12 February 2014
Bezant Resources Plc
("Bezant" or the "Company")
Review of Gold Fields' Data Extends known Mineralisation
at the Mankayan Project
Bezant (AIM: BZT), the AIM listed copper-gold exploration and development company operating in the Philippines and Argentina, announces that further to the Company's announcement of 22 January 2014 it has now received and reviewed all of the technical data generated by Gold Fields Netherlands Services BV ("Gold Fields") in respect of its due diligence fieldwork on the group's Mankayan copper-gold project in the Philippines (the "Mankayan Project").
Highlights:
· Additional diamond drill hole, BC-60, represents the longest hole drilled to date on the Mankayan Project with a total length of 1,491m
· Hole BC-60 confirmed that mineralisation is present up to the end-of-hole length (1,491m), representing an increase of more than 200m from the previously known depth extent of the mineralisation on the eastern part of the deposit
· 342m of high grade zone identified in hole BC-60 for an interval from 692m to 1,034m containing:
o Average copper grade of 0.6 per cent.
o Average gold grade of 1.01 g/t
· Technical data received and reviewed included:
o Gold Fields' verification of Bezant's existing database, including the re-assaying of 4 historical drill holes, resulting in over 780 new multi-element assay results
o All survey data, digital logs, plans, sections, diagrams and assay results for drill hole BC-60
o Over 312 multi-element assay results returned for hole BC-60
o Digital re-logging and verification of all historical drill holes
Bernard Olivier, Chief Executive Officer, commented:
"As part of our agreement with Gold Fields we had the right to receive all data generated by them at the Mankayan Project following the expiry of their option. The work undertaken by Gold Fields is extremely useful as it shows the mineralisation to be open at depth with grades broadly consistent with our existing JORC compliant resource estimate on the Mankayan Project.
"The additional data, as well as the increase in the depth extent of the known mineralisation on the eastern part of the deposit, will be incorporated into our already comprehensive database and assist with the recommenced sale/JV process seeking to identify new potential acquirers and/or partners for the project."
For further information, please contact:
Bernard Olivier Chief Executive Officer, Bezant Resources Plc Laurence Read Non-Executive Director, Bezant Resources Plc James Harris / Matthew Chandler / James Dance Strand Hanson Limited James Maxwell N+1 Singer or visit http://www.bezantresources.com |
Tel: +61 40 894 8182 Tel: +44 (0)20 3289 9923 Tel: +44 (0)20 7409 3494 Tel: +44 (0)20 7496 3000 |
Diamond drill hole BC-60 was drilled by Gold Fields to a total length of 1,491m and 312 multi-element assay results were returned for a total of 841m of mineralised core, covering the interval from 650m to 1,491m, with an average result for the entire 841m of intersections of 0.38 per cent. Cu and 0.548 g/t Au. Hole BC-60 also contained 342m of higher grade mineralisation for the interval from 692m to 1,034m with an average grade of 0.6 per cent. Cu and 1.01 g/t Au.
Hole BC-60 represents the longest hole drilled to date on the Mankayan Project and extends the known depth of the mineralised zone on the eastern side of the deposit by more than 200m. Gold Fields also observed that the higher grade mineralised section of hole BC-60 generally coincides with similar levels of higher grade mineralisation encountered in historical holes.
Hole BC-60 is located approximately 100m southwest of drill hole BC-58 and was drilled at an initial azimuth of 45 degrees and inclination of -70 degrees prior to deflection.
In addition, the Company has received all the survey data, digital logs, plans, sections, diagrams and assay results for drill hole BC-60. Please follow the following link to view figure 1 showing a long section of hole BC-60 towards the north-west: http://www.rns-pdf.londonstockexchange.com/rns/8886Z_-2014-2-12.pdf
Gold Fields also verified the Company's existing database through the digital re-logging of the historical drill core and re-assaying of holes BC-50, BC-54, BC-55 and BC-57, which returned over 780 new multi-element assay results. This verification and digital re-logging exercise confirmed and supported Bezant's previous results and all of the aforementioned additional data received will now be incorporated into the Company's already comprehensive project database.
Dr Bernard Olivier has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Dr Olivier is CEO of the Company and a Member of the Australasian Institute of Mining and Metallurgy.
Notes to editors:
Bezant is currently focussed primarily on the copper and gold mineral sector and its flagship project is its Mankayan copper/gold project situated in the Mankayan-Lepanto mining district of the Philippines, an area of established copper and gold mining. The deposit is located approximately 240km north of Manila and 6km east of the copper/gold mine owned and operated by Lepanto Consolidated Mining Company.
Bezant currently has a JORC compliant mineral resource for its Mankayan Project of 221.6 million tonnes Indicated and 36.2 million tonnes Inferred, grading at 0.49% for copper and 0.52g/t for gold, at a 0.4% copper cut-off. This equates to an Indicated Resource of 2.42 billion pounds (1.1 million tonnes) of copper and 3.7 million ounces of gold, with a further Inferred Resource of 0.44 billion pounds (0.2 million tonnes) of copper and 600,000 ounces of gold. In December 2010, the Company upgraded its independent Mankayan resource estimate to JORC compliant Probable Ore Reserves of 189 million tonnes grading at 0.46% copper and 0.49g/t gold, resulting in total Recoverable Metal Reserves of 811,000 tonnes of copper and 2.21 million ounces of gold. A Total Mining Inventory Statement was also reported of approximately 400Mt of ore at an average grade of 0.38% copper and 0.42g/t gold.
