Bezant Resources PLC Colombia Exploration Sampling Update (4497Q)
30 November 2016 - 6:00PM
UK Regulatory
TIDMBZT
RNS Number : 4497Q
Bezant Resources PLC
30 November 2016
30 November 2016
Bezant Resources Plc
("Bezant" or the "Company")
Colombia Exploration Sampling Update:
Initial Platinum & Gold recoveries
Bezant (AIM: BZT), the AIM quoted mineral exploration and
development company, announces that initial gold and platinum has
been recovered via its exploration processing plant on site at the
FKJ 083 licence area in the Choco Province of Colombia ("Licence
FKJ-083").
Bezant holds options over an approximate 2,600 hectare land
package on the Choco Platinum and Gold Plateau in Colombia and is
applying modern mining techniques and processes to seek to create a
low-cost, at surface, gold and platinum production portfolio.
The Company's mining contract partner in Colombia, Exumax SAS
("Exumax") is now processing large-scale exploration samples of
alluvial material through the onsite exploration laboratory,
established at the project's campsite.
To date, 22 test pits have been excavated at the FKJ-083 licence
area to depths from 4 to 12 metres. A total of 95 individual
samples of between 0.25 and 1.0 loose cubic metres (LCM) have been
extracted from the 22 test pits to date. Visible gold and platinum
have been observed in the final sample concentrates. The selected
sample concentrates will shortly be sent to an independent
laboratory for assaying to verify the gold and platinum grades. The
main objective of the current phase of exploration and sampling is
to enable the correlation with historic production results and to
assess the economic feasibility of rapidly developing a full
production operation at the site during 2017, using a low capex,
alluvial dry mining plant.
Historically, all precious metals recovered from the Choco
alluvial platinum mining region is 'free', which does not
necessitate the requirement for metallurgical separation processes
to recover saleable material. In light of the nature of the
project, taking into account the historical production and revenue
data from the alluvial deposit, the Company does not currently
intend to establish a defined, independent resource estimate for
the project. Instead, all exploration work will focus on profiling
the platinum and gold bearing strata and assessing the optimal
extraction and recovery techniques for these alluvial deposits in
the Choco region. In addition, the Company will also not be
pursuing any tailings reprocessing work at this stage and will
focus its activities on the primary and undisturbed alluvial
layers. The undisturbed alluvial layers historically contain the
highest concentrations of precious metals.
Following completion of the exploration phase and the receipt
and assessment of the final assaying results from the independent
laboratory in due course and assuming these confirm the successful
extraction results expected, Bezant intends to then begin surface,
dry mining production development on Licence FKJ-083 in H1 2017. At
such time and dependent on the aforementioned results, the
Directors will also make a decision regarding the exercise of some
or all of the above mentioned options that the Company currently
holds pursuant to its acquisition earlier this year of Leeward
Islands Exploration LLC in respect of substantial licence areas on
the Choco Platinum and Gold deposit which constituted the world's
principal platinum source for over a hundred years until the
discovery of the Bushveld Complex in South Africa.
A further operational update will be provided in due course as
and when appropriate.
For further information, please contact:
Bernard Olivier
Chief Executive Officer, Bezant Resources Plc Tel: +61 40 894 8182
Laurence Read
Executive Director / Communications Officer, Bezant Resources Tel: +44 (0)20 3289 9923
Plc
James Harris / Matthew Chandler / James Dance Tel: +44 (0)20 7409 3494
Strand Hanson Limited (Nomad)
Elliot Hance Tel: +44 (0)20 7382 8300
Beaufort Securities Limited (Broker)
or visit 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 Regulation (EU) No. 596/2014 ("MAR").
Notes to Editor:
Exumax is a Colombian based mine operating Company with over 6
years mine operating experience in Colombia and has a
well-established Colombian based team that can provide turnkey
exploration solutions to Bezant's wholly owned Colombian
subsidiary, Ulloa Recursos Naturales SAS. The principals of Exumax
have over 50 years of combined operating experience in the mining
and construction industry in South America and in this period have
developed extensive proprietary mining expertise. Exumax own and
have imported special purpose alluvial mining equipment from New
Zealand, where such operations are common, for use in low-cost
alluvial extraction projects focused on precious metals. Exumax
have operated a series of alluvial projects in Colombia and
prioritise community relations and environmental management work as
key components to building mines success in-country.
www.exumax.co
This information is provided by RNS
The company news service from the London Stock Exchange
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