Hope Cu-Au Project Update
29 September 2021
Bezant Resources Plc
("Bezant" or the "Company")
Modelling of EM Survey Data and drill planning completed at Hope Cu-Au Project
Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce that modelling of data and drill hole planning from the airborne electromagnetic (EM) and magnetic survey completed in May 2021, over a large part of its Hope Copper-Gold licence block (EPL 5796) in Namibia has highlighted four highly prospective drill targets, ready for drill testing planned for November 2021.
Highlights:
· Modelling and drill hole planning of data from Bezant's helicopter-borne EM survey, covering about 3,000 line kms along a 130km strike extent of the Matchless Copper Belt on EPL 5796 has highlighted at least four highly prospective drill targets
· The EM survey was designed to look for buried extensions of the Hope and Gorob-Vendome deposit cluster on EPL 5796, as well as testing the extensive underexplored potential through EPLs 7170 and 6605
· Two previously undrilled anomalies with similar signatures to established deposits are located in close proximity to the Gorob-Vendome deposit cluster
· A third undrilled anomaly 1.8km in length with similar signatures to established deposits is located along strike to the east of the Hope and Anomaly West deposit cluster
· A fourth target, approximately 2km in length has also been discovered in a new area with no record of previous exploration
· Arrangements for approximately 3,000m of diamond drilling to test these new EM targets are well advanced, with start-up planned for November 2021
Colin Bird, Executive Chairman of Bezant, commented :
"The Matchless Copper Belt is a large occurrence that has had very little testing both invasive and geophysical. The completed EM survey and subsequent modelling is the first attempt to identify the true potential of the Copper Belt. We received a positive result from our survey and have generated a number of targets of significance. A cluster of targets have been identified near our Hope and Gorob Vendome deposit, that bodes well for increasing the size of the deposit.
A large anomaly has been discovered to the west, that has a strike length of over 1.8 km. Other targets have been identified with significant strike potential with over the 130 km Matchless area. We intend to commence drilling in November to test these anomalies and are excited about the potential of the Matchless area in a country, which in our opinion is about to have a copper renessaince . "
The SkyTEM helicopter-borne survey was flown at 200m line spacing, over much of the 130km strike length of the prospective Matchless Copper Belt stratigraphy. The survey completed in May 2021, which included approximately 3,000 line km flown. The objective of the survey was to map copper-gold massive sulphide mineralisation from surface to approximately 200m depth or beyond. Mineralisation typically occurs in clusters of often steeply-dipping lenses/shoots, which may be partially covered by surficial sands or represented at surface by small mineral occurrences/workings or soil geochemical anomalies. Much of the area is underexplored, with drill testing being confined to a number of well documented occurrences, such as Hope and Gorob-Vendome, which are exposed at surface.
Modelling of the EM data by the Company's consultant geophysicist, identified all of the previously drilled deposits on EPL 5796, along with at least four potential new drill targets. Two new targets were highlighted between and to the southwest of the established Gorob and Vendome deposits. These untested EM anomalies are interpreted to have signals similar to those of the Gorob and Vendome deposits and could represent new copper zones.
A third undrilled EM anomaly with similar signatures to established deposits is located along strike to the east of the Hope and Anomaly West deposit cluster, under sand cover.
A fourth undrilled EM anomaly identified with similar signatures to established deposits is located in a new area in between the Hope and Anomaly West deposit cluster in the north and the Gorob and Vendome deposit cluster in the south.
All four undrilled EM anomalies identified will be drill tested as soon as possible, with plans to start drilling in November being well advanced. EPL5796 is covered by a current Environmental Clearance Certificate and so no further environmental permits are needed.
Hope Prospet EM Anomaly Map
http://www.rns-pdf.londonstockexchange.com/rns/2767N_1-2021-9-28.pdf
Hope Copper-Gold Project Background Information
Project Area: The Hope Copper-Gold project comprises three exclusive prospecting licences, EPL 5796, EPL 7170 and EPL 6605, totalling approximately 1,053km2, located in central Namibia approximately 100km to the south west 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 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.
Previous Exploration: Previous exploration on the Bezant licence block focussed on the known prospects in the immediate vicinity of the Hope and Gorob deposits on EPL 5796, mainly due to the fact that they outcrop and are still open at depth. This work has led to a sound understanding of these copper-gold prospects but has left the vast majority of the area unexplored, especially by modern exploration techniques. EPL 6605 and EPL 7170 contain the Niedersachsen Cluster which includes three previously discovered copper prospects (Niedersachsen, Aros and Kobos) within EPL 6605 and one copper prospect situated in EPL 7170 (Schlesien, situated close to the north-eastern licence border with EPL 6605).
For further information, please contact:
|
Bezant Resources Plc Colin Bird Executive Chairman |
|
|
|
Beaumont Cornish (Nominated Adviser)
|
|
|
|
Novum Securities Limited (Broker) Jon Belliss
|
+44 (0) 20 7399 9400
|
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").
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 on the basis of 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
"EPL" Exclusive Prospecting Licence
"g/t" grammes a tonne
"kt" thousand tonnes
"Mt" million tonnes
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund