TIDMBZT
RNS Number : 6183A
Bezant Resources PLC
02 June 2021
02 June 2021
Bezant Resources Plc
("Bezant" or the "Company")
Preliminary Evaluation of Airborne EM Survey Data at Hope Cu-Au
Project
Bezant (AIM: BZT), the copper-gold exploration and development
company, is pleased to announce that preliminary evaluation of data
from its' recently completed airborne electromagnetic (EM) and
magnetic survey over a large part of its Hope Copper-Gold licence
block in Namibia has provisionally highlighted several potential
strong drill targets.
Highlights:
-- The helicopter-borne survey, covering about 3,000 line kms
along a 130km strike extent of the Matchless Copper Belt has
highlighted up to eight potential drill targets, based on
first-pass overview
-- The survey was designed to look for buried extensions of the
Hope and Gorob-Vendome deposit cluster on EPL 5796, as well as
testing the extensive underexplored potential through EPLs 7170 and
6605
-- Three previously undrilled anomalies with similar signatures
to established deposits are located along strike to the southwest
of the Gorob-Vendome deposit cluster on EPL 5796
-- To the northeast of Gorob-Vendome a >5km linear anomaly
located adjacent to a relatively high magnitude magnetic trend
requires further evaluation to establish the anomaly source
-- On EPL 6605, a strong, late-time >3km long EM anomaly is
associated with the historically known Aros 4km long bedrock and
soil copper occurrence, which was never drill-tested
-- To the southeast of Aros, a discreet, circular, strong,
late-time EM anomaly also requires further evaluation
-- Detailed data processing by the survey contractor is
currently under way, with the final data and report expected in
approximately six weeks
Colin Bird, Executive Chairman of Bezant, commented :
"This is a very pleasing result that shows the benefit of
investing in airborne geophysics in this terrain. The survey
covered areas suspected to be prospective and has also identified
further prospective EM and magnetic targets with significant strike
lengths. We are currently interrogating the raw data to refine
target selection. Our focus will be on near-surface anomalies
and/or targets with significant strike lengths.
Overall, the survey has been successful and has added impetus to
our work on the Hope-Matchless copper belt. We will publish the
final report, when received, and will now plan field work at the
newly generated prospects"
The planned SkyTEM helicopter-borne programme, covering
approximately 3,000 line km, with a flight line spacing of 200m,
was successfully completed along much of the 130km strike length of
the prospective Matchless Copper Belt stratigraphy within the
property. The survey objective was to map copper-gold massive
sulphide mineralisation from surface to approximately 200m depth or
beyond. Mineralisation typically occurs in clusters of often
steeply-dipping lenses, which may be partially covered by surficial
sands or represented at surface by small mineral
occurrences/workings or soil geochemical anomalies. Much of the
area is very underexplored, with drill testing being confined to a
number of well documented occurrences, such as Hope and Gorob,
which are exposed at surface.
Initial evaluation by the Company's geological team of partially
processed late-time EM data identified most of the previously
drilled deposits on the belt, along with several potential new
targets. Around Gorob-Vendome on EPL 5796, three new targets were
highlighted to the southwest with signals similar to those of the
established Gorob and Vendome deposits, none of which has
previously been drill tested - these will most likely be priorities
for future drill testing by Bezant.
To the north-east of Gorob a further localised anomaly occurs,
as well as a series of more linear anomalies adajcent to a magnetic
trend, covering a strike length of more than 5km. These will
require further evaluation to establish if they might have a
sulphide source or could be related to non-sulphide conductors.
In the area of the Hope deposit, the EM data appears complex and
will require further processing to support interpretation of
possible further targets in the vicinity.
On EPL 6605, along the north-eastern segment of the target belt,
a substantial strike length of narrow, linear anomalies occurs. One
of these is a strong, late-time >3km long EM anomaly which is
spatially associated with the historically known Aros Prospect. The
Aros Prospect comprised of an approximately four kilometres long
bedrock/soil copper occurrence that peaks at over 0.4% Cu for
approximately two kilometres and was never drill-tested. This
clearly represents a priority target of interest. A short distance
to the south east of the Aros Prospect, is a further discrete,
circular strong late-time EM anomaly, which also requires further
evaluation.
Hope Copper-Gold Project Background Information
Project Area: The Hope Copper-Gold project comprises three
exclusive prospecting licences, EPL 5796, EPL 7170 and EPL 6605,
totalling approximately 1,053km(2) , located in central Namibia
approximately 100km to the south west of Windhoek, the capital of
Namibia.
Regional Geology and Mines: The area covered by the Hope
Copper-Gold Project is characterised by superficial quaternary sand
and gravel overlying the Swakop Group of the Damara Supergroup. The
area is dominated by massive mica schists of the Kuiseb Formation
of the Pan-African Damara Orogen. These lithologies host multiple
high-grade copper-gold Besshi Type massive sulphide deposits, such
as the historically mined Otjihase Copper deposit (>16Mt @ 2.2%
Cu & 1.2g/t Au) to the northeast of the Hope property.
JORC Resource: The Hope Copper-Gold Project covers a significant
portion of the highly prospective Matchless Copper Belt. The Bezant
project area contains a series of copper deposits, of which three
(Hope, Gorob-Vendome and Anomaly) make up a combined Indicated and
Inferred Mineral Resource of 10.2Mt @ 1.9% Cu and 0.3g/t Au at a
0.7% Cu cut-off, reported in accordance with the JORC Code (2012),,
containing 192kt of Cu metal and 3,190kg of Au. Approximately 30%
of the Mineral Resource tonnage is classified in the "Indicated"
Mineral Resource category with the balance in the "Inferred"
Mineral Resource category and the estimate was based on 339 drill
holes for a total of 63,855 metres.
Previous Exploration: Previous exploration on the Bezant licence
block focussed on the known prospects in the immediate vicinity of
the Hope and Gorob deposits on EPL 5796, mainly due to the fact
that they outcrop and are still open at depth. This work has led to
a sound understanding of these copper-gold prospects but has left
the vast majority of the area unexplored, especially by modern
exploration techniques. EPL 6605 and EPL 7170 contain the
Niedersachsen Cluster which includes three previously discovered
copper prospects (Niedersachsen, Aros and Kobos) within EPL 6605
and one copper prospect situated in EPL 7170 (Schlesien, situated
close to the north-eastern licence border with EPL 6605).
For further information, please contact:
Bezant Resources Plc
Colin Bird
Executive Chairman +44 (0)20 7581 4477
Beaumont Cornish (Nominated Adviser)
Roland Cornish +44 (0) 020 7628 3396
Novum Securities Limited (Broker)
Jon Belliss +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 Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
Qualified Person:
Technical information in this announcement has been reviewed by
Edward (Ed) Slowey, BSc, PGeo, technical director of Bezant
Resources Plc . 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 is a
Qualified Person under the AIM rules. Mr Slowey has reviewed and
approved this announcement.
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
"EPL" Exclusive Prospecting Licence
"g/t" grammes a tonne
"kt" thousand tonnes
"Mt" million tonnes
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