14 June 2022

Bezant Resources Plc

("Bezant" or the "Company")  

Hope and Gorob Project Shallow Drilling Update

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to report results of the Gorob drill programme targeting previously untested near-surface copper - gold mineralisation on the Hope and Gorob Project in Namibia.  

Highlights

·    Drill assay results received to date for eight diamond drillholes testing near-surface copper mineralisation at the Gorob Prospect returned significant intercepts, including 2.16% Cu, 0.35g/t Au over 2.4 metres in hole GRD006 and 2.03% Cu, 0.18g/t Au over 5.5m in GRD003.

·    These holes are part of a 23-hole programme recently completed over 5 prospects (Gorob, Anomaly, Vendome, Du Preez and Hope) within the Hope and Gorob Licence.

·    The assays to date confirm that strong copper-gold mineralisation extends to surface from the deeper historic drill intercepts.

·    This recent work by the Company indicates scope for additional open pit potential at several sites across the wider licence area, in addition to the already established underground resources.

·    Further strike extensions remain to be tested over a minimum strike length of 3km.

Table 1: Selected Drillhole Mineralised Intercepts for the Gorob Prospect

Colin Bird, Executive Chairman of Bezant, commented: "We are very pleased with these results in that all previous narratives and testing of the deposit neglected the first 150m from surface, based on the assumption that the deposit was either absent or in oxide form, which in the 1970s was very difficult to treat. Our prognosis was that the historic assumption overlooked a potentially significant near-surface resource, and we therefore entered into the recent test programme. The results attained to date are very pleasing and have put a completely new perspective on the Hope and Gorob complex.  Whilst we have yet to receive assay results from Hope, visual indication suggests a similar situation exists at Hope. In addition to copper, gold assay results from our drilling suggests that an associated or possibly disassociated gold system also exists at Gorob.  

We feel that Hope and Gorob is going to be a major addition to the Bezant portfolio and the potential for a large copper/gold system certainly exists."

Objective of recently completed drilling

Historic drilling was focussed on defining a resource at downhole depths ranging from 100m to >300m below surface. Historical resource estimates undertaken prior to Bezant ownership identified a combined mineralised 6.4km of strike length associated with the Hope, Gorob, Vendome, Luigi and Anomaly prospects. Historic drilling was frequently wide-spaced, making no attempt to confirm continuity either along strike or up-dip towards surface from the typically deeper intercepts. Bezant is targeting similar grades in the up-dip extension of this mineralisation at or near-surface.

Assay results have been returned for Gorob and those for the other prospects are expected over the next few weeks. A further potential 3km of strike length has been identified that warrants drilling based on outcrop mapping and both pitting and trenching undertaken by previous explorers.

Shareholders can expect further assay results for the Anomaly, Vendome, Du Preez and Hope prospects in the coming weeks.

Gorob Strike extension drilling programme

Eight angled diamond drillholes were completed for a total of 395.96m of drilling over a 500m strike length of known outcrop at Gorob. Visible copper mineralisation, predominantly oxide has been noted in old pits and other excavations at Gorob over a strike length of approximately 700m. Scope may exist for further extensions to the Gorob near-surface mineralisation subject to further drilling, particularly in those areas where there is no obvious outcrop.

Observations around the former small-scale Gorob open pit, where mineralisation was hand cobbed and processed, indicates a typical mineralised width of approximately 3 metres.

Gorob mineralisation is described as a planar, steeply dipping deposit comprising two lenses, one shallower and one found at depth. The current programme specifically targeted the shallower of the two lenses. As indicated by the recent drilling, deposit width ranges from 2 to 5 metres. 

Hope and Gorob Copper-Gold Project Background Information

Project Area: The Hope Copper-Gold project comprises three exclusive prospecting licences, EPL 5796 (Bezant interest = 70%), and EPLs 7170 and 6605 (Bezant interest in both = 80%), totalling approximately 1,053km², located in central Namibia approximately 100km to the southwest 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 gross 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. 

The links below are to a map of the Hope & Gorob licence and photographs of recent drill core and surface expressions of copper malachite mineralisation

Plan Map of the Hope & Gorob Licence  

http://www.rns-pdf.londonstockexchange.com/rns/7315E_1-2022-3-14.pdf

Photograph of New Drill Core with Abundant Chalcopyrite  

http://www.rns-pdf.londonstockexchange.com/rns/7315E_2-2022-3-14.pdf

Drill core Sample Displaying Copper Sulphide Mineralisation

http://www.rns-pdf.londonstockexchange.com/rns/7315E_4-2022-3-14.pdf

Hope Gorob Surface Expression of Copper Malachite Mineralisation

http://www.rns-pdf.londonstockexchange.com/rns/7315E_3-2022-3-14.pdf

 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 pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

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 based on 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

"Chalcopyrite"    A copper-iron sulphide mineral, CuFeS₂, often found in copper ores

"EPL"                     Exclusive Prospecting Licence

"g/t"                      grammes per tonne

"kt"                        thousand tonnes

"Malachite"        A green copper carbonate mineral (Cu2(OH)2CO3) which forms by alteration of copper sulphide minerals

"Mt"                      million tonnes