Preliminary Metallurgical Testwork Results, Eureka

RNS Number : 2559K

Bezant Resources PLC

23 June 2014

 



23 June 2014

Bezant Resources Plc

("Bezant" or the "Company")

Preliminary Metallurgical Testwork Results, Eureka Project, Argentina

Bezant (AIM: BZT), the AIM listed copper-gold exploration and development company operating in the Philippines and Argentina, announces an update in respect of the limited groundwork programme being undertaken at its wholly owned Eureka Project.

Highlights:

·        Positive results received from laboratory testing of acid leach recovery process for copper

o Eight samples selected for testing from the pre-existing trenching work

o Average grade of 3.85% total copper with 3.72% acid soluble copper

o >96% of total copper in samples occurred as acid soluble minerals

o >95% copper dissolution achieved in 10 days from 12mm crushed samples

o Acid consumption low: >70% of acid added for leaching was consumed by copper dissolution 

o Clay type minerals low at 7% - well within heap leaching limits

·        Results support the application of a heap leaching process for efficient, low-cost copper recovery and demonstrate the project's future potential as a realisable, low-cost copper source

The Eureka Project is a historically mined, near surface copper-gold mineralisation located in the Jujuy Province, northern Argentina. Bezant has undertaken a limited work programme utilising the Company's in-house technical capability and third party laboratories.

Eight samples of copper mineralisation were selected during a technical site visit to the Eureka Project area in December 2013.  Bezant's geologists supervised sampling activities from the pre-existing trenching work and ensured that the mineralisation was broadly representative of the property. ALS Metallurgy in Perth, Australia, conducted laboratory work including chemical analyses and mineral analysis. Chemical analyses produced an average grade of 3.85% total copper with 3.72% being acid soluble copper. Accordingly, 96.6% of the total copper in the samples occurred as acid soluble minerals.

Mineral analysis by semi-quantitative X-ray Diffraction ("XRD") identified the minerals present in the samples.  Copper minerals present in order of predominance were malachite, azurite, cuprite, atacamite and tenorite.  Alpha quartz was the dominant gangue mineral, with smaller amounts of mica, clinochlore, plagioclase and titanium minerals.  The test results also showed that the content of clay type minerals was relatively low at approximately 7%. The entire mineral composition appears to be well suited to heap leaching.

Samples crushed to 12mm were subject to 14 days of intermittent bottle roll leaching with sulphuric acid addition to a pH of 1.5.  Excellent results were obtained with over 95% copper dissolution achieved in 10 days.  Acid consumption was low and over 70% of the acid added for leaching was consumed by copper dissolution. 

The Eureka Project was originally identified by Bezant as being a potential low cost source of copper for a future mine developer. In addition to the mineralisation being encountered near surface, this latest phase of test work provides a strong indication that the copper mineralisation at the Eureka Project area is suitable for an inexpensive acid heap leaching process. 

Bernard Olivier, Chief Executive Officer, commented:

"I am very pleased with these preliminary testwork results from Bezant's limited groundwork programme on Eureka. Our Argentinian project represents an opportunity for a developer to progress an inexpensive copper source into near-term production. We are successfully building up a comprehensive profile for this promising asset, with envisaged low capex and opex requirements, using our in-house technical expertise."

Dr Evan Kirby has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person as required under the AIM rules.  Dr Kirby is a non-executive director of the Company and a Member of the Australasian Institute of Mining and Metallurgy.

For further information, please contact:

Bernard Olivier Chief Executive Officer, Bezant Resources Plc                                Laurence Read Non-Executive Director, Bezant Resources Plc James Harris / Matthew Chandler / James Dance Strand Hanson Limited                                                           James Maxwell N+1 Singer                                                or visit http://www.bezantresources.com

Tel: [phone] Tel: [phone] Tel: [phone] Tel: [phone]

Notes to editors:

Bezant is currently focussed primarily on the copper and gold mineral sector and its flagship project is its Mankayan copper/gold project situated in the Mankayan-Lepanto mining district of the Philippines, an area of established copper and gold mining.  The Mankayan deposit is located approximately 240km north of Manila and 6km east of an established copper/gold mine owned and operated by Lepanto Consolidated Mining Company.  Since its discovery in the early 1970s, extensive drilling (more than 45,000 metres over 48 holes) and metallurgical work has been undertaken by Goldfields Asia Ltd, Pacific Falkon Resources Corp and others. 

Bezant currently has a JORC compliant mineral resource for its Mankayan Project of 221.6 million tonnes Indicated and 36.2 million tonnes Inferred, grading at 0.49% for copper and 0.52g/t for gold, at a 0.4% copper cut-off.  This equates to an Indicated Resource of 2.42 billion pounds (1.1 million tonnes) of copper and 3.7 million ounces of gold, with a further Inferred Resource of 0.44 billion pounds (0.2 million tonnes) of copper and 600,000 ounces of gold.  In December 2010, the Company upgraded its independent Mankayan resource estimate to JORC compliant Probable Ore Reserves of 189 million tonnes grading at 0.46% copper and 0.49g/t gold, resulting in total Recoverable Metal Reserves of 811,000 tonnes of copper and 2.21 million ounces of gold.  A Total Mining Inventory Statement was also reported of approximately 400Mt of ore at an average grade of 0.38% copper and 0.42g/t gold.

Eureka Project

The 11 licences comprising the Eureka Project are located in north-west Jujuy near to the Argentine border with Bolivia and are formally known as Mina Eureka, Mina Eureka II, Mina Gino I, Mina Gino II, Mina Mason I, Mina Mason II, Mina Julio I, Mina Julio II, Mina Paul I and Mina Paul II, covering, in aggregate, an area in excess of approximately 5,500 hectares and accessible via a series of gravel roads. To date, no JORC compliant or equivalent resource estimate has been established, but historic exploration activities have been conducted on the project area since the 1980s by Minera Penoles, Codelco and Mantos Blancos, with unaudited unclassified estimates in the order of, in aggregate, up to approximately 62 million tonnes grading at 1% copper and approximately 52,000 ounces of gold as credits. The copper oxide mineralisation occurs in loosely consolidated conglomerates and is the focus of the project's economic potential.

 

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