TIDMBZT
RNS Number : 4381J
Bezant Resources PLC
27 April 2022
27 April 2022
Bezant Resources PLC ("Bezant") & Caerus Mineral Resources PLC ("Caerus")
Cyprus Joint Venture Update
Bezant Resources (AIM: BZT) and Caerus Mineral Resources (LON:
CMRS) the exploration and resource development companies (the
"Companies") with a Joint Venture ("JV") focused on the Troulli
Mine Development Project and other copper-gold JV targets in
Cyprus, are pleased to provide Shareholders with a further Joint
Venture update on work planned and underway, historical exploration
at the Anglisides project, Troulli expansion programme and update
on metallurgical test work.
Highlights
-- Drill programme
o 10 diamond drillholes completed as part of the Anglisides
programme with visible native copper and sulphide mineralisation
present at shallow depths in all holes drilled to date.
o Drilling contractor commissioned for a further 2,700m of
drilling (40 holes)
-- Expansion of the Troulli mineral Resource (18 holes &
1,200m)
-- Extension drilling between Troulli and Kokkinapetra (14 holes
& 900m)
-- Drilling of the Kokkinapetra prospect (8 holes &
600m)
-- Resources expansion drilling: Addison Mining is in
consultation with Caerus's on-site management to review the
technical aspects of resource expansion drilling.
-- Geophysics: Geophysical contractor has confirmed a start date
for the first week in May 2022, for the ground magnetic and IP
surveys to be undertaken in and around Troulli and extending to
Kokkinapetra.
-- Pending drill results : Drill results for 20 holes from the
Troulli (10 holes) and Anglisides (10 holes) projects are pending
assays from external laboratories.
Colin Bird, Chairman of Bezant Resources said "We are very
pleased with the continued fast pace of progress in this
exploration phase of the joint venture on many fronts. The
Anglisides Project being only a short distance from the Troulli
Project is a potentially very attractive feeder project for
processing at Troulli and we look forward to these pending drill
results plus further results from the other drill programmes we
have identified."
Martyn Churchouse, Chief Executive Officer of Caerus said "It is
important that we keep progressing the pace of development,
demonstrating to Shareholders that the initial Mineral Resource
Estimate for Troulli is merely the beginning of the process of
building a mine and that the opportunity exists to add further to
the resource from extensions as well as from the satellite targets
such as Anglisides. Jubilee test work is reaching a point where
decisions can soon be made with respect to plant design, throughput
capacity, mine planning and layout. The on-site exploration team
have multiple targets to follow up in and around Troulli which
confirms Caerus' view that there is an opportunity to expand the
current Mineral Resource."
Anglisides Project: Current drill programme
Anglisides Project is located close to the Troulli Project and
is considered a potential satellite resource where ore could be fed
into any future Troulli plant. The Anglisides Project forms part of
the Joint Venture between the Companies.
Ten holes have been drilled to date by Caerus as part of the
current Anglisides drill programme for a total of 431.2 metres. The
focus has been on the near-surface southern copper-gold gossan
target. A further three holes will be drilled before the rig
relocates to test the northern gossan with an additional 4
holes.
The target for the current drill programme is to combine its
results with the historic data, highlights of which are summarised
below, to generate an initial Mineral Resource Estimate sufficient
to allow for a Preliminary Economic Assessment and, subject to
results, the inclusion of an Anglisides Mineral Resource in the
financial modelling of the Troulli Project.
Anglisides Project: Historic exploration
Historic trenching and drilling at the Anglisides Project have
returned very encouraging grades that have motivated the current
drill programme with a focus on near-surface copper-gold
mineralisation that could be treated as a supplementary feedstock
as part of the Troulli Project on the basis that Anglisides is
expected to be within an economic haulage distance of Troulli.
Katla Exploration explored the area by means of geochemical, and
geophysical surveys and drilling during 2011-2013. This included in
2011 channel and grab samples which returned a peak grade from
dumps of 50.1g/t Au. Equally impressive channel samples were
recorded over notable widths as shown in Table 1.
Table 1: Channel Sample Gold Assays - Katla Exploration 2011
Channel Sample Grade
Length (g/t Au)
(m)
1.5 3.11
----------
1.5 5.85
----------
2.0 4.36
----------
10.0 4.02
----------
5.0 11.9
----------
4.0 1.59
----------
10.0 6.56
----------
10.0 4.72
----------
7.0 0.86
----------
2.0 0.18
----------
12.0 3.25
----------
1.0 9.6
----------
1.0 6.71
----------
1.0 0.75
----------
1.0 2.58
----------
2.0 3.26
----------
Weighted average 4.4
----------
Diamond drilling has been undertaken by various parties since
the 1930's with more detailed evaluation having been completed by
the Cyprus Geological Survey (7 holes. 1970), Noranda Exploration
(9 holes. 1976 - 77) and Katla Exploration (11 holes. 2011 - 12).
Table 2 is a summary of select results from this historic
drilling
Table 2: Drill intersections and copper - gold grades from drill
programmes undertaken by Cyprus Geological Survey, Noranda
Exploration and Katla Exploration.
Hole Number Drilled From To Intersection Grade Grade
by (m) (m) (m) (% Cu) (g/t
Au)
MR7/70 Geological 3.0 6.1 3.1 0.60
Survey
6.0 18.0 12.0 2.10
------------ ------ ------- ------------- -------- ------
MR18/70 Geological 18.0 21.0 3.0 0.40
Survey
24.0 36.0 12.0 0.70
------------ ------ ------- ------------- -------- ------
Geological
MR21/70 Survey 6.0 33.5 27.5 0.63
------------ ------ ------- ------------- -------- ------
ANGCH1-77 Noranda 7.0 10.0 3.0 9.03
10.0 18.9 8.9 1.71 2.81
------------ ------ ------- ------------- -------- ------
ANGCH2-77 Noranda 18.0 28.0 10.0 0.58
------------ ------ ------- ------------- -------- ------
ANGCH4-77 Noranda 5.8 22.0 16.2 0.54
Including 5.8 9.0 3.2 0.60
9.0 11.0 2.0 0.88
11.0 17.0 6.0 0.48
17.0 22.0 5.0 0.43
------------ ------ ------- ------------- -------- ------
ANRD 11-01 Katla 12.19 18.29 6.1 0.43 1.03
------------ ------ ------- ------------- -------- ------
ANRD 11-02 Katla 12.19 27.93 15.74 1.1 1.05
------------ ------ ------- ------------- -------- ------
ANRD 11-03 Katla 3.0 6.10 3.1 4.6 7.36
6.1 27.43 21.33 0.45 0.72
------------ ------ ------- ------------- -------- ------
11 AN-02 Katla 0.0 9.9 9.9 0.52 0.62
------------ ------ ------- ------------- -------- ------
11 AN-03 Katla 2.5 12.9 10.4 0.63 0.64
------------ ------ ------- ------------- -------- ------
More recently, in 2015, P. Von-de-Tsianos Gold Mines Limited,
drilled 12 shallow holes specifically to test the gold-bearing
gossans at surface. Results were positive and are shown in Table
3.
Table 3: P. Von-de-Tsianos Gold Mines Limited - Results of
shallow drilling of gold-bearing gossans
Drill Hole Drill intercept Grade
No (m) (g/t Au)
BH1/18 8.0 2.12
---------------- ----------
BH2/18 9.0 0.95
---------------- ----------
BH3/18 8.0 1.22
---------------- ----------
BH4/18 4.0 5.62
---------------- ----------
BH6/18 5.0 1.00
---------------- ----------
BH7/18 5.0 4.37
---------------- ----------
BH8/18 8.0 1.82
---------------- ----------
BH9/18 4.0 1.76
---------------- ----------
BH10/18 4.0 0.84
---------------- ----------
Weighted Average 1.99
----------
Troulli Expansion Programme
Addison Mining is interacting with on-site staff to optimise
drillhole location as part of the resource expansion programme.
This may include some limited infill drilling, but the focus will
be on step-out work between the Mineral Resource Estimate for the
Troulli project of a total Hard rock resource estimate of
approximately 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for
20,000 t of Cu metal and 31,000 ounces of Au announced on 6 April
2022 and the Kokkinapetra prospect located approximately 1.5km to
the east of Troulli.
Mineralisation appears to dip NW and exploration is focussing on
the west and NW extensions to the defined Mineral Resource. In
addition, the exploration team will trace the mineralisation
between the Gold Hill, the source of high-grade gold oxide
mineralisation and former Troulli open pit and likewise follow up
the deeper mineralisation found close to the southern bounding
fault.
The 1.5km extension between Troulli and Kokkinapetra, known
locally as Mavroumouti is another expansion exercise, testing the
resource in all directions with special focus to the east where
Caerus-generated grab samples announced on 13 January 2022 by
Caerus returned anomalous grad sample results for surface gold
mineralisation including grades of 4.2g/t Au, 1.76g/t Au, and
0.76g/t Au
The planned ground magnetic and IP geophysical survey is also
designed to identify structures likely to have influenced metal
distribution and other buried sulphide targets adding to the drill
targets. As a result, drilling of Mavroumouti is likely to be
scheduled for post completion of the ground geophysical survey to
allow for more accurate siting of drill collars and in anticipation
of additional blind targets that may be generated by the
survey.
Metallurgical Test Work
The Jubilee Metals Group Plc test work has advanced to a stage
where sufficient bench-scale information has been generated to
permit a move to the next stage of the design process with the
recently announced Mineral Resource Estimate being paired with the
various extraction techniques leading to optimisation of a flow
sheet.
For further information, in relation to the Companies, please
visit or contact:
Caerus Mineral Resources Bezant Resources plc
plc
Website www.caerusmineralresources.com www.bezantresources.com
--------------------------------- -------------------------
Company Contact Martyn Churchouse Colin Bird
Chief Executive Officer Executive Chairman
info@caerusmineralresources.com info@bezantresources.com
+44 (0)1249 782162 +44 (0)20 3416 3695
--------------------------------- -------------------------
Broker Novum Securities Novum Securities
Jon Bellis Jon Bellis
+44 (0) 20 7399 9425 +44 (0) 20 7399 9400
--------------------------------- -------------------------
Nominated Adviser Not applicable Beaumont Cornish
Roland Cornish
+44 (0) 20 7628 3396
--------------------------------- -------------------------
About Bezant Resources: Bezant Resources is a focused on
developing its pipeline of copper gold projects to provide a new
generation of economically and socially sustainable mines and in
addition to its joint venture with Caerus Mineral Resources in
relation to Cyprus has copper projects in Namibia, Zambia,
Philippines and Argentina and a manganese project in Botswana.
About Caerus Mineral Resources : Caerus Mineral Resources is a
European focused copper-gold resource development and exploration
company with a portfolio of mineral exploration licences located in
Cyprus. The Country has a well-developed infrastructure and history
of mineral exploration and production, which has been dormant over
the last 50 years and provides significant undiscovered value and
can be followed on Twitter at @CaerusMineral.
On 6 April 2022 the Companies announced an initial Mineral
Resource Estimate, effective as of 22(nd) March 2022 for the
Troulli Project compris ing a total hard rock resource estimate of
approximately 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for
20,000 t of Cu metal and 31,000 ounces of Au, including.
Indicated Gossan Resources of 260,000 tonnes at 0.18% Cu and
0.91 g/t Au for 460 t of Cu and 7,700 ounces of Au.
Inferred Gossan Resources of 180,000 tonnes at 0.14% Cu and 0.47
g/t Au for 260 t of Cu and 2,800 ounces.
Inferred Breccia Resources of 4.4 million tonnes at 0.43% Cu and
0.14 g/t Au for 19,000 t of Cu and 21,000 oz of Au.
Inferred waste and tailings dump resources of approximately
93,000 tonnes at 0.76% Cu and 0.12 g/t Au for 710 tonnes of Cu and
360 oz of Au.
Qualified Person : In accordance with AIM Note for Mining and
Oil & Gas Companies, June 2009 ("Guidance Note"), Colin Bird,
CC.ENG, FIMMM, South African and UK Certified Mine Manager and
Director of Bezant Resources Plc, with more than 40 years'
experience mainly in hard rock mining, is the qualified person as
defined in the Guidance Note of the London Stock Exchange, who has
reviewed the technical information contained in this press
release.
Qualified Person The content of this news release has been
reviewed, verified, and approved by Mr. Nigel Chapman who is the
exploration manager and now COO of Caerus. Mr. Chapman has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity to which he is undertaking to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves and as a qualified person under the AIM Note for Mining,
Oil and Gas Companies. Mr. Chapman is an employee of Luna Recursos
Naturales SAC, an independent geological consultancy established in
2015 and is a Member of the Australasian Institute of Geoscientists
(A.I.G.) Mr. Chapman consents to the inclusion in this Announcement
of such information in the form and context in which it
appears.
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
United Kingdom domestic pursuant to the Market Abuse (Amendment)
(EU Exit) regulations (SI 2019/310).
Glossary of technical terms :
"Ag" silver;
"Au" Gold;
"AuEq" gold equivalent;
"BG" basal Group, oldest rocks outcropping in the Troulli
Inlier;
"Breccia" rock which has been fractured or broken in-situ
by processes in the earth's crust, including fracturing
by hydrothermal fluids percolating the rock under
high pressure or by tectonic activity;
"CRM" Certified Reference Material; standards;
"Cu" Copper;
"CuEq" copper Equivalent;
"Fe" Iron;
"g" grammes;
"Gossan" is intensely oxidized, weathered, or decomposed
rock, usually the upper and exposed part of a mineral
deposit. The weathering process can result in enrichment
of immobile metals and elements and depletion of
mobile metals and elements;
"g/t" grammes per tonne; equal to ppm;
"ICP" inductively coupled plasma;
"Inferred resource" 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;
"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;
"JORC" the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves, as
published by the Joint Ore Reserves Committee of
The Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists and Minerals
Council of Australia;
"JORC (2012)" the 2012 edition of the JORC code;
"km" Kilometre;
"LPL" Lower Pillow Lavas;
"m" metre;
"Mineral Resource" a concentration or occurrence of material of economic
interest in or on the earth's crust in such form
and quantity that there are reasonable and realistic
prospects for eventual economic extraction. The
location, quantity, grade, continuity, and other
geological characteristics of a Mineral Resource
are known, estimated from specific geological evidence
and knowledge, or interpreted from a well-constrained
and portrayed geological model;
"Mt" million tonnes;
"oz" troy ounce;
"ppm" Parts per million, equal to g/t
"Preliminary also referred to as a "scoping study", is a study
Economic Assessment that includes an economic analysis of the potential
viability of Mineral Resources taken at an early
stage of the project prior to the completion of
a preliminary feasibility study.;
"QA/QC" quality assurance/quality control;
"ROM" Run of mine;
"UPL" Upper Pillow Lavas;
"Zn" Zinc; and
"%" Percent.
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