Hope and Gorob (gross*), updated for Bezant by the independent consultants
Addison Mining Services (AMS) was announced on 27 October, 2023, believed to
be amenable to a Phase 1 open-pit operation and Phase 2 underground mine, is:
15 Mt @ 1.2% Cu and a projected average grade of 0.4 g/t Au. The MRE includes
1.24 Mt @ 1.6% Cu and 0.4 g/t Au (Indicated) and 14 Mt @ 1.2% Cu across Hope,
Gorob and associated deposits within which lies 3 Mt @ 1.7% Cu and 0.4g/t Au
at the Hope project alone. The MRE is equivalent to 190,000t of contained
copper. AMS have identified significant potential for open pit extraction of
2.4Mt and the prospects for increasing the size of the open pit resource for a
further 700Kt to 1 Mt thus postulating an initial open pit with 5 years mine
life at an annual rate of 500Kt per year.

 

*Gross representing 100% estimated Resources - Bezant has a 70% interest in
the Hope and Gorob Project

 

The Company has been actively working on developing a work programme to
prepare the project for rapid progression into execution. The early stages of
the work programme include:

 

      Optimisation Metallurgical Test Work: Final test work to confirm
processing design parameters is to be completed and will include Drilling of
further PQ sized core samples from selected positions in the Hope deposit to
generate a 1-tonne composite sample representative of material to be recovered
by open pit mining and processed.

 

·    Detailed ore sorter design test work on coarse fraction (Steinert
Sensor Sorting Systems, Germany).

·    Magnetic separation test work on fines fraction (Steinert Sensor
Sorting Systems, Germany).

·    Final process design flotation test work and circuit optimization
(SGS, South Africa).

 

Opencast mine design: A southern African specialist group has been appointed
to provide final mine design and production profiles that are to be used for
tendering of the mining contract as well as implementation. This will also
include detailed geotechnical evaluations based on the drilling that is to be
conducted.

 

Opencast mining contract: Several contract mining contractors that have
offered their services have been approached with a view to supplying an
outsourced mining solution. These include contractors that have expressed
interest in providing a total logistics solution (including pre-concentrate
transport). Final contract mining quotes will be obtained on completion of the
final project production plan.

 

Underground mine design: On completion of the opencast mine design, the
decline access and underground mine design are to be completed and external
consultants have been approached to assist with this work stream. An
underground mining engineer has been appointed to supervise mine design, the
application of optimised mining methods leading to detailed scheduling and
production planning.

 

Bulk renewable energy supply: A potential provider has been approached to
supply a design and costing for a hybrid renewable energy solution for the
mine site. As part of the early works programme a detailed evaluation, design
and costing of the energy supply solution is to be conducted based on final
plant design parameters. The supplier has also indicated interest in funding
and supplying the solution on an IPP basis that can be concluded once final
design and costing have been completed. This detailed design will also form
the basis of licensing and permitting applications for the bulk energy supply
solution.

 

Infrastructure: A potential supplier has submitted a budget, design and
costing for the supply of major infrastructure (accommodation, workshops,
offices etc.). On the completion of detailed engineering design, final
requirements can be established and the design adjusted accordingly.

 

Update on other Bezant projects

At Kanye manganese project in Botswana the Company focus is on a preliminary
in-house Mineral Resource estimation and planning for follow-up drilling. In
the meantime, the Company's environmental management plan has been renewed
through to 29 January 2025.

 

IDM International Ltd through Crescent Mining Development Corporation
("Crescent") is continuing to work on initial Pre-Feasibility Studies on the
Mankayan copper-gold project in the Philippines which they anticipate
completing later in 2024 with the aim of presenting the Mankayan Project as a
globally significant copper-gold project. In the meantime, Crescent is
continuing with its community development program in the Mankayan area.

 

At Eureka project in Argentina the Company is maintaining licence holding
costs and has continued dialogue with third parties interested in acquiring or
earning into the project.

 

 

 Bezant Resources Plc

 Colin Bird                                      +44 (0) 20  3416 3695

 Executive Chairman

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

Roland Cornish / Asia Szusciak

 Novum Securities Limited (Joint Broker)

 Jon Belliss                                     +44 (0) 20 7399 9400

 Shard Capital Partners LLP (Joint Broker)       +44 (0) 20 7186 9952

 Damon Heath

https: www.bezantresources.com

 

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 UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

 

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:

The technical information contained in this announcement has been reviewed,
verified, and approved by Colin Bird, CC.ENG, FIMMM, South African and UK
Certified Mine Manager and Director of African Pioneer plc, with more than 40
years' experience mainly in hard rock mining.

 

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

"g/t"    grammes per tonne

"Kt"     thousand tonnes

"Mt"    million tonnes

"IPP"  Independent Power Provider

 

 

 

 

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