20 September 2021

Bezant Resources Plc

("Bezant" or the "Company")

Minemba Prospect Kalengwa Copper Project, Zambia

Bezant (AIM: BZT), the copper-gold exploration and development company, provides an update on progress at the Minemba prospect within the Kalengwa exploration project area in Zambia (the "Kalengwa Exploration Project") in which the Company has a 30% interest and acts as operator.

Highlights

·   Laboratory assaying of drill core and planned geophysical surveying referenced in the announcement dated 22^nd April 2021 took considerably longer to complete than anticipated, however all work was eventually concluded satisfactorily and has now been fully evaluated by the Company

·    Assays for the two completed drill holes returned multiple moderate grade copper intervals within an altered and brecciated gabbro intrusive, such as 23m @ 0.27% Cu from 57m depth, including 5m @ 0.44% Cu from 69m (MB-02)

·    Assay grades peaked at 1.30% Cu and, although they were generally considerably less than indicated by initial hand-held XRF readings, along with historic results they confirmed extensive lateral and vertical copper distribution covering a minimum of 350m and 100m respectively, with mineralisation remaining open laterally

·    Magnetic and IP geophysical surveys carried out to follow up the drill intercepts outlined strong coincident anomalies over 1,200m of strike (open to the southwest), the peaks of which have not been drill-tested

·    It is planned to undertake a comparative review of the Bezant holes with historical drill core for Minemba held in storage by the Zambian Chamber of Mines (subject to Covid-19 restrictions) to establish vectors for alteration and mineral intensity

·    The Company is considering further drilling to test the geophysical target peaks, including the open south-westerly extension of the target zone, based on a recently completed internal project report

Colin Bird, Executive Chairman of Bezant, commented:

"The various results for Minemba presented a composite disconnect in that it has been difficult to align the historically reported assay results, the initial Bezant XRF results and assays along with the geophysics data. As such, we have spent a significant amount of time delving into the archives to create a cohesive model. The geophysics programme, after interpretation, shows that the Minemba prospect has considerable potential and we will continue to test that potential."

Bezant Exploration

The Company received laboratory assay results for the two angled diamond drill holes, MB-01 and MB-02, completed earlier this year at Minemba. The aim of Bezant's drill programme was to test the down-plunge and along-strike extent of historic narrow drill intercepts at Minemba within the gabbro intrusive (potential mineral feeder zone) while also looking to test the boundaries of this unit with the Kalengwa Mine sedimentary package (potential host unit). Both holes drilled into a hydrothermally altered and brecciated gabbro intrusive hosting disseminated and fracture-fill copper mineralisation. Significant assay intervals are summarised in the table below:

Although assay values in the Bezant holes were considerably lower than indicated by initial hand-held XRF core measurements, they confirm the occurrence of more widespread disseminated moderate grade copper mineralisation than reported in the historic drill holes, with mineralisation recorded over at least 350m in a NE-SW direction, as well as more than 100m in a vertical dimension.

It was concluded that the Minemba gabbro intrusive is widely brecciated and carries copper mineralisation over a considerable aerial and vertical extent. This suggests that it may have acted as a source or conduit for copper-bearing fluids which could indicate potential for a sediment-hosted deposit in the vicinity, analogous to the Kalengwa mine setting.

Based on encouragement from the two Bezant drill holes, it was decided to undertake an IP/Resistivity survey and a separate ground magnetic survey over the Minemba area with the aim of delineating the extent of the gabbro intrusive and its' structural controls (magnetic survey), as well as the distribution and extent of copper mineralisation within the target area (IP/Resistivity survey) using a locally based geophysics contractor which has worked for some of the major mining companies in the country.

The survey grid comprised 9 lines, 1.5km long x 200m apart, covering 1,600m of strike, with lines orientated NW-SE across the strike of the intrusive and the Kalengwa Lineament. The timely completion of the planned surveys was impacted by availability of the contractor crew, instrument malfunctions and delayed delivery of final results, however it was eventually completed satisfactorily.

The magnetic images clearly show the NE-SW orientated gabbro intrusive as a sharp magnetic 'high' over more than 1,200m of strike (and still open to the SW). The south-eastern boundary of the anomaly is roughly coincident with the interpreted position of the Kalengwa Lineament which is a potential mineral conduit and a possible trap for mineralising fluids.

The IP/Resistivity survey shows a well-defined, semi-continuous chargeability anomaly with a NE-SW trend across much of the grid, remaining open to the SW (minimum 1,200m of strike and 100-200m wide). The chargeability anomaly is approximately coincident with the magnetic anomaly, suggesting that it is reflective of sulphide mineralisation associated with the brecciated gabbro. Mineralisation has not yet been confirmed in the sediments bounding the intrusive, but this might not be evident, given the current lack of geological control from bedrock exposure and limited drilling.

It appears that Bezant holes MB-01, MB-02 and most of the historic holes were sited to the north of the IP chargeability peak, angled away from the zone and so have not have fully tested the most conductive target. Also, the extension of the anomaly to the southwest has not been drill tested.

Following extensive review of the Minemba geological setting, drilling results and geophysical surveys, drilling of two further diamond drill holes is being considered to fully test the Minemba target area, with a particular focus on the IP chargeability peaks which have not been tested by previous drilling.

The Company also plans a comparative review of the Bezant holes with historical drill core for Minemba held in storage by the Zambian Chamber of Mines (subject to Covid-19 restrictions) to establish vectors for alteration and mineral intensity and further assist with drill site selection.

Minemba Target Background

The Minemba target was first identified by Roan Consolidated Mines ('RCM'), the operator of the Kalengwa open pit copper-silver mine in the 1960s, based on a copper geochemical anomaly found by auger drilling 4km to the northeast of Kalengwa, associated with a discrete magnetic anomaly believe to be related to gabbro intrusive rocks. Five diamond drill holes spaced 100-200m apart and angled towards the north were completed at that time. Four of these reported steeply-dipping chalcopyrite-pyrite mineralisation over narrow intervals at depths ranging from 80-200m below surface within the gabbro. Drill intercepts included 4.3m @ 1.43% Cu (hole MN 496) and 2.7m @ 2.08% Cu (MN 495). Despite the proximity to the high grade Kalengwa mine, no further diamond drilling was subsequently carried out.

Bezant reviewed the extensive dataset from previous exploration over the Kalengwa exploration licence and concluded that Minemba was located on a structural mirror image of the Kalengwa deposit setting, aligned directly with the offset continuation of the NE-trending Kalengwa Lineament and therefore the target was prioritised for further drill testing.

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:

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").

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