Bezant Res Regulatory News (BZT)

27 April 2022

 Bezant Resources PLC ("Bezant") & Caerus Mineral Resources PLC ("Caerus")

Cyprus Joint Venture Update

Bezant Resources (AIM: BZT) and Caerus Mineral Resources (LON: CMRS) the exploration and resource development companies (the "Companies") with a Joint Venture ("JV") focused on the Troulli Mine Development Project and other copper-gold JV targets in Cyprus, are pleased to provide Shareholders with a further Joint Venture update on work planned and underway, historical exploration at the Anglisides project, Troulli expansion programme and update on metallurgical test work.

Highlights

· Drill programme

o 10 diamond drillholes completed as part of the Anglisides programme with visible native copper and sulphide mineralisation present at shallow depths in all holes drilled to date.

o Drilling contractor commissioned for a further 2,700m of drilling (40 holes)

§ Expansion of the Troulli mineral Resource (18 holes & 1,200m)

§ Extension drilling between Troulli and Kokkinapetra (14 holes & 900m)

§ Drilling of the Kokkinapetra prospect (8 holes & 600m)

· Resources expansion drilling: Addison Mining is in consultation with Caerus's on-site management to review the technical aspects of resource expansion drilling.

· Geophysics: Geophysical contractor has confirmed a start date for the first week in May 2022, for the ground magnetic and IP surveys to be undertaken in and around Troulli and extending to Kokkinapetra.

· Pending drill results: Drill results for 20 holes from the Troulli (10 holes) and Anglisides (10 holes) projects are pending assays from external laboratories.

Colin Bird, Chairman of Bezant Resources said "We are very pleased with the continued fast pace of progress in this exploration phase of the joint venture on many fronts. The Anglisides Project being only a short distance from the Troulli Project is a potentially very attractive feeder project for processing at Troulli and we look forward to these pending drill results plus further results from the other drill programmes we have identified."

Martyn Churchouse, Chief Executive Officer of Caerus said "It is important that we keep progressing the pace of development, demonstrating to Shareholders that the initial Mineral Resource Estimate for Troulli is merely the beginning of the process of building a mine and that the opportunity exists to add further to the resource from extensions as well as from the satellite targets such as Anglisides. Jubilee test work is reaching a point where decisions can soon be made with respect to plant design, throughput capacity, mine planning and layout. The on-site exploration team have multiple targets to follow up in and around Troulli which confirms Caerus' view that there is an opportunity to expand the current Mineral Resource."

Anglisides Project: Current drill programme

Anglisides Project is located close to the Troulli Project and is considered a potential satellite resource where ore could be fed into any future Troulli plant. The Anglisides Project forms part of the Joint Venture between the Companies.

Ten holes have been drilled to date by Caerus as part of the current Anglisides drill programme for a total of 431.2 metres. The focus has been on the near-surface southern copper-gold gossan target. A further three holes will be drilled before the rig relocates to test the northern gossan with an additional 4 holes.

The target for the current drill programme is to combine its results with the historic data, highlights of which are summarised below, to generate an initial Mineral Resource Estimate sufficient to allow for a Preliminary Economic Assessment and, subject to results, the inclusion of an Anglisides Mineral Resource in the financial modelling of the Troulli Project.

Anglisides Project: Historic exploration

Historic trenching and drilling at the Anglisides Project have returned very encouraging grades that have motivated the current drill programme with a focus on near-surface copper-gold mineralisation that could be treated as a supplementary feedstock as part of the Troulli Project on the basis that Anglisides is expected to be within an economic haulage distance of Troulli.

Katla Exploration explored the area by means of geochemical, and geophysical surveys and drilling during 2011-2013. This included in 2011 channel and grab samples which returned a peak grade from dumps of 50.1g/t Au. Equally impressive channel samples were recorded over notable widths as shown in Table 1.

Table 1: Channel Sample Gold Assays - Katla Exploration 2011

Diamond drilling has been undertaken by various parties since the 1930's with more detailed evaluation having been completed by the Cyprus Geological Survey (7 holes. 1970), Noranda Exploration (9 holes. 1976 - 77) and Katla Exploration (11 holes. 2011 - 12). Table 2 is a summary of select results from this historic drilling

Table 2: Drill intersections and copper - gold grades from drill programmes undertaken by Cyprus Geological Survey, Noranda Exploration and Katla Exploration.

More recently, in 2015, P. Von-de-Tsianos Gold Mines Limited, drilled 12 shallow holes specifically to test the gold-bearing gossans at surface. Results were positive and are shown in Table 3.

Table 3: P. Von-de-Tsianos Gold Mines Limited - Results of shallow drilling of gold-bearing gossans

Troulli Expansion Programme

Addison Mining is interacting with on-site staff to optimise drillhole location as part of the resource expansion programme. This may include some limited infill drilling, but the focus will be on step-out work between the Mineral Resource Estimate for the Troulli project of a total Hard rock resource estimate of approximately 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for 20,000 t of Cu metal and 31,000 ounces of Au announced on 6 April 2022 and the Kokkinapetra prospect located approximately 1.5km to the east of Troulli.

Mineralisation appears to dip NW and exploration is focussing on the west and NW extensions to the defined Mineral Resource. In addition, the exploration team will trace the mineralisation between the Gold Hill, the source of high-grade gold oxide mineralisation and former Troulli open pit and likewise follow up the deeper mineralisation found close to the southern bounding fault.

The 1.5km extension between Troulli and Kokkinapetra, known locally as Mavroumouti is another expansion exercise, testing the resource in all directions with special focus to the east where Caerus-generated grab samples announced on 13 January 2022 by Caerus returned anomalous grad sample results for surface gold mineralisation including grades of 4.2g/t Au, 1.76g/t Au, and 0.76g/t Au

The planned ground magnetic and IP geophysical survey is also designed to identify structures likely to have influenced metal distribution and other buried sulphide targets adding to the drill targets. As a result, drilling of Mavroumouti is likely to be scheduled for post completion of the ground geophysical survey to allow for more accurate siting of drill collars and in anticipation of additional blind targets that may be generated by the survey.

Metallurgical Test Work

The Jubilee Metals Group Plc test work has advanced to a stage where sufficient bench-scale information has been generated to permit a move to the next stage of the design process with the recently announced Mineral Resource Estimate being paired with the various extraction techniques leading to optimisation of a flow sheet.

For further information, in relation to the Companies, please visit or contact:

About Bezant Resources: Bezant Resources is a focused on developing its pipeline of copper gold projects to provide a new generation of economically and socially sustainable mines and in addition to its joint venture with Caerus Mineral Resources in relation to Cyprus has copper projects in Namibia, Zambia, Philippines and Argentina and a manganese project in Botswana.

About Caerus Mineral Resources: Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value and can be followed on Twitter at @CaerusMineral.

On 6 April 2022 the Companies announced an initial Mineral Resource Estimate, effective as of 22nd March 2022 for the Troulli Project comprising a total hard rock resource estimate of approximately 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for 20,000 t of Cu metal and 31,000 ounces of Au, including.

Indicated Gossan Resources of 260,000 tonnes at 0.18% Cu and 0.91 g/t Au for 460 t of Cu and 7,700 ounces of Au.

Inferred Gossan Resources of 180,000 tonnes at 0.14% Cu and 0.47 g/t Au for 260 t of Cu and 2,800 ounces.

Inferred Breccia Resources of 4.4 million tonnes at 0.43% Cu and 0.14 g/t Au for 19,000 t of Cu and 21,000 oz of Au. 

Inferred waste and tailings dump resources of approximately 93,000 tonnes at 0.76% Cu and 0.12 g/t Au for 710 tonnes of Cu and 360 oz of Au. 

Qualified Person: In accordance with AIM Note for Mining and Oil & Gas Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM, South African and UK Certified Mine Manager and Director of Bezant Resources Plc, with more than 40 years' experience mainly in hard rock mining, is the qualified person as defined in the Guidance Note of the London Stock Exchange, who has reviewed the technical information contained in this press release.

Qualified Person The content of this news release has been reviewed, verified, and approved by Mr. Nigel Chapman who is the exploration manager and now COO of Caerus. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Luna Recursos Naturales SAC, an independent geological consultancy established in 2015 and is a Member of the Australasian Institute of Geoscientists (A.I.G.) Mr. Chapman consents to the inclusion in this Announcement of such information in the form and context in which it appears.

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 as it forms part of United Kingdom domestic pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Glossary of technical terms: