Last checked at 13 May 2024 07:00
13 May 2024
Bezant Resources Plc
("Bezant" or the "Company")
Commencement of Geophysical Surveying at Kanye Manganese Project
Following on from the positive results obtained from the Phase 2 metallurgical test work at the Kanye battery manganese project in Botswana, Bezant (AIM: BZT) is pleased to provide information on the commencement of geophysical surveying to assist in extending the footprint of the deposit.
Highlights:
· IP/resistivity geophysical surveying will be undertaken initially on three profiles across the detrital manganese deposit as established by mapping and the previous Phase 1 drilling programme.
· Subject to these results it is planned to extend the survey for at least 2km along strike to test the extensions to the deposit indicated by earlier soil sampling.
· The aim of the survey will be to expand the footprint of the deposit by outlining targets for further drilling, leading towards definition of an initial mineral resource.
Colin Bird, Executive Chairman of Bezant, commented: "We were encouraged by the results of the initial drilling programme and the metallurgical recovery test work which demonstrated that the Kanye mineralisation is potentially suitable for processing to high purity manganese and therefore of significant potential value. The new geophysical survey is designed to define the size and scope of the project prior to further drilling.
We will advise the market on the outcome of the survey work and plans for the drilling programme that emerges, if appropriate."
Background
The Project Area is close to the K-Hill manganese deposit where a TSX listed public company reports a PEA based on a life of project MnO grade of 15.2% yielding a NPV (8%) of US$984m and an IRR of 29.4% - a mining licence application has been lodged.
On 9 February 2023 Bezant announced the results of a maiden drilling programme at the Moshaneng prospect on the Kanye property. Drilling intersected a zone of shallow flat-lying detrital supergene manganese-iron mineralisation which appears to infill an irregular karst surface over a minimum strike length of 400m.
Among assay intervals encountered were:
o 6m @ 28.64% MnO from 6m depth in hole MS-RC-12
o Including 4m @ 35.38% MnO from 8m depth
o 3m @ 21.85% MnO from 4m depth in hole MS-RC-06
o 3m @ 21.20% MnO from 2m depth in hole MS-RC-07
Less than 25% of the more than 2km potential extent of the target defined by soil geochemistry has been drill tested to date.
Sulphuric acid leaching optimisation testwork on Kanye drill samples found that manganese recoveries of 99.4% were achievable at moderate process conditions. The Kanye manganese deposit demonstrates an excellent overall manganese recovery using moderate leaching conditions compared with benchmarked projects.
Having established that the Kanye mineralisation is potentially suitable for processing to high purity manganese, the Company plans for further exploration at the project to expand the footprint of the deposit and advance towards resource definition. Further metallurgical test work will be considered at a later stage of project advancement.
For further information, please contact:
Bezant Resources Plc Colin Bird Executive Chairman |
| |
Beaumont Cornish (Nominated Adviser) Roland Cornish / Asia Szusciak | +44 (0) 20 7628 3396 | |
Novum Securities Limited (Joint Broker) Jon Belliss |
+44 (0) 20 7399 9400 | |
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.