TIDMBZT
RNS Number : 5014W
Bezant Resources PLC
15 November 2017
15 November 2017
Bezant Resources Plc
("Bezant" or the "Company")
Gold-Platinum Recovery to Bedrock Successfully Completed, Choco
Gold-Platinum Project, Colombia
Bezant (AIM: BZT), the AIM quoted gold and platinum mining
company, is pleased to announce that it has successfully mined into
the High Grade gold-platinum Zones at its FKJ-083 licence area in
the Choco region of Colombia (the "Choco Project").
Highlights
The independent March 2017 scoping study estimated a break-even
grade of approximately 0.17 grammes per tonne (238mg/m(3) ) for
combined Pt and Au based on an approximate 1:1 stripping ratio.
-- Grade verification work by the Company to bedrock has identified the following zones:
o High Grade Zones ("HGZ")(>500 mg/m(3) or 0.36 g/t combined
grade)
o Production Zones ("PZ") (>250 mg /m(3) combined grade)
o Low Grade Zones ("LGZ") (<250mg/m(3) or 0.18 g/t for
combined Pt and Au)
-- High Grade Zone successfully opened at depth of 34m
o 0.37 grammes per tonne (519mg /m(3) ) for combined Pt and Au
achieved for 4.5m thick HGZ situated above the bedrock
o Main HGZ located between 34m and 38.5m
-- Production Zone currently starts at depth of 21.5m
o 0.2 grammes per tonne (271mg/m(3) ) average grade achieved for
PZ
o 17m interval from 21.5m to the bedrock
o Approximate stripping ratio of 1:1
-- Low Grade Zone located from surface to depth of 21.5m
o Varying grades encountered depending on historical mining
activity and tailings
o Average grade of 0.06 grammes per tonne (85mg/m(3) ) for
LGZ
o Secondary gravity separation process developed in order to
recover metals from the LGZ as an addition to the model used as the
basis for the scoping study
Production Overview
-- Over 110 oz of gold and platinum recovered during the grade verification process
-- Over 35,000 tonnes of material from the surface to bedrock
tested and processed as part of the grade verification and
production initiation process
-- ZERO mercury/arsenic gold and platinum recovery process now fully established
Outlook
-- Next phase of production ramp-up to commence following the
successful completion of grade verification process
Further to the Company's announcement of 9 October 2017, Bezant
has undertaken an extensive grade verification process, through
mining and processing of material to bedrock level, as part of its
mine ramp-up and general assessment of the Choco Project's
feasibility. This mine grade verification work enables a comparison
to be made with the grades obtained from historical third party
mining and drilling operations. It also allows direct feasibility
assessment versus the project's break-even grade of 0.17 grammes
per tonne (238mg/m(3) ) for combined Pt and Au as determined from
the results of the independent scoping study announced on 8 March
2017.
Summary of Results of Grade Analysis
Mining operations to bedrock level and the associated grade
verification process has enabled development of the following
zoning model:
Zone From To Weighted
Interval Average Combined
Grade
----------------- -------- ---------------- ----------- ------------------
Low Grade Zone Surface 21.5m 21.5m 85mg/m(3)
----------------- -------- ---------------- ----------- ------------------
Production Zone 21.5m 38.5m (bedrock) 17m 271mg/m(3)
----------------- -------- ---------------- ----------- ------------------
High Grade Zone 34m 38.5m 4.5m 519 mg/m(3)
----------------- -------- ---------------- ----------- ------------------
Production Overview
The Company has produced over 110 ounces of combined platinum
and gold as part of its mine development work to bedrock and grade
verification process. Over 39,000 tonnes of material from the
surface to bedrock has been tested and processed as part of the
grade verification and production initiation process. The Company
has also developed a secondary gravity separation process in order
to recover metals from the LGZ. The secondary processing plant will
process material extracted from the LGZ whenever possible. The
additional metals to be recovered via the secondary plant are not
currently included in the financial model that formed the basis of
the March 2017 scoping study.
Following the successful conclusion of the mining to bedrock and
grade verification process, the Company will now commence the next
phase of production ramp-up.
Commenting today, Bernard Olivier, CEO of Bezant, said:
"Our mining to bedrock and grade verification process has not
only successfully tested production viability but has also
identified high grade zones containing significant levels of
metals. Following the successful conclusion of this process, we are
now initialising the next phase of mine ramp-up. We have also
developed a cost effective secondary processing system during our
verification process work that is capable of treating low grade
material extracted from the open pit operation without significant
additional cost implications."
Dr Bernard Olivier has reviewed and approved the technical
information contained within this announcement in his capacity as a
qualified person, as required under the AIM rules. Dr Olivier is
Chief Executive Officer of the Company and a Member of the
Australasian Institute of Mining and Metallurgy.
For further information, please contact:
Bezant Resources Plc
Bernard Olivier Tel: +61 40 894 8182
Chief Executive Officer
Laurence Read Tel: +44 (0)20 3289 9923
Executive Director / Communications Officer
Strand Hanson Limited (Nomad) Tel: +44 (0)20 7409 3494
James Harris / Matthew Chandler / James
Dance
Tel: +44 (0)20 7469 0930
Peterhouse Corporate Finance Limited (Broker)
Lucy Williams / Duncan Vasey / Heena Karani
Tel: +44 (0)20 7382 8300
Beaufort Securities Limited (Broker)
Elliot Hance
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.
- ENDS -
Glossary of technical terms:
"Au" gold
"g" grammes
"g/m(3) " grammes per cubic metre
"m" metre
"m(3) " cubic metre
"mg" milligramme
"mg/m(3) " milligramme per cubic metre
"oz" troy ounce (=31.103477 grammes)
"Pt" platinum
"t" tonne (=1 million grammes)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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