Hope & Gorob Mine Planning Update
15 November 2024
Bezant Resources PLC
("Bezant" or the "Company")
Hope & Gorob Mine Planning Update
Bezant is pleased to announce that it has commissioned Sound Mining International Limited, an independent consultancy firm delivering integrated solutions to the minerals industry ("Sound Mining"), to generate a technical report focusing on the near-term development of the Hope Deposit where mining and processing are expected to commence (the "Report").
The Report, which can be accessed from here http://www.rns-pdf.londonstockexchange.com/rns/4529M_1-2024-11-15.pdf, does not include a detailed assessment of other deposits and targets comprising the wider Mineral Resource estimate within the Hope & Gorob Project area.
Highlights of the Report
· Latest Hope pit optimisation suggests a potential 2.4Mt of run of mine ("RoM") plant feed at a copper grade of 1.25% Cu and a gold grade of 0.25g/t Au.
· This represents approximately 5-year open pit operation at a production rate of 480ktpa.
· An operating cost estimate of US$50.80 per tonne RoM is equivalent to an indicative cost per tonne of contained copper in concentrate of US$5,020.
· The Hope Deposit Underground Mineral Resource estimate of 0.9Mt RoM at a copper grade of 2.04% Cu and a gold grade of 0.48g/t Au providing a further 4-year life of mine potential at a production rate of 220ktpa.
· Preliminary mine design and production scheduling at the Gorob and Vendome Deposits indicates a further 1.01Mt RoM potential at a copper grade of 1.28% Cu and an additional 2 years of planned production at 480ktpa.
· Sound Mining is currently busy producing an updated mine design and production schedule to assist preferred contractors with detailed planning and scheduling.
Notes:
*The grade and tonnage figures used in the Report are based on the Hope & Gorob Updated Mineral Resource Estimate which includes Indicated and Inferred Resources - refer to RNS dated 27 October 2023.
**Project-specific risks are outlined in the Report.
Colin Bird, Executive Chairman of Bezant, commented "We would like to thank Sound Mining for their excellent work on Hope & Gorob, bringing together the technical aspects of the Project. Sound Mining is currently generating an updated mine design and production schedule required by our preferred mining contractor for detailed scheduling purposes. This published study largely focuses on the Hope Deposit, and we are encouraged by the projected life of mine for the open pit and underground resource which provides ample time to undertake further infill drilling to test the many deposits and prospects making up the known extension to the current Hope Mineral Resource".
On 16 October 2024 the Company announced that it has received the notice of preparedness of the granting of Mining Licence 246 for the Hope & Gorob copper - gold mining project (the "Mining Licence"). The Company has now submitted the written acceptance and is awaiting the formal statutory approval. The Mining Licence is subject to standard terms and conditions under the Minerals Act. In particular undertaking an Environmental Impact Assessment, formulating for the Ministry of Environment and Tourism approval an Environmental Management Plan Report within six months from the date of the issue of the Mining Licence, and ensuring representation of historically disadvantaged Namibians. Bezant is working actively to meet these requirements.
For further information, please contact:
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Bezant Resources Plc Colin Bird Executive Chairman |
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Beaumont Cornish (Nominated Adviser) |
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Novum Securities Limited (Joint Broker) Jon Belliss |
+44 (0) 20 7399 9400 |
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Shard Capital Partners LLP (Joint Broker) Damon Heath |
+44 (0) 20 7186 9952 |
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).
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
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.
Ktpa = Thousands of tonnes per annum
Mt = Million tonnes
g/t = grams per tonne
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