Updated Indicated and Inferred Mineral Resource Estimate
for the Hope and Gorob Copper Project, Namibia
Bezant Resources Plc (“Bezant Resources”, “BZT” or the “Company”) is pleased to announce the results of an updated Indicated and Inferred Mineral Resource Estimate for the Hope and Gorob copper project situated within EPL 5796 (“the “Project”) in Namibia, completed by independent consultants Addison Mining Services Ltd (“Addison” or “AMS”). Bezant Resources holds a 70% interest in the Project.
Highlights
The updated Mineral Resource Estimate (MRE) has been completed by Addison Mining Services Ltd., an independent consultancy based in the United Kingdom and is reported in accordance with the JORC Code (2012). Resources are of Indicated and Inferred categories and include:
· A Total Mineral Resource of 15 million tonnes gross at 1.2 % Cu for 190 thousand tonnes of Cu estimated across the Hope, Gorob Vendome and Anomaly deposits and comprising:
o Total Indicated Resources of 1.24 million tonnes at 1.6% Cu and 0.4 g/t Au at the Hope deposit.
o Total Inferred Resources of approximately 14 million tonnes at 1.2% Cu across the Hope, Gorob, Vendome and Anomaly deposits, including approximately 3 million tonnes at 1.7% Cu and 0.4 g/t Au at Hope.
· The resource estimation has ignored gold content for all prospects other than the Hope target on the basis that many historic boreholes (pre-dating Bezant’s involvement) were not assayed for gold and as such Addison could not include gold in the resource compilation. Based on the Bezant drilling programme Addison concur that it would not be unreasonable to anticipate average grades of 0.2 to 0.4 g/t Au. The Company are considering a programme to twin certain holes to give the independent consultant the data to include additional gold in the resource estimate.
· The MRE identified significant potential for open pit extraction with an open pit resource of 2.4 million tonnes and the potential, assuming favourable Cu grades from further drilling, of increasing the size of the practically open pittable resource for further 700,000 to 1 million tonnes postulating an open pit that could support five years mine life at an annual rate of 500,000 tonnes per year.
· The MRE identified that deeper parts of the orebody had the potential to be mined underground, utilising a former concrete lined shaft with additional access from the base of the open pit.
· Total tonnes of contained copper in Mineral Resource Estimate of approximately 190,000 tonnes. AMS postulate that this could be significantly increased by the drilling of untested areas where mineralization is projected and a drilling programme targeted toward increased gold credit, thereby increasing the overall copper equivalent grade.
· Addison has noted that there is significant exploration potential with extensions to the existing open pit resources being extremely likely and only omitted from the Resource Estimate due to a historic low drill density that precludes conversion to a JORC Resource. Although there are no guarantees, extension drilling could result in further addition to the updated Mineral Resource.
· The metallurgical results from direct test work are currently in progress and as such Addison have not considered them during the MRE study. The Addsion MRE considers reasonably assumed metallurgical inputs from historic testwork and prior studies. Any new metallurgical testwork will inform future MRE updates and technical studies.
Colin Bird Chairman & CEO said: “We are very pleased with the outcome of our work over the last two years and we now have a JORC (2012) resource, which our consultant agrees is both capable of significant increase and equivalent copper value.
Concurrent with the work on the resource study we have been very active on all aspects of the factors which goes toward building a mine. We are confident that we now have sufficient information, resource modelling, financial modelling and environmental innovative approach to bring a small mine into production, whilst aggressively carrying out further exploration to increase the resource significantly.
We thank Addison for a very detailed study and their work apart from producing the JORC (2012) estimate, has guided the Company in its approach to overall mine design as well as the proposed extension drilling programme.”
Addison Mining Services has stated: “We have enjoyed working with Bezant on the Hope & Gorob project and producing the updated JORC (2012) estimate. Our work has shown the project to have significant scope beyond the original independent estimate. Management is well aware of what is necessary to add value both to the current mining study and also the greater exploration potential, including investigation of further gold credits and exploration of the underexplored overturned limb at Hope, which if successful may significantly increase the open pit mining inventory. We wish them well with their efforts.”
