REG - Bezant Resources PLC - Hope & Gorob Gold Contribution Review

Bezant ResourcesAnnouncement

01/11/2024 10:15

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RNS Number : 6298K  Bezant Resources PLC  01 November 2024

01 November 2024

 

Bezant Resources PLC

("Bezant" or the "Company")

 

 

Hope & Gorob Gold Contribution Review

 

Bezant Resources ("Bezant" or the "Company") is undertaking a review of the
quantum and distribution of gold mineralisation at the Hope & Gorob
Project in Namibia.

 

Over the last few years copper concentrate containing gold has been well
received by the refining industry with gold credits attracting good
payability. This underpins the motive for the Company's study to establish the
real contribution of gold to the overall economics of the Hope and Gorob
project.

 

A typical gold credit of 0.4g/t Au, in line with the Hope mineral resource, at
a current gold price of US$2,700 per ounce contributes a gross value of
approximately US$35 per tonne of ore at this grade. Taking this credit through
to concentrate, having estimated processing recoveries (ore sorting and final
concentration) together with refinery payability indicates a potential
significant contribution towards mining and processing operating costs.

 

 

Highlights

 

·    A rising gold price has triggered an internal review of gold
distribution within the Mineral Resource and some confirmatory drilling is
planned for areas known for high gold grades.

 

·    At today's prices the gold contribution to Hope and Gorob, subject to
further drill confirmation at Gorob and other outlying deposits and the
establishment of a mineable reserve, has the potential to cover both mining
and processing costs.

 

·    Drilling completed by Bezant in 2022 over Hope, Gorob and Vendome
reported peak gold grades for Hope including HPD004: 2.0g/t Au over 1.35m,
HPD009: 2.57g/t Au over 0.3m and HPD010: 1.54g/t Au over 0.65m and for Vendome
VED001: 5.89g/t Au over 1.76m.  These gold credits represent by-product
values of US$174, US$223, US$134 and US$512 per tonne respectively at a gold
price of US$2,700 per ounce.

 

·    Peak historic gold intercepts achieved during drilling campaigns
pre-dating Bezant include notable intercepts of copper and gold in borehole
HDD035 of 20g/t Au, 61g/t Ag & 16.8% Cu over 0.96m and 22g/t Au, 26g/t Ag
& 3.98% Cu over 1.01m.

 

·    Historic grab samples collected on outcrop at Hope, Gorob, Vendome as
well as other prospects along strike from Hope including Du Preez, Luigi, Gird
and Bruna reported notable gold grades peaking at 6.76g/t Au.

 

·    The Company will attempt to model an in-house theory that some high
gold values are structurally controlled and linked to remobilisation and
consequent upgrading of gold values.  Successful modelling could influence
future production, and the targeting of high gold values often associated with
equally high copper grades (See tables 1 and 2).

 

 

Colin Bird, Executive Chairman of Bezant, commented "Hope and Gorob is
primarily regarded as a copper Project, however the gold contribution is
significant and, in certain areas of the deposit, in-situ gold values are as
high, if not higher, than copper. This has led to a reassessment of the
distribution of mineralisation resulting in the identification of areas with
the propensity for higher gold contribution. This in turn will lead us to
optimize pit contribution considering both copper and gold values. This is
important to maximise early cash flow once the Project commences.

 

Work is continuing on all other aspects of Hope and Gorob Project
development.".

 

 

 Sample No  Orebody          Gold Grade  Copper Grade

                             (g/t)       (%)
 HP001      Hope             4.7         >10
 HP002      Hope             0.84        2.8
 HP003      Hope             0.05        1.0
 HP004      Hope             6.76        >10
 HP005      Hope             6.04        >10
 HP006      Hope             0.29        1.8
 HP007      Du Preez         3.22        >10
 LUG001     Luigi            1.03        8.5
 GR001      Gird             0.05        1.9
 BRU001     Bruna            1.39        >10
 GH001      Gorob - Vendome  0.99        4.5
 GH002      Gorob - Vendome  2.43        >10
 GH003      Gorob - Vendome  0.11        7.1
 GH004      Gorob - Vendome  5.43        9.8
 GH005      Gorob - Vendome  1.74        >10
 GH006      Gorob - Vendome  0.03        1.4
 GH007      Gorob - Vendome  0.91        4.0
 GH008      Gorob - Vendome  1.18        4.7
 GH009      Gorob - Vendome  0.68        6.9
 GH010      Gorob - Vendome  4.58        >10

Table 1: 2018 Grab samples on known Hope & Gorob copper occurrences

 

 

 Borehole  Orebody  From    To      Width  Au Grade  Cu Grade

                    (m)     (m)     (m)    (g/t)     (%)
 HPD004    Hope     15.5    16.85   1.35   2.0       13.4
 HPD009    Hope     52.11   52.41   0.30   2.57      13.9
 HPD010    Hope     70.15   70.80   0.65   1.54      4.97
 VED001    Vendome  41.37   43.13   1.76   5.90      8.14
 HDD035    Hope     334.9   335.86  0.96   20.0      16.8
 HDD035    Hope     337.97  338.98  1.01   22.0      3.98

Table 2: Notable high gold grades and corresponding high copper grades in
borehole intercepts at Hope and Vendome

 

 

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 / Asia Szusciak
 Novum Securities Limited (Joint Broker)

 Jon Belliss                                +44 (0) 20 7399 9400
 Shard Capital Partners LLP (Joint Broker)

 Damon Heath                                +44 (0) 20 7186 9952

Beaumont Cornish (Nominated Adviser)

Roland Cornish / Asia Szusciak

+44 (0) 20 7628 3396

Novum Securities Limited (Joint Broker)

Jon Belliss

 

+44 (0) 20 7399 9400

Shard Capital Partners LLP (Joint Broker)

Damon Heath

 

+44 (0) 20 7186 9952

 

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).

 

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:

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.

 

 

 

 

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