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Bezant Resources PLC - Drilling Results at Hope Copper-Gold Project

RNS Number : 6037L
Bezant Resources PLC
14 January 2021
 

14 January 2021

Bezant Resources Plc

("Bezant" or the "Company") 

Exploration Drilling and Analytical Results

at the Hope Copper-Gold Project, Namibia

 

 

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce results for its recent drilling programme at the Hope Copper-Gold Project in Namibia (the "Project").

 

Highlights

 

·    Assaying of samples from the two diamond drill holes completed by Bezant at the Gorob-Vendome massive sulphide deposit has indicated continuity of copper-gold mineralisation within the Inferred Mineral Resource envelope.

·    Downhole assay intervals best results include 3.57m @ an average 4.36% Cu, 0.64g/t Au in hole GOD-001 and 3.0m @ an average 2.18% Cu, 0.26% Au in hole GOD-002 within a wider zone of copper-gold mineralisation.

·    Accompanying gold values in the Bezant holes support management's belief that the gold content could be higher than previously reported in the Gorob-Vendome Inferred Mineral Resource estimate and could add considerable value to the project; very limited gold assaying was carried out in the historic drill holes.

·    The new results will be incorporated into the Company's internal valuation studies and into future revised resource estimates.

·    Two diamond drill holes designed to test a NSAMT anomaly at Hope North intersected cavities and did not intersect any base metal mineralisation, confirming management's suspicion that the source is most likely to be saline water.

·   Bezant is now planning for exploration along the 130km strike extent of the Hope/Matchless Copper Belt, including airborne geophysical surveying to see through the overburden cover which has hidden much of the Belt from previous explorers.

 

Colin Bird, Executive Chairman of Bezant, commented:

"The result of this initial programme achieved the objective of confirming our assertion that gold should be present at the Gorob-Vendome deposit since it is present at the Hope project. Both copper and gold values were pleasing and we will obviously internally rework the valuation of Gorob based on the new results. This result has provided us with increased motivation to test the 130km of strike under license and this will be carried out by a heli-airborne survey during this first quarter.

 

We are currently planning our initial reconnaissance holes for the manganese project in southern Botswana. Again, we are intending to start drilling in the first quarter."

 

Exploration Update

Four diamond drill holes totalling 645 metres were completed during November 2020, two each at the Gorob-Vendome and Hope North targets. The Gorob-Vendome holes were planned to increase confidence in the geology and mineral intercepts reported in the historic drilling and specifically to provide information on the gold grades associated with the copper-bearing massive sulphides. Little gold assaying was carried out on drill core from the earlier holes used in the current Inferred Mineral Resource at Gorob-Vendome, therefore it was interpreted that it might not reflect potentially important gold credits.

 

At the Gorob-Vendome massive sulphide deposit, the two vertical Bezant holes, GOD-001 and 002, were sited about 300m apart close to the location of historic holes GD45 and GD43 respectively. While the historic holes were also collared vertically they deviated significantly, whereas the Bezant holes remained considerably straighter and therefore intersected the deposit deeper than the historic holes. Mineralised core intervals were cut by diamond saw, sampled and dispatched to ALS Global laboratories in South Africa for ICP multi-element analysis using a four acid digest and gold determination by fire assay. Significant assay intervals >0.2% Cu are presented in Table 1 below:

 

TABLE 1 - BEZANT GOROB-VENDOME DRILL ASSAY INTERVALS >0.2% Cu*

Hole No.

Depth from (m)

Depth to (m)

Interval (m)

Cu %

Au g/t

GOD-001

135.52

140.21

4.69

3.47

0.51

incl.

136.64

140.21

3.57

4.36

0.64

 

 

 

 

 

 

GOD-002

156.45

164.20

7.75

0.30

0.05

and

173.95

181.90

7.95

1.12

0.12

incl.

173.95

176.95

3.00

2.18

0.26

*Downhole intervals quoted - true widths have not yet been established but will be less

 

The mineralised intercepts returned assay values up to an average 4.36% Cu over 3.57m and are consistent with the high grades reported previously while gold values, ranging up to 0.64g/t Au over the same interval, are significantly higher than the grade of 0.04g/t Au reported in the Inferred Mineral Resource estimate. This supports the Company's belief that gold grades at Gorob-Vendome are understated in the current resource estimate and can add considerable value to the project. Data from these holes will be incorporated into internal valuation studies and into a future resource update. 

 

Review by the Company of previous Natural Source Audio Magneto-Telluric (NSAMT) geophysics data at the Hope deposit indicated the presence of an untested, sub-parallel conductor a short distance to the north which might suggest a hidden second or multiple shoot system over 3km of strike. Two diamond drill holes were aimed at testing this anomaly. Neither hole intersected base metal mineralisation. While the complex anomaly has only been partially tested, it was concluded that the anomaly is most likely related to the presence of conductive saline water channels in bedrock and no further drilling is currently planned on this target.

 

Hope Project Background

As previously announced the Hope Copper-Gold Project comprises three exploration licences, EPL5796 (345km2), EPL6605 (579km2) and EPL7170 under application (310km2) covering over 1,200km2 of the Matchless Copper Belt within the stable, safe and mining friendly jurisdiction of Namibia. This Belt hosts 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.

The Bezant project area contains a series of copper deposits, of which three (Hope, Gorob-Vendome and Anomaly) make up the 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). The Hope deposit itself has an Indicated Mineral Resource of 3.09Mt @ 2.53% Cu and 0.84g/t Au at a 0.7% Cu cut-off. Historic drill intersections include 23.31m @ 1.59% Cu & 0.23g/t Au from 464.09m, including 9.68m @ 3.18% Cu & 0.42g/t Au from 477.17m (hole HDD82) and 10.12m @ 5.72% Cu & 0.56g/t Au from 525.57m (hole HDD91).

Gold is an important accompanying mineral to the copper deposits of the Matchless Belt. This was not always recognised previously, leaving scope for adding value to many of the prospects along the Belt, including Gorob-Vendome. Most of the drill holes at the Gorob-Vendome deposit are from older programmes (late 70's and early 80's) and were not assayed for gold. As demonstrated by the recent Bezant drilling, the lack of gold assay information within the copper zone has almost certainly resulted in the gold grade of that portion of the Mineral Resource being significantly underestimated. The current Inferred Mineral Resource for the Gorob-Vendome portion of the project, reported in accordance with the JORC Code (2012), is 3.83Mt @ 1.91% Cu & 0.04g/t Au at a 0.7% Cu cut-off.

Metal recovery during previous ore processing tests was excellent. Metallurgical test work at the Hope project indicated recoveries of 96% Cu and 84% Au to a 28% Cu grade concentrate via conventional flotation.

Apart from extensions to the known deposits, further strong exploration potential is recognised along the substantial strike continuation within the Bezant property, as much of the prospective ground has never been tested by EM geophysical surveying which is the most effective method of identifying buried massive sulphides.

 

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of 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 is a Qualified Person under the AIM rules.  Mr Slowey has reviewed and approved this announcement.

 

 

For further information, please contact:

 

Bezant Resources Plc
Colin Bird

Executive Chairman

 

+27 726 118 724

 

  

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 Regulation (EU) No. 596/2014.

 

 

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

"Mt"      million tonnes

"g/t"      grams per tonne

 

 

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