Minemba Prospect Kalengwa Copper Project, Zambia

RNS Number : 3594W

Bezant Resources PLC

22 April 2021

 

22 April 2021

Bezant Resources Plc

("Bezant" or the "Company")

Minemba Prospect Kalengwa Copper Project, Zambia

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce a further significant copper intercept in its second drill hole at the Minemba prospect within the Kalengwa exploration project area in Zambia (the " Kalengwa Exploration Project ") in which the Company has a 30% interest and acts as operator.

Highlights

· Copper mineralisation has been intersected over 114m downhole width within altered and brecciated gabbro intrusive rocks in the second hole at Minemba

· Preliminary hand-held XRF measurements (to be confirmed with geochemical assays taken from half-core samples) returned copper grades over the following down-hole intervals*:

o  6m @ 1.67% Cu from 99-105m 

§ including 2m @ 2.90% Cu from 103-105m

o  and 17m @ 0.94% Cu from 119-136m

§ including 3m @ 3.49% Cu from 125-128m

o  and 20m @ 0.84% Cu from 144-164m

§ including 5m @ 1.62% Cu from 144-149m

o  and 20m @ 1.05% Cu from 193-213m

§ including 12m @ 1.21% Cu from 193-205m

*Down-hole widths quoted - true widths not currently known

· The provisional results support the width and tenor of the intersections encountered in the first hole MB-01, located about 100m distant.

· Mineralisation in MB-02 occurs as disseminations and replacements of chalcopyrite within the gabbro intrusive

· Combined with records from historic drilling, mineralisation at Minemba has now been traced laterally for at least 350m

· The Company is planning for a detailed geophysical survey at Minemba to help direct further drilling by mapping the extent of the magnetic gabbro and assisting in delineating areas of conductive copper-pyrite mineralisation

· Further drilling is being planned which will be guided by geology and geophysics

· The provisional results are subject to lab assays which are anticipated to be available in the second half of May 2021

Colin Bird, Executive Chairman of Bezant, commented :

"We are very pleased with the 114m interval of continuous mineralisation. The archives did not suggest this to be the case and we are particularly encouraged by the geological sequence which is the same as in the nearby rich copper pit at Kalengwa which produced 1.9Mt @ 9.44% Cu.

We have identified 350m of mineralised strike to date and, in order to build up a significant copper tonnage, we intend to carry out a ground IP geophysics survey as well as drilling at least two further holes in the vicinity of the two already completed holes. We are pleased with the results to date as we have not yet tested several other targets on the large Kalengwa property, including a 13km zone of enhanced soil geochemistry along an interpreted structure. We plan to carry out initial geophysical surveying on this target while the geophysics crew is on site."

Bezant Drilling

The aim of Bezant's drill programme was to test the down-plunge and along-strike extent of the earlier drill intercepts at Minemba within the gabbro intrusive (potential mineral feeder zone) while also looking to test the boundaries of this unit with the Kalengwa Mine sedimentary package (potential host unit). Two holes were planned in this initial reconnaissance programme.

Hole MB-02 was drilled at -50^o towards the northwest, stepping out about 100m northeast from historic hole MN 496 and a similar distance north-northeast from the first Bezant hole, MB-01. The hole was completed at a depth of 237.2m, with a summary log as follows:

0 - 31m  Overburden and saprolite

31 - 99m  Partly weathered massive and brecciated gabbro

99 - 219m  Gabbro intrusive rock, brecciated in parts, with carbonate veining; iron occurs as magnetite & hematite; chalcopyrite appears throughout the interval as irregular disseminations and blebs, associated with pyrite

219 - 237.2m  Shale/Siltstone conglomerate unit with disseminated pyrite

End of hole

This second hole at Minemba supports the occurrence in MB-01 of more widespread disseminated copper mineralisation than reported in the historic holes and mineralisation is now recorded in historic and current drilling over at least 350m in a NE-SW direction, as well as more than 100m in a vertical dimension.

Core from this hole is being fully logged and will be split for laboratory assay.

The Company is now planning a geophysical survey to define the shape and extent of the deposit to help guide further drilling.

Minemba Target

The Minemba target was first identified by Roan Consolidated Mines ('RCM'), the operator of the Kalengwa open pit copper-silver mine in the 1960s, based on a copper geochemical anomaly found by auger drilling 4km to the northeast of Kalengwa, associated with a discrete magnetic anomaly believe to be related to gabbro intrusive rocks. Five diamond drill holes spaced 100-200m apart and angled towards the north were completed at that time. Four of these reported steeply-dipping chalcopyrite-pyrite mineralisation over narrow intervals at depths ranging from 80-200m below surface within the gabbro. Drill intercepts included 4.3m @ 1.43% Cu (hole MN 496) and 2.7m @ 2.08% Cu (MN 495). Despite the proximity to the high grade Kalengwa mine, no further diamond drilling was subsequently carried out.

Bezant reviewed the extensive dataset from previous exploration over the Kalengwa exploration licence and concluded that Minemba was located on a structural mirror image of the Kalengwa deposit setting, aligned directly with the offset continuation of the NE-trending Kalengwa Lineament and therefore the target was prioritised for further drill testing.

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, technical director of Bezant. 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.

For further information, please contact:

Bezant Resources Plc Colin Bird Executive Chairman	[phone]
Beaumont Cornish (Nominated Adviser)  Roland Cornish	[phone]
Novum Securities Limited (Broker) Jon Belliss	[phone]

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 by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

Glossary

"brecciated"	Rock fragmented into angular components
"chalcopyrite"	A copper-iron sulphide mineral, CuFeS2, often found in copper ores
"conglomerate"	Sedimentary rock formed by the cementing together of water-rounded pebbles
"Cu"	Chemical symbol for copper
"gabbro"	A coarse grained mafic intrusive rock composed of pyroxene and plagioclase, similar in composition to dolerite
"hematite"	A mineral composed of ferric iron oxide.
"magnetite"	A magnetic iron oxide, Fe3O4
"pyrite"	Iron sulphide mineral, FeS2
"silicified"	Descriptive of a rock in which original minerals have been replaced by silica.
"XRF Spectrometer"	Instrument to determine the chemistry of a sample by measuring the fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray source

 

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