TIDMBZT
RNS Number : 3208I
Bezant Resources PLC
08 August 2019
8 August 2019
Bezant Resources Plc
("Bezant" or the "Company")
Cu-Au Assays from Buffalo Project, Zambia
Highlights
-- Assay results from second round of composite rock chip
sampling return high grade copper values with supporting silver
from surface bedrock exposure
-- In situ sample results from the existing 12-15m wide pit face
(BFR 2 and 3) range from 2.21% - 4.07% Cu
-- Sidewall mineralisation results (BFR 5 and 6) grading at
0.64% - 2.03% Cu significantly extend the potential width of the
target zone
-- New outcrop discovery identifies extension of the copper zone 350m to the southwest
-- Further mapping and trenching work scheduled to define potential near surface drilling targets
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to announce assay results returned from the
Buffalo Project in Zambia showing the presence of high grade copper
at surface.
The selected significant assay results below are from a total of
8 composite rock chip samples taken by the Company's geological
survey team as part of its ongoing exploration work on the Buffalo
project, a 398 hectare copper/gold asset situated in the Central
Zambian iron oxide copper-gold ("IOCG") belt, over which the
Company holds a conditional option to acquire a 50 per cent.
interest (the "Buffalo Project").
Buffalo Project's Second Round Composite Rock Chip Samples -
Selected Assay Results
Rock ID Description Assay values
-------------------------------------- ------------------------------
Cu% Ag ppm Fe% Au ppm
-------------------------------------- ----- ------- ----- -------
Red hematite breccia with malachite
BFR 2 from pit face (LHS) 2.21 6.47 6.27 <0.01
-------------------------------------- ----- ------- ----- -------
Red hematite breccia with malachite
BFR 3 from pit face (RHS) 4.07 4.70 8.23 <0.01
-------------------------------------- ----- ------- ----- -------
Vuggy red mudstone with malachite
BFR 4 in sidewall of ore zone (RHS) 1.16 4.47 4.94 <0.01
-------------------------------------- ----- ------- ----- -------
Banded grey siltstone with
hematite & malachite in sidewall
BFR 5 of ore zone (LHS) 0.64 8.96 1.37 0.02
-------------------------------------- ----- ------- ----- -------
Pale grey silicified mudstone
breccia with disseminated malachite
in matrix on LHS sidewall of
BFR 6 pit 2.03 10.10 1.88 0.02
-------------------------------------- ----- ------- ----- -------
Silicified hematitic/limonitic
BFR 8 breccia with vuggy texture 0.23 <0.01 1.75 0.02
-------------------------------------- ----- ------- ----- -------
The sample results from BFR 2 and 3 confirm the tenor of strong
copper grades obtained during an earlier reconnaissance visit to
the site of the small-scale open pit at the Buffalo Project.
Samples BFR 4 to 6 also demonstrate that copper mineralisation at
potentially economic grades extends for some distance into the
footwall and hangingwall margins of the 12-15m wide, near-vertical
shear zone, thereby adding significantly to the width of the target
for follow-up drilling.
Further encouragement was obtained from the sampling of a
newly-discovered bedrock occurrence 350m directly along strike from
the mineralised shear zone to the southwest. The outcrop exhibited
iron-silica alteration and a rock chip sample (BFR 8) assayed 0.23%
Cu, confirming the continuation of copper mineralisation into this
area.
All of the samples were submitted for analysis to the SGS
Kalulushi geochemical laboratory in Zambia. The laboratory is
accredited to ISO/IEC 17025 standard for copper analysis.
Detailed mapping, sampling and trenching is planned in the next
phase of work in order to define potential shallow, near-term
drilling targets.
Overview
Bezant's exploration review has to date identified a zone of
structural focus centred on a site of artisanal copper/gold mining
activity within the Buffalo Project's open pit. This serves to
support the prospective nature of a mineralised structure
traversing the project's licence area which is seemingly open at
depth.
The Buffalo Project is located within a major
east-northeast/west-southwest structural corridor in the Central
Zambian IOCG province. Approximately 70km to the southwest along
the structural corridor lies the Jifumpa copper mine, currently
operated by a Chinese enterprise, Ruida Investments Limited.
Deposits in this province are generally hosted at a higher
stratigraphic level within the same rock package as the world-class
Zambian copper belt deposits. The IOCG province was previously
subject to only limited exploration due to the focus on the
long-established projects located on the copper belt. Nevertheless,
such historic exploration activity resulted in the discovery of
several significant copper deposits, including the Kalengwa mine
(production estimate of 1.9 million tonnes ("Mt") @ 9.44% Cu and 50
g/t Ag) and the Kitumba (Mumbwa) deposit with a reported
JORC-compliant Indicated Mineral Resource estimate of 87.6Mt @
1.17% Cu, including 29.8Mt @ 2.13% Cu. In other global mining
districts, major projects have been brought into development hosted
within similar IOCG structures including BHP's giant Olympic Dam
mine located in South Australia.
Laurence Read, CEO of Bezant, commented:
"This latest round of rock chip sample results demonstrates the
presence of principally one per cent or more copper located at
surface. In addition to the recorded copper results the other
information obtained from the assay results including the iron,
silver and gold content adds valuable information informing the
team as to how the mineralisation might be structured along strike
and at depth. Adding this new data to the historic logs, we shall
now seek to start generating initial drill targets, most probably
near surface and along strike."
For further information, please contact:
Bezant Resources plc
Laurence Read Tel: +44 (0)20 3289
Chief Executive Officer 9923
Colin Bird
Executive Chairman
Strand Hanson Limited (Nomad)
James Harris / Matthew Chandler / James Tel: +44 (0)20 7409
Bellman 3494
Novum Securities Limited (Broker)
Jon Belliss Tel: +44 (0)20 7399
9400
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.
Qualified Person's Statements
Geological information in this announcement relating to the
licence area has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a
consultant to Bezant. 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 a qualified person under the AIM Rules. Mr Slowey has reviewed
and approved the geological content of this announcement.
In accordance with the AIM Note for Mining and Oil & Gas
Companies, June 2009 (the "Guidance Note"), Colin Bird, CEng,
FIMMM, a South African and UK Certified Mine Manager and Executive
Chairman of Bezant, with more than 40 years' relevant experience,
is the qualified person who has reviewed and approved the technical
information contained herein.
Note to Editors:
IOCG Province Zambia
Numerous copper occurrences are known throughout central and
western Zambia, mostly as a result of prospecting in the early to
mid-1900s. Much of the early exploration effort in this region was
focused on the search for Copperbelt-style sediment-hosted
deposits, but instead resulted in the discovery of vein and
breccia-type copper showings and deposits often associated with
iron concentrations and, in some instances, gold. Numerous
copper-gold and iron oxide occurrences are known in the district
and are noted on the Geological and Mineral Occurrence Map of
Zambia. These types of deposit have come to be known as iron oxide
copper-gold (IOCG) deposits, with the best known example being the
Olympic Dam mine site in Australia.
IOCG deposits comprise a broad range of mineralisation styles,
grouped together chiefly because they contain hydrothermal
magnetite and/or specular haematite as major accompaniments
(>20% Fe oxides) to copper sulphides.
Option Agreement
In April 2019, Bezant entered into an agreement with KPZ
International Limited pursuant to which it was granted a
conditional option to acquire a 50 per cent. interest in licence
number 15164-HQ-SML in The Republic of Zambia which contains the
Buffalo exploration project.
Under the terms of this agreement and as consideration for such
potential 50 per cent. interest in the Buffalo project, Bezant is
required to complete an initial assessment of the licence area at a
cost of up to US$200,000 by 1 February 2020. Throughout this
initial phase, Bezant retains the right, at its sole discretion, to
cease expenditure on the initial assessment and withdraw from the
option, whereupon all other obligations under the agreement would
be terminated.
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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