Mankayan Project

RNS Number : 4329W

Bezant Resources PLC

11 June 2008

 



Bezant Resources Plc ('Bezant' or the 'Company')

LARGE COPPER GOLD PORPHYRY INTERSECTION AT THE COMPANY'S MANAKAYAN PROJECT, PHILIPPINES

Highlights:

- Highest grades and largest mineralised zone intersected to date.

- Over 911m of copper and gold porphyry intersected in drill hole BRC-52. 

- Average Cu-equivalent values (CuEQ) of 0.57% over the 911m intersection.

- Over 168m of high-grade intersections with an average of 1.0% CuEQ. 

- Several high grade intersections in excess of 1.0% Cu and 1.5% CuEQ.

Bezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines and Tanzania, is today pleased to announce assay results for the third completed diamond drill hole (BRC-52) at its Mankayan Project, located 260km north of Manila in the Philippines. This third hole in the 11,000m Mankayan drilling program has returned the best grades and largest mineralised zone intersected to date.

BRC-52 was drilled to a depth of 1,328.65m and assay results have been returned for a total of 911.65m of mineralised core for the interval 417m to 1,328.65m, with the average assay results for the entire 911.65m of intersections being as follows:

CuEQ (%)	Cu (%)	Au (g/t)	Ag (g/t)
0.57	0.39	0.33	0.77

Highlighted intersections shown in Table 1 below comprise over 168m of composite intersections with weighted average grades of 0.69% Cu, 0.56g/t Au, 1.21g/t Ag and a weighted average CuEQ* grade of 1.00%.

The drilling program at Mankayan continues to be aggressively pursued with drill hole BRC-53 now terminated at a depth of 1,077m and its assay results are currently being processed. Drill hole BRC-54 is currently at a depth of 222.80m and drilling of both BRC-55 and the re-entry of the first historical hole (TGF 35) is due to commence shortly.

Gerry Nealon, Executive Chairman, today commented:

'The grades and large mineralisation zones intersected by the third hole in our 11,000 metre Mankayan Copper-Gold drill program are highly encouraging. While we are extremely pleased with the several high-grade intersections of 1.0% Copper and 1.5% Copper equivalent, and the width of the intersections, we will now look to build up an accurate overall picture of the ore body from further drilling. I look forward to communicating our first clear interpretation of the ore body once all drilling has been completed and the data fully analysed.'

To view the full Table 1: Highlighted Intersections within BRC-52, paste the following link into your web browser:  

http://www.rns-pdf.londonstockexchange.com/rns/4329W_-2008-6-11.pdf

*Copper equivalent values are estimated using long-term metal prices including: Cu at USD$1.2 per pound and Au at USD$450 per ounce. CuEQ equals Cu per cent. plus Au grams per tonne times 14.47 / (1.20 (x) 22.05). Metallurgical recoveries are not considered and adjustment factors to account for differences in relative metallurgical recoveries for gold and copper will depend upon the completion of definitive metallurgical testing. It should also be noted that silver values were not included in the CuEQ calculations. 

Dr. Bernard Olivier has reviewed and approved the technical information contained within this press release in his capacity as a competent person, as required under the AIM rules. Dr. Olivier is a Member of the Australasian Institute of Mining and Metallurgy. 

For further information, please contact:

Gerry Nealon

Executive Chairman, Bezant Resources Plc

Tel: [phone]

Bernard Olivier

Executive Director, Bezant Resources Plc

Tel: [phone]

James Harris / Matthew Chandler

Strand Partners Limited

Tel: [phone]

Laurence Read

Threadneedle Communications (UK)

Email: [e-mail]

Tel: [phone]

Mob: [phone]

or visit http://www.bezantresources.com

Notes for editors:

The Mineral and Production Sharing Agreement covers a total of 534 hectares in the Guinaoang area of the Philippines (the 'Mankayan Project'). This is located in the Mankayan-Lepanto mining district, an area of porphyry copper belts in the Philippines and is similar to several deposits that have already been developed, such as the St Thomas deposit near Baguio City. The site is adjacent to the copper/gold mine owned and run by Lepanto Consolidated Mining Company. The Mankayan-Lepanto area has been mined for centuries and is accessible by both road and air. The Mankayan deposit was discovered in the early 1970s and since then has been extensively drilled, with four historical programmes being completed covering more than 45,000 metres of diamond drilling over 48 holes. The historic resource estimate is in the order of 166.5 million tonnes at approximately 0.52% copper and 0.54 g/t of gold. 

 

END

 

 

MSCGBGDLLUBGGIB