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Bezant Resources sees real upside from Zambian asset

Snapshot

  • Has reorganised Mankayan project in the Philippines to give a 20% stake 
  • Moved into Zambia with option on Buffalo project
  • Share reorganisation planned to allow fundraise
copper

Quick facts: Bezant Resources PLC

Price: 0.065 GBX

AIM:BZT
Market: AIM
Market Cap: £825.34 k
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  • Experienced management

  • Diverse portfolio of assets
  • Favourable jurisdictions

 

 

​​​​​​What it owns: Zambia

The Buffalo copper-gold project in Zambia comprises approximately 398 hectares and is located approximately 300km north west of Lusaka and accessed by a 150km gravel/dirt road from Kasempa.

The project is within the Zambian iron oxide copper gold belt. 

Historic third party reports note that the Buffalo copper prospect was first identified in 1899, through outcropping mineralisation on the side of a small hill. During the 1920s, pitting, trenching, tunnelling and crosscutting were carried out into the hillside. This work reportedly discovered a high-grade copper zone at the base of the hill. Further trenching was undertaken in the 1960s followed by the drilling of four diamond drillholes. The best drill intersection obtained was 28 metres at 1.07% copper, including six metres at 1.87% copper. No gold assays were recorded.

Limited small scale mining is taking place in the project area on obviously visible ore outcrops. After extraction, the ore is hand sorted to further upgrade the ore.

The mineralised zone in the open pit trends northeast-southwest and is more or less vertical with mining advancing into the hillside towards the southwest where the zone can be seen to continue. This continuity was not recognised by previous explorers due to near-surface leaching of copper mineralisation. The mineralised zone is 15-20m wide, with a central high grade core about 3-5m across. A composite grab sample from blasted ore material was collected recently by Bezant and tested at the Geochemical Analytical Laboratory at the University of Lusaka School of Mines. This sample assayed 3.17 per cent. Cu and 0.97g/t Au, along with minor silver and trace cobalt. 

Under a memorandum of agreement with KPZ International Limited Bezant has been granted a conditional option to acquire a 50 per cent interest in Buffalo for US$200,000. The timetable allowing the company to evaluate Buffalo has recently been extended. 

The Philippines

In November, Bezant Resources PLC (LON:BZT) completed the sale of 80% of its stake in the Mankayan copper and gold project in the Philippines to Singapore-based company Mining and Minerals Industries Holding Ltd (MMIH).

MMIH has itself previously entered into a separate agreement to vend certain mining assets in the Philippines to China Hongxing Sports Limited (CHX), a public company listed on the main board of the Singapore stock exchange.

The consideration payable by MMIH comprises an initial funding package of US$2.25mln, plus further funding of up to US$5.5mln subject to the renewal of licencing agreements with the Philippine government.

MMIH will also issue of USS$10mln of shares in CHX to Bezant.

 

Argentina

Bezant also a small project in Argentina at Eureka where work is underway on environmental permits, which should be completed in the second quarter.

Here, like Mankayan, Bezant is looking for a partner to take the project forward.

In April, Bezant made a move into Zambia, where for a spend of US$200,000 it has an option over the Buffalo copper project.

A review of the historic data and site visit suggests that the steeply-dipping target shear zone is open at depth and to the southwest into the Buffalo hill.

Mapping of the pit and surrounding area is now planned alongside sampling and trenching, which might lead eventually to a drill programme.

One of the key elements of this further work will be to compare the data obtained from the site visit with the known characteristics of the existing mining operations in the region, said Bezant.

 

 

Video

 

 

Inflexion points

  • Exploration at the Buffalo prospect in Zambia
  • New partner at Mankayan moves forward with its development
  • Improving fiscal regime for mining in the Philippines

 

Blue Sky

BHP has suggested 105 kilogrammes of copper could be required in the manufacture of every electric car.

That would suggest future copper demand for use in electric vehicles at something like 12mln tonnes per year, or more than half of the current global market for refined copper.

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