RE: 0.6 P End of the Day who are in16 Oct 2020 10:49
ZAMBIA
JOINT VENTURE AGREEMENT RE ACQUISITION OF 30% OF THE KALENGWA EXPLORATION PROJECT, ZAMBIA
Bezant entered into a binding joint venture agreement dated 24 April 2020 with KPZ International Limited (“KPZ Int”) (the “JV Agreement”) in relation to the acquisition of a 30 per cent. interest in the approximate 974km2 large scale exploration licence numbered 24401-HQ-LEL in the Kalengwa greater exploration area in The Republic of Zambia (the “Licence”) by acquiring a 30 per cent. shareholding in KPZ Int. The Licence is held by Kalengwa Processing Zone Ltd (“KPZ”), a 100 per cent. (less one share) Zambian subsidiary of KPZ Int, and is for the exploration of copper, cobalt, silver, gold and certain other specified minerals. The Licence was granted on 2 April 2019 and is valid for an initial period up to 1 April 2023.
HIGHLIGHTS:
The acquisition, for aggregate consideration of US$0.75m, provides access to and operatorship of a large, strongly prospective exploration area surrounding the historic, high-grade Kalengwa open pit copper mine.
Past third party production at the Kalengwa open pit mine estimated at 1.9 million tonnes grading at 9.44% Cu and 50 g/t Ag.
Historic exploration data highlights several strong geochemical/structural targets on the property, many not previously drill tested.
Initial objective of the joint venture is to fully evaluate the extensive historic exploration data in order to prioritise targets for follow-up and early drilling.
Targets include partially drilled mineralisation within 2-4km of the historic Kalengwa mine and an untested 13km long copper soil anomaly aligned with the major structure.
The Company’s pre-existing option over the Buffalo Project in Zambia will be lapsed on 30 April 2020 to enable the Company to focus its resources on progressing the larger scale Kalengwa Exploration Project.
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