Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to provide shareholders with an update on the Caerus Joint Venture programme underway in Cyprus.
The Joint Venture partners have focused on the Troulli Project (“Troulli”) where the team is currently building both gold oxide and copper sulphide hard rock resources from new discoveries and extensions to a former open pit.
Gold Oxide Drill Programme (Troulli)
· Assays for short percussion holes drilled into the Gold Oxide Zone at Troulli returned highly encouraging results.
· Results for 20 percussion drillholes received to date – analyses for all diamond drillholes still awaited from the independent laboratory.
· Indications are that drilling could potentially delineate a gold oxide zone suitable for near-term development.
· Ongoing diamond drilling will provide the information required to complete the generation of a JORC (2012) Mineral Resource expected in Q1, 2022.
· It is important to note all mineralisation commences from surface and is thus conducive to low-cost mining.
Table 1: Principal intersections for the completed percussion drill programme on the oxide gold zone include:
Copper Zone Drill Programme (Troulli)
· The JV Partners are now confident that the new copper zone discovery located close to surface and immediately beneath the Gold Oxide Zone has potential for development in tandem with the gold deposit.
· Initial percussion drilling did not intersect the full width of sulphide copper mineralisation. This has now been achieved with the recent diamond drill programme from which further analyses are pending.
· Recent infill diamond drilling has yielded compelling evidence for the continuity of the sulphide zone at depth.
· The Company is targeting a copper sulphide JORC (2012) Mineral Resource during Q1, 2022.
Table 2: Peak copper intersections beneath the oxide gold zone include:
Copper Sulphide Drill Programme (Open Pit Extensions)
· 8 drillholes have been completed in the sulphide zone of the former open pit immediately lateral to Trulli, with assays returned for only one hole to date.
· TR21DD002 has returned significant mineralised intercepts indicative of a broad zone of sulphide mineralisation commencing at surface and extending to depth beneath the former open pit.
· Copper mineralisation has been demonstrated in all holes drilled to date which, combined with the width of the intercept in drillhole TR21DD002, suggests potential for considerable additional tonnages at Troulli, subject to assay results for the remaining drillholes.
Table 3: Peak copper intersections for Former Open Pit Copper Zone Extension include:
Colin Bird, Executive Chairman of Bezant, commented: “These initial assay results are very encouraging and indicate the potential for development of a shallow gold resource as well as the opportunity to deepen and extend the current open pit to access the sulphides which contain both copper and gold. I am particularly encouraged by the intersected widths since, if consistent, they can lead to a significant open pit operation. We have the benefit of infrastructure and the potential to restart a mining ready open pit, which is quite unique. I look forward to receiving more results and moving towards open pit planning and designing the process plant. These initial results do not confine the model and the joint venture is optimistic for further resource additions as we extend our current knowledge. The New Year should bring increased activity in all matters relative to technical and financial planning as we advance our Caerus Joint Venture.”
Option and Joint Venture Agreement
Under the agreement with Caerus, each party has committed to fund and initial amount of up to US$500,000 during the period of exploration and project appraisal (18 months, with the option for renewal for a further 18 months), with Caerus acting as operator.
Upon a decision to mine Bezant will be nominated as the operator and on a best endeavour’s basis will be responsible for seeking funding for the Project JV Company. 70% of all cash flows will be paid to Caerus until their exploration expenditure has been repaid and thereafter Bezant will receive 80% of all operating cashflows.
For further information, please contact:
Bezant Resources Plc
+44 (0) 20 3416 3695
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