REG - Bezant Resources PLC - Mankayan Project Investment Update

Bezant ResourcesAnnouncement

02/07/2024 07:00

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RNS Number : 6747U  Bezant Resources PLC  02 July 2024

 

2 July 2024

Bezant Resources Plc

("Bezant" or the "Company")

Mankayan Project Investment Update

 

Bezant (AIM: BZT), the copper-gold exploration and development company,
announces that IDM International Limited ("IDM") to which the Company sold its
interest in the Mankayan Copper Gold project in the Philippines ("Mankayan
Project") has provided a shareholder update which is copied in its entirety
below and has launched an updated corporate website at
https://www.idminternational.com.au/ (https://www.idminternational.com.au/)
("IDM Website") which provides information on and updates in relation to the
Mankayan Project and IDM International.

 

Bezant currently owns 19,381,054 IDM shares (approx. 22.96%) which are
recognized in its 2023 accounts at AUD 20 cents per share.

 

Colin Bird, Executive Chairman of Bezant, commented

"We are very pleased to share an update on the Mankayan Copper Gold Project
which demonstrates the professional and diligent manner in which management in
the Philippines supported by IDM are developing the Mankayan Project.  The
Mankayan Copper Gold Project is a Tier 1 asset and with the recognised copper
shortfall there is a need to bring large copper projects like the Mankayan
Copper Gold project into production to meet the copper supply shortfall being
faced by global markets."

 

 

The IDM International shareholders update dated : 28 June  2024 is in italics
and starts after the double line below and continues to the double line at the
end of this announcement

 

 

 

 

" IDM International Limited ("IDM" or the "Company") is pleased to provide an
update on the operations at its Mankayan copper-gold project in the
Philippines ("Mankayan").

 

Highlights since Mankayan Project Acquisition

 

•     The renewal of the Mankayan MPSA (25-year mining license).

•     Prefeasibility drilling complete.

•     Final assemblies for the FPIC underway (life of mine social
license).

 

Background

In 2022 IDM acquired Mankayan on the back of a 25-year Mineral Production
Sharing Agreement ("MPSA") renewal by the Mines and Geosciences Bureau
("MGB"). In conjunction with the acquisition, key in country management, who
have long been involved with the project, joined IDM to provide the important
local, governmental, social and technical content required to take Mankayan
forward.

 

Mankayan is a Tier 1 asset located in the mining friendly jurisdiction of
Northern Luzon which hosts other large Cu-Au deposits and prospects (Figure
1). Sitting with over 56,000m of drilling and a JORC 2012 compliant mineral
resource of 793Mt containing 2.8Mt of copper, 9.7M oz of gold and 21M oz of
silver (>.25% Cu eq cut off) it is one of the largest undeveloped
copper-gold porphyry projects in the world. Significant intercepts from this
historic drilling are tabulated below. A drill hole location plan is included
as figure 2.

 

          Significant Intercepts                             Higher Grade Intercepts

 DHID
          From (m)  To        Interval (m)  Ave     Ave      From (m)  To (m)   Interval (m)  Ave %Cu  Ave ppm Au
                    (m)

                                            %Cu     ppm Au
                                                             558.30    582.30   24.00         0.661    0.609

 PFC-40   229.90    1348.60   1118.70       0.422   0.559
          690.30              772.30                82.00              0.486                  0.622
          883.30              1235.15               351.85             0.534                  0.793
                                                             476.10    545.30   69.20         0.463    1.090

 MMD-11   156.20    1067.50   911.30        0.510   0.626
          814.70              1067.50               252.80             0.733                  0.886
                                                             487.00    496.00   9.00          0.493    1.777

 PFC-44   247.00    1219.30   972.30        0.435   0.584
          565.00              1090.00               525.00             0.517                  0.730
 THM-22   254.00    1008.00   754.00        0.491   0.638    572.00    1002.00  430.00        0.581    0.800
                                                             395.00    422.00   27.00         0.474    1.198

 PFC-43   308.00    1055.00   747.00        0.486   0.593
          443.00              461.00                18.00              1.048                  1.995
          560.00              625.80                65.80              0.640                  0.747
          790.80              1034.00               243.20             0.589                  0.604

 

Mankayan is registered as a Priority Project by the Philippines government. It
is seen as critical Mankayan is brought through development and ultimately
into production.

 

Work to date since acquisition of project by IDM International

 

Upon grant of the MPSA the company initiated pre-feasibility studies. A gap
analysis was conducted on the 2014 Scoping Study Updated by Mining Plus. This
identified the need for refined metallurgical test work, geotechnical studies
and structural modelling. This necessitated two diamond drill holes which have
been completed. Geotechnical logging and subsequent structural modelling are
complete. The samples for metallurgical test work have been delivered to Perth
for processing.

 

In tandem with the pre-feasibility work the company has been advancing it's
permitting and community relations. The most important being to obtain a Free
and Prior Informed Consent ("FPIC"). This involves extensive consultation with
the community at large as well as the local governments (Barangays) and the
recognised Indigenous Peoples. The first round of assemblies have been carried
out with favourable results. The second round of assemblies will be conducted
this month, hopefully culminating in a consensus. Once consent is given
negotiations commence on a Memorandum of Agreement (MoA) which is the social
license to operate for the life of the mine.

 

Further announcements on key outcomes will be made in due course.

 

Financing and Capital Structure

 

The Company has funded the work to date through equity (no debt) through the
board, existing IDM shareholders and sophisticated investors and is in
discussions with other strategic investors to provide the capital with which
to complete the PFS. Post or in conjunction with this, IDM will be seeking to
IPO, RTO or work through alternative ways for a liquidity event as a means to
drive the best value for shareholders.

 

Tightly held with the top 20 amongst 800 shareholders, IDM's current capital
structure is as follows:

 

Shares on issue 85,116,560 (~800 shareholders)

Options on issue  3,800,000 @ 20c, 2 years 6,620,000 @ 40c, 2 years

 

New Website

 

Shareholders are invited to look at IDMs new website,
https://www.idminternational.com.au/ (https://www.idminternational.com.au/)
which has full details on Mankayan or reach out to the IDM International board
with any questions.

 

Table 1: Mineral Resource Table

 

 JORC 2012 MINERAL RESOURCE ESTIMATE

 (0.25% CuEq cut-off)
 Resource Category  Mt   CuEq (%)  Cu (%)  Au (g/t)  Ag (g/t)  Cu (Mt)  Au (Moz)  Ag (Moz)
 Measured           -    -         -       -         -         -        -         -
 Indicated          638  0.68      0.37    0.40      0.9       2.3      8.2       18
 Inferred           155  0.52      0.29    0.30      0.5       0.5      1.5       3
 TOTAL              793  0.65      0.35    0.38      0.8       2.8      9.7       20

Notes:

1.     This table is from the September 2020, Mineral Resources Estimate
prepared by Derisk Geomining Consultants (Derisk) based on all drilling
completed up to 2013.

2.     Totals may not add due to rounding effects

3.     CuEq calculation assumes metal prices of USD 2.80 /lb Cu,
USD1,800/oz Au and recoveries of 90% of Cu and 75% for Au.

4.     CuEq (%) = (Cu% X Cu price per lb x 2,204.6 Cu recovery) + (Au g/t
x Au price oz/31.1035 x Au recovery)

(Cu price per lb v 2,204.6)

 

 

Figure 1: Location of Mankayan

 

Figure 2: Drill hole location plan

 

 

 

Figure 3.1 The resource starts ~200m below surface to ~1,100m

(900m x 300resource-400 intrusive complex)

 

Figure 3.2: Oblique view of the deposit  showing  grade shells for copper
and gold

 

 

Competent Persons Statement

 

The information in this Shareholders Update that relates to historical
Exploration Results is based on information compiled by Mr Greg Cunnold, who
is a Director and shareholder of IDM. Mr Cunnold is a Member of the Australian
Institute of Geoscientists and has sufficient experience of relevance to the
styles of mineralisation and the types of deposits under consideration, and to
the activities undertaken, to qualify as a Competent Person as defined in the
2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr
Cunnold consents to the inclusion in the report of the matters based on the
information in the context in which it appears."

 

End of IDM International shareholders update

 

 

 

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.

 

 

Technical Glossary

 

 "CuEq"                   Copper Equivalent

 "g/t"                    Grammes per tonne

 "Indicated Resource"     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. Geological evidence is derived from adequately detailed and reliable
                          exploration, sampling and testing gathered through appropriate techniques from
                          locations such as outcrops, trenches, pits, workings and drill holes, and is
                          sufficient to assume geological and grade (or quality) continuity between
                          points of observation where data and samples are gathered. An Indicated
                          Mineral Resource has a lower level of confidence than that applying to a
                          Measured Mineral Resource and may only be converted to a Probable Ore Reserve.
 "Inferred Resource"      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. An Inferred Mineral
                          Resource has a lower level of confidence than that applying to an Indicated
                          Mineral Resource and must not be converted to an Ore Reserve. It is reasonably
                          expected that the majority of Inferred Mineral Resources could be upgraded to
                          Indicated Mineral Resources with continued exploration.
 "JORC"                   The Australasian Joint Ore Reserves Committee Code for Reporting of
                          Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code"
                          or "the Code"). The Code sets out minimum standards, recommendations and
                          guidelines for Public Reporting in Australasia of Exploration Results, Mineral
                          Resources and Ore Reserves

 "Pre-Feasibility Study"  A Preliminary Feasibility Study (Pre-Feasibility Study) is a comprehensive
                          study of a range of options for the technical and economic viability of a
                          mineral project that has advanced to a stage where a preferred mining method,
                          in the case of underground mining, or the pit configuration, in the case of an
                          open pit, is established and an effective method of mineral processing is
                          determined. It includes a financial analysis based on reasonable assumptions
                          on the Modifying Factors and the evaluation of any other relevant factors
                          which are sufficient for a Competent Person, acting reasonably, to determine
                          if all or part of the Mineral Resources may be converted to an Ore Reserve at
                          the time of reporting. A Pre-Feasibility Study is at a lower confidence level
                          than a Feasibility Study.

 "Mineral Resource"       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.
 "oz"                     Troy Ounce, unit of mass for selling of precious metals

 "t"                      Tonnes (metric)

 "$/t"                    US dollars per tonne

 

 

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