Last checked at 26 Aug 2021 07:00
26 August 2021
Bezant Resources Plc
("Bezant" or the "Company")
Initial exploration targets re Caerus Mineral Resources PLC
copper gold projects in Cyprus
Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcement on 2 August 2021 regarding its exclusive option agreement with Caerus Mineral Resources PLC (LON: CMRS) ("Caerus") to allow the parties to review Caerus extensive portfolio of copper / gold projects in Cyprus with a view to possible joint venture mining operations (the "Agreement") is pleased to confirm that the parties have selected the Projects for the initial exploration and, if appropriate, mining development.
Highlights:
· The selected projects comprises of the Troulli, Kokkinapetra and Anglisides licences (the "Projects") (see details below)
· Having selected the properties the Parties intend to hold site meetings during early September 2021, to agree exploration and assessment programmes
· During the site visit the parties will develop a primary exploration plan, which initially will be reconnaissance, testing depth and strike continuity
· During the visit all other matters relevant to development will be considered to allow early conceptual project design
· Other projects within the Option Agreement will be visited and the Parties will develop a lead table of opportunities
Colin Bird, Executive Chairman of Bezant, commented:
"The Parties are of the opinion that the Projects they have selected, offer the opportunity for consolidation and growth, whilst being relatively low in funding demands for both exploration and development.
The Parties will also assess the other Projects in the Option portfolio and establish a ranking for future evaluation, which may well vary based on our experience and how the commodity and precious metals world and prices evolve post pandemic.
We look forward to working with Caerus on this Project and look forward to meeting our new colleagues on site, with the purpose to accelerating a meaning work programme."
Projects for Initial exploration
The Projects selected for initial exploration are the Troulli, Kokkinapetra and Anglisides licences.
Troulli Licence: The Troulli VMS (Volcanogenic Massive Sulphide) copper deposit, like most copper deposits in Cyprus, was initially discovered in Roman times as evidenced by the ancient galleries and small remnant "slag" piles on the License. The first production of any significance occurred in 1936 when Berdy Mining Limited first obtained a mining licence. Berdy operated from 1936 - 1962, erecting the first sulphide flotation plant in 1956, treating a modest 46,500 tons of copper ore in total. Historical records suggest that Berdy Mining also produced approximately 1,500 ounces of gold and 6,000 ounces of silver from the oxide gossan that is subject to the recent drilling. Sporadic exploration was undertaken at various times until 1974, when the then-operator Geominco was forced to close its plant and operation following the Turkish invasion.
From 2017 to 2021, Ploutonic Resources Ltd. conducted several phases of exploration including detailed geological mapping, surface trenching and pitting over the oxide gold zone just to the south of the current open pit and remnant VMS copper resources. As a result, Ploutonic discovered a relatively continuous zone of oxide gold mineralisation that appears to be faulted off from the upper part of the main Troulli VMS copper deposit. This zone remains open in all directions and at depth as only the top few metres of the sulphide mineralisation have been tested.
Significant results from oxide zone in the previous Ploutonic Resources work include the following:
Table A: Ploutonic Resources Ltd Channel Sampling
Channel | Length (m) | Gold (g/t) | Silver (g/t) |
1 | 3 | 5.86 | 44.97 |
2 | 2 | 2.43 | 11.95 |
3 | 2 | 19.65 | 16.15 |
4 | 2 | 13.91 | 40.35 |
5 | 4 | 7.56 | 46.03 |
6 | 10 | 5.12 | 22.36 |
7 | 9 | 2.13 | 12.79 |
8 | 5 | 0.92 | 38.72 |
9 | 5 | 2.28 | 25.16 |
10 | 5 | 5.43 | 12.04 |
11 | 3 | 2.56 | 3.47 |
12 | 3 | 0.61 | 6.37 |
13 | 10 | 0.28 | 1.32 |
Table B: Ploutonic Resources Ltd Excavator Pit Sampling
Pit Number | Depth (m) | Gold (g/t) | Silver (g/t) |
1 | 4 | 0.97 | 6.2 |
2 | 6 | 3.0 | 9.5 |
3 | 4 | 0.47 | 5.2 |
4 | 1.5 | 0.81 | 3.5 |
5 | 6 | 0.42 | 3.2 |
6 | 4 | 0.36 | 3.6 |
7 | 2.5 | 0.26 | 2.3 |
8 | 5.5 | 1.19 | 7.73 |
9 | 4 | 0.7 | 1.5 |
10 | 4 | 0.52 | 6.05 |
11 | 2.3 | 1.9 | 19.2 |
12 | 2.5 | 2.06 | 4.8 |
13 | 6 | 0.19 | 1.53 |
14 | 4 | 0.1 | 1.45 |
Kokkinapetra Licence: The Kokkinapetra Project represents the geological extension of the Troulli deposits. Oxide gold mineralisation is evidenced by extensive surface gossans covering a reported area of 32,000m2 and to a depth of approximately 20m. There are also indications of VMS-type copper - gold mineralisation located beneath the overlying epithermal gold occurrence. Trench samples returned Au grades ranging from 0.56 - 1.52g/t Au. Kokkinapetra according to an independent consultant remains "a relatively unexplored target for concealed sulphide deposits". Judicious placement of a limited number of drill collars should quickly establish both the thickness of the oxide gold package and the whereabouts of the underlying Cu-Au VMS potential.
Anglisides Licence: Metal-bearing surface materials are represented by shallow scattered waste dumps generated by underground workings in the 1930's associated with small-scale production (88 long tons @ 5.98% cu & 1,336 short tons @ 24.5g/t Au & 86.4g/t Ag). The remaining tonnage is unknown. There may also be unidentified waste material derived from ancient artisanal mining.
Hard rock resources include Cu-Au sulphide mineralisation reported to occur in a near-surface zone 25m thick, 40m wide over a strike length of 200m associated with a NE-SW shear zone. Historic drill results include 16m @ 1.1% Cu & 1.05g/t Au, 21m @ 0.45% Cu & 0.72g/t Au, 1.71% Cu & 2.81g/t Au over 9m. Potentially >500Kt @ >1% Cu eq. There is scope for a significant increase in the Cu-Au sulphide resource. An oxide Au zone identified by gossan records impressive grades including channel samples of 10m @ 6.56g/t Au, 10m @ 4.72g/t Au, 10m @ 4.02g/t Au and 5m @ 11.9g/t Au. A modest tonnage high-grade gold resource is evident.
For further information, please contact:
Bezant Resources Plc Colin Bird Executive Chairman | +44 (0) 20 7581 4477
|
Beaumont Cornish (Nominated Adviser) Roland Cornish
| +44 (0) 20 7628 3396 |
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 Regulation (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:
In accordance with the AIM Note for Mining and Oil & Gas Companies, June 2009, Colin Bird, CEng, FIMMM, a South African and UK Certified Mine Manager and Executive Chairman of Bezant, with more than 40 years' relevant experience, is the qualified person who has reviewed and approved the technical information contained herein.