20 May 2019
Bezant Resources Plc
("Bezant" or the "Company")
Updated EIA Approvals Granted for the Eureka Project's Exploration Areas, Argentina
Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce that updated environmental impact assessment ("EIA") approvals permitting certain specified additional exploration work and drilling activity on the most prospective areas of the Company's Eureka Project in Argentina, have now been granted by the Director of Mining and Energy Resources of the Secretariat of Mining and Hydrocarbons, Government of Jujuy.
Benefit of Environmental Approvals: The granting of these updated EIA approvals, which are subject to certain routine conditions, including submission and implementation of an environmental monitoring plan, will enable exploration drilling to be conducted over the licence areas that the Company has determined and selected as having the most prospectively. The approvals provide for a two-year exploration period to 3 May 2021 and permit, inter alia, work on topography, geophysics, soil geochemistry, geological mapping and diamond drilling.
Approval Process: Bezant, via its wholly owned subsidiary, Puna Metals SA, has been working with the regional government and local stakeholders to progress and secure the updated EIA approvals in respect of the Eureka Project covering a total area of 3,320 hectares. The nine specific licences to which the approvals relate are Mine Eureka, Mine Paul I, Mine Paul II, Mine Julio I, Mine Julio II, Mine Gino I, Mine Gino II, Mine Mason I and Mine Mason II.
Exploration Focus: In light of the historic third party mining activity on the Northern area of the Eureka Project and previous induced polarisation geophysical work denoting areas of resistivity and both sedimentary and rock chip sampling all in the same location, the focus of the planned additional exploration programme is on parts of the Eureka, Julio I and Julio II mine areas to the West of the old Eureka mine. The objective of the next stage of preparatory work will be to define final drill targets for a diamond drilling programme comprising up to nine holes with target depths of approximately 200-300 metres per hole from surface aimed at determining the resource type and characteristics and examining the high resistivity zones to determine if distinct feeder systems exist at a comparatively shallow depth.
Project Strategy: The Company's strategy remains to seek a joint venture partner focussed on South America and capable of financing such a drilling campaign. The Company does not currently intend to pursue a drilling campaign in its own right but will undertake preparatory work to define primary drill targets on the area of focus. The Board believes that securing these updated EIA approvals represents a significant step forward in progressing the Eureka Project.
Laurence Read, CEO of Bezant, commented:
"The granting of these updated EIA approvals on the most prospective areas of our Eureka Project is testament to the work carried out by the team and its constructive engagement with local communities and government agencies. We would like to thank such stakeholders for their valuable support.
"Following review of the Eureka Project by our technical team in 2018, the most prospective areas were selected for permitting to a drill ready status. These areas were the subject of the greatest amount of historic exploration work and allow for the most beneficial expansion of our knowledge base on the project. The updated EIA approvals will enable us to move forward with our stated JV strategy to ultimately undertake drilling on the project and determine the size and type of resource beneath the historically mined area. The hypothesis we are pursuing is that there is both near-surface sedimentary copper sufficient in grade to be mined in the future as well as high grade feeder zones within 300 metres beneath surface. Whilst progressing preparatory work, the Company will continue to identify and assess suitable potential JV partners for the further development of the project."
For further information, please contact:
Bezant Resources plc
Chief Executive Officer
Strand Hanson Limited (Nomad)
James Harris / Matthew Chandler / James Dance
Novum Securities Limited (Broker)
or visit http://www.bezantresources.com
Tel: +44 (0)20 3289 9923
Tel: +44 (0)20 7409 3494
Tel: +44 (0)20 7399 9400
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.