REG - Bezant Resources PLC - Hope & Gorob Mine Planning Update

Bezant ResourcesAnnouncement

15/11/2024 11:15

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RNS Number : 4529M  Bezant Resources PLC  15 November 2024

 

15 November 2024

 

Bezant Resources PLC

("Bezant" or the "Company")

 

Hope & Gorob Mine Planning Update

 

Bezant is pleased to announce that it has commissioned Sound Mining
International Limited, an independent consultancy firm delivering integrated
solutions to the minerals industry ("Sound Mining"), to generate a technical
report focusing on the near-term development of the Hope Deposit where mining
and processing are expected to commence (the "Report").

 

The Report, which can be accessed from here
http://www.rns-pdf.londonstockexchange.com/rns/4529M_1-2024-11-15.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4529M_1-2024-11-15.pdf) , does
not include a detailed assessment of other deposits and targets comprising the
wider Mineral Resource estimate within the Hope & Gorob Project area.

 

Highlights of the Report

 

·    Latest Hope pit optimisation suggests a potential 2.4Mt of run of
mine ("RoM") plant feed at a copper grade of 1.25% Cu and a gold grade of
0.25g/t Au.

 

·    This represents approximately 5-year open pit operation at a
production rate of 480ktpa.

 

·    An operating cost estimate of US$50.80 per tonne RoM is equivalent to
an indicative cost per tonne of contained copper in concentrate of US$5,020.

 

·    The Hope Deposit Underground Mineral Resource estimate of 0.9Mt RoM
at a copper grade of 2.04% Cu and a gold grade of 0.48g/t Au providing a
further 4-year life of mine potential at a production rate of 220ktpa.

 

·    Preliminary mine design and production scheduling at the Gorob and
Vendome Deposits indicates a further 1.01Mt RoM potential at a copper grade of
1.28% Cu and an additional 2 years of planned production at 480ktpa.

 

·    Sound Mining is currently busy producing an updated mine design and
production schedule to assist preferred contractors with detailed planning and
scheduling.

 

 

Notes:

 

*The grade and tonnage figures used in the Report are based on the Hope &
Gorob Updated Mineral Resource Estimate which includes Indicated and Inferred
Resources - refer to RNS dated 27 October 2023.

**Project-specific risks are outlined in the Report.

 

 

Colin Bird, Executive Chairman of Bezant, commented "We would like to thank
Sound Mining for their excellent work on Hope & Gorob, bringing together
the technical aspects of the Project. Sound Mining is currently generating an
updated mine design and production schedule required by our preferred mining
contractor for detailed scheduling purposes. This published study largely
focuses on the Hope Deposit, and we are encouraged by the projected life of
mine for the open pit and underground resource which provides ample time to
undertake further infill drilling to test the many deposits and prospects
making up the known extension to the current Hope Mineral Resource".

 

On 16 October 2024 the Company announced that it has received the notice of
preparedness of the granting of Mining Licence 246 for the Hope & Gorob
copper - gold mining project (the "Mining Licence").   The Company has now
submitted the written acceptance and is awaiting the formal statutory
approval. The Mining Licence is subject to standard terms and conditions under
the Minerals Act. In particular undertaking an Environmental Impact
Assessment, formulating for the Ministry of Environment and Tourism approval
an Environmental Management Plan Report within six months from the date of the
issue of the Mining Licence, and ensuring representation of historically
disadvantaged Namibians. Bezant is working actively to meet these
requirements.

 

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.

 

Ktpa = Thousands of tonnes per annum

Mt = Million tonnes

g/t = grams per tonne

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