Colombia Exploration Sampling Update

RNS Number : 4497Q

Bezant Resources PLC

30 November 2016

 

30 November 2016

Bezant Resources Plc

("Bezant" or the "Company")

Colombia Exploration Sampling Update:

 Initial Platinum & Gold recoveries

Bezant (AIM: BZT), the AIM quoted mineral exploration and development company, announces that initial gold and platinum has been recovered via its exploration processing plant on site at the FKJ 083 licence area in the Choco Province of Colombia ("Licence FKJ-083").

Bezant holds options over an approximate 2,600 hectare land package on the Choco Platinum and Gold Plateau in Colombia and is applying modern mining techniques and processes to seek to create a low-cost, at surface, gold and platinum production portfolio.

The Company's mining contract partner in Colombia, Exumax SAS ("Exumax") is now processing large-scale exploration samples of alluvial material through the onsite exploration laboratory, established at the project's campsite.

To date, 22 test pits have been excavated at the FKJ-083 licence area to depths from 4 to 12 metres. A total of 95 individual samples of between 0.25 and 1.0 loose cubic metres (LCM) have been extracted from the 22 test pits to date. Visible gold and platinum have been observed in the final sample concentrates. The selected sample concentrates will shortly be sent to an independent laboratory for assaying to verify the gold and platinum grades. The main objective of the current phase of exploration and sampling is to enable the correlation with historic production results and to assess the economic feasibility of rapidly developing a full production operation at the site during 2017, using a low capex, alluvial dry mining plant.

Historically, all precious metals recovered from the Choco alluvial platinum mining region is 'free', which does not necessitate the requirement for metallurgical separation processes to recover saleable material. In light of the nature of the project, taking into account the historical production and revenue data from the alluvial deposit, the Company does not currently intend to establish a defined, independent resource estimate for the project. Instead, all exploration work will focus on profiling the platinum and gold bearing strata and assessing the optimal extraction and recovery techniques for these alluvial deposits in the Choco region. In addition, the Company will also not be pursuing any tailings reprocessing work at this stage and will focus its activities on the primary and undisturbed alluvial layers. The undisturbed alluvial layers historically contain the highest concentrations of precious metals.

Following completion of the exploration phase and the receipt and assessment of the final assaying results from the independent laboratory in due course and assuming these confirm the successful extraction results expected, Bezant intends to then begin surface, dry mining production development on Licence FKJ-083 in H1 2017. At such time and dependent on the aforementioned results, the Directors will also make a decision regarding the  exercise of some or all of the  above mentioned options that the Company currently holds pursuant to its acquisition earlier this year of Leeward Islands Exploration LLC in respect of substantial licence areas on the Choco Platinum and Gold deposit which constituted the world's principal platinum source for over a hundred years until the discovery of the Bushveld Complex in South Africa.

A further operational update will be provided in due course as and when appropriate.

For further information, please contact: Bernard Olivier Chief Executive Officer, Bezant Resources Plc     Laurence Read Executive Director / Communications Officer, Bezant Resources Plc                            James Harris / Matthew Chandler / James Dance Strand Hanson Limited (Nomad)                                                           Elliot Hance Beaufort Securities Limited (Broker) or visit http://www.bezantresources.com Tel: [phone] Tel: [phone] Tel: [phone] Tel: [phone]

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 ("MAR").

Notes to Editor:

Exumax is a Colombian based mine operating Company with over 6 years mine operating experience in Colombia and has a well-established Colombian based team that can provide turnkey exploration solutions to Bezant's wholly owned Colombian subsidiary, Ulloa Recursos Naturales SAS. The principals of Exumax have over 50 years of combined operating experience in the mining and construction industry in South America and in this period have developed extensive proprietary mining expertise. Exumax own and have imported special purpose alluvial mining equipment from New Zealand, where such operations are common, for use in low-cost alluvial extraction projects focused on precious metals. Exumax have operated a series of alluvial projects in Colombia and prioritise community relations and environmental management work as key components to building mines success in-country.

www.exumax.co

 

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