TIDMBZT
RNS Number : 0524O
Bezant Resources PLC
08 June 2022
8 June 2022
Bezant Resources PLC ("Bezant") & Caerus Mineral Resources PLC ("Caerus")
Cyprus Joint Venture Drilling 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 the drill results
for the Anglisides Licence, a satellite project of the Troulli
Joint Venture.
The ten-hole diamond drill programme announced on 27 April 2022
was expanded to sixteen holes and has been completed to test the
near-surface copper potential for the Anglisides Licence and the
assay results for the first eleven drill holes have been received.
Anglisides forms part of the JV between the Companies and
represents a potential satellite mineral resource that could be
delivered to the Troulli central processing hub.
Highlights
Assays have been received for eleven recently completed
drillholes for the Anglisides Licence.
Table 1: Drill Results indicating selected mineralisation for
the Anglisides Licence Diamond Drill Programme are as follows:
Borehole From To Intersection G rade Grade
ID (m) (m) (m) (g/t Au) (% Cu eq)
AN22DD001 0.0 11.5 11.5 0.85 1.48
---------------- ------ ------------- ---------- -----------
AN22DD002 0.0 18.7 18.7 0.91 1.11
---------------- ------ ------------- ---------- -----------
AN22DD003 3.9 22.5 18.6 1.82 1.63
---------------- ------ ------------- ---------- -----------
AN22DD004 17.7 32.8 15.1 0.77 1.19
---------------- ------ ------------- ---------- -----------
AN22DD005 6.0 23.0 17.0 1.15 1.44
---------------- ------ ------------- ---------- -----------
AN22DD006 9.1 16.1 7.0 3.3 2.36
---------------- ------ ------------- ---------- -----------
AN22DD007 10.9 15.3 4.4 0.47 1.29
27.5 33.7 6.2 0.33 1.64
---------------- ------ ------------- ---------- -----------
A N22DD008 0.0 9.6 9.6 0.78 0.85
---------------- ------ ------------- ---------- -----------
A N22DD009 No significant - - - -
mineralisation
---------------- ------ ------------- ---------- -----------
AN22DD0010 1.9 6.5 4.6 0.33 0.71
---------------- ------ ------------- ---------- -----------
AN22DD0011 0.0 8.0 8.0 0.82 0.83
---------------- ------ ------------- ---------- -----------
-- Notable copper equivalent intercepts achieved for ten of the eleven holes drilled.
-- Results validate the drill programme and confirm the presence
of near-surface mineralisation that could potentially be fed into
any future Troulli processing plant.
-- Results will be reviewed by external consultant, Addison
Mining to determine the extent of any infill drilling required
before a JORC (2012) Mineral Resource can be estimated.
-- The presence of easily accessible copper mineralisation at
Anglisides offers an opportunity to increase the global Troulli JV
Mineral Resource and extend the projected life of mine.
Commenting on the drill results, the Chairman of Bezant, Colin
Bird said " We are very pleased with this round of results from the
Anglisides deposit. We are pleased with the widths and the
associated grades. It would appear that this material will be in
general free digging and will not require its own dedicated process
plant, since Troulli is a truckable distance and the proposed plant
will be fit for purpose. The addition of Anglisides suggest that
our original prognosis of 8,000 tonnes per year contained copper
for 8 years, is very feasible. We are about to commence detailed
engineering, which will include the phasing of ore types for early
payback, thus maximising overall profitability."
Commenting on the drill results, the CEO of Caerus, Charlie Long
said "Anglisides is approximately 25km from Troulli and a potential
satellite operation. It is therefore important that Anglisides
material is sufficiently valuable to allow for the extra trucking
cost. With that goal in mind, these excellent drilling results,
which show near surface mineralisation and copper equivalent grades
of up to 2.36%, are very encouraging. The current plan envisages
constructing a central plant at Troulli capable of processing
various ore types. These would include near-surface oxides such as
Anglisides' gossans, deeper sulphide ores discovered at Troulli, as
well as surface material, dumped or left unprocessed when mining
stopped abruptly in the 1970's."
For further information, in relation to the Companies please
contact:
Caerus Mineral Bezant Resources plc
Resources plc
Website www.caerusmineralresources.com www.bezantresources.com
--------------------------------- -------------------------
Company Contact Charles Long Colin Bird
Chief Executive Executive Chairman
Officer info@bezantresources.com
info@caerusmineralresources.com + 44 (0)20 3416 3695
+44 (0) 7900 246037
--------------------------------- -------------------------
Broker Novum Securities Novum Securities
Jon Bellis Jon Bellis
+44 (0) 20 7399 +44 (0) 20 7399 9400
9425
--------------------------------- -------------------------
Nominated Adviser Not applicable Beaumont Cornish
Roland Cornish
+44 (0) 20 7628 3396
--------------------------------- -------------------------
Qualified Person The content of this news release has been
reviewed, verified, and approved by Mr. Nigel Chapman, the
exploration manager at the time of the drill programme. 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.
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.
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
"Cu eq" Copper equivalent: Copper equivalent grades are based on
a copper price of US$4.0/lb and a gold price of US$1,800/oz Au, so
that 1ppm Au = 0.61 Cu eq in percentage terms
"g/t" grammes per tonne
"kt" thousand tonnes
"Mt" million tonnes
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.
About Troulli Project: 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.
The information contained within this announcement is deemed by
the Companies 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).
END
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