Bezant Resources PLC (AIM:BZT) Cyprus Joint Venture Drilling 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 drill results for the Troulli Project.

Highlights

· Assays received for eight out of ten recently completed drillholes for the Troulli Project

Table 1: Peak Mineralised Intercepts

· TRDD030: A highly significant drillhole sited to test for extension of mineralisation to the northwest of the current deposit and Mineral Resource. The intersection of high-grade copper – gold mineralisation over a notable width bodes well for planned follow-up drilling of the NW extension.

· TRDD034: Mineralisation reaffirms the presence of sulphide copper-gold mineralisation beneath the oxide gold cap to the south of the former Troulli open pit and strengthens the geological model and Mineral Resource.

· TRDD035: Drilled at the east end of the old Troulli open pit and the start of the extension of mineralisation returned economic grade copper mineralisation.

· TRDD036: Also drilled at the eastern end of the former open pit intersected old underground workings together with economic grade copper mineralisation over a significant width of 30.1 metres.

· TRDD037: Located north of the oxide Gold Zone and drilled into the former open pit access ramp and fault zone separating the pit from the Gold Zone demonstrated the presence of previously unknown mineralisation between the two delineated deposits.

· TRDD038, TRDD039 and TRDD040: Notable mineralised intercepts of first phase drilling of gossans located between Troulli and Kokkinapetra. The three wide-spaced holes are located along a 1.5km strike length all returning copper mineralisation over widths of more than 11 metres with two holes returning mineralisation from surface.

· A site meeting with Jubilee Metals Group consultants and metallurgists is scheduled for May 2022 by which time it is expected that test work will have been completed and the process of plant design can commence.

Colin Bird, Chairman of Bezant Resources said “These drill results bode well for the addition of further high-grade copper to the Mineral Resource at the Troulli Project with a positive impact on the economics. As exploration work continues and results come in we are very positive about the prospects for the Troulli Project which is only one of several joint venture projects.”

Martyn Churchouse, Chief Executive Officer of Caerus said “The recent work undertaken by the Exploration Team pointed to a NW extension to mineralisation and the latest drill result for TRDD030 returning 1.83% Cu eq over 21.25 metres confirms their view. This result has the potential to add further high-grade copper-gold tonnage to the recently reported Mineral Resource. The extent of the new mineralised zone is unknown at this time as it dips beneath unmineralized cover and this new discovery will be tested both by geophysics and drilling. The new discovery will not slow down the process of conversion to a mining licence and has the potential to increase the resource being used in the mine planning currently underway.

New higher-grade intercepts of this nature make the Troulli Resource more robust and provides for more flexibility both in terms of resource estimation and future mine scheduling. Troulli continues to deliver with all of the recent drillholes returning impressive grades over substantial widths demonstrating that the Troulli Project still has plenty of upside and scope for further expansion. The assay intercepts for the first three holes drilled as part of the planned step-out drilling along the 1.5km strike length to Kokkinapetra have delivered exciting results with all three holes intercepting near-surface copper mineralisation. The scheduled geophysical survey over the same area is designed to expose further targets in addition to uncovering local structure that is assumed to control mineralisation which could lead to more discoveries between Troulli and Kokkinapetra.

This is an exciting time in the Troulli Project development not least because the visual indications from drilling on-going at the Anglisides satellite Project show impressive near-surface copper-bearing mineralised packages that enhance the scope for future delivery of high-grade additional feedstock to the Troulli plant. Combined with the recently delineated mineral Resource at Troulli and the increasing likelihood of more mineralisation between the former Troulli mine and Kokkinapetra there is plenty of optimism that the Exploration Team can continue to generate additional ore to be incorporated into the mine plan.”

Table 2: Troulli Project Drill Results for Drillholes TRDD030, TRDD034. TRDD035, TRDD036, TRDD037, TRDD038, TRDD039 and TRDD040

 

Company Contact

Martyn Churchouse

Chief Executive Officer

info@caerusmineralresources.com

+44 (0)1249 782162

Colin Bird

Executive Chairman

info@bezantresources.com

+44 (0)20 3416 3695

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