Cyprus Joint Venture Drilling Update

RNS Number : 9628J

Bezant Resources PLC

03 May 2022

 

3 May 2022

Bezant Resources PLC ("Bezant") &   Caerus Mineral Resources PLC   ("Caerus")

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

Hole Number	From (m)	To (m)	Intersection (m)	Grade (% Cu eq)	Grade (g/t Au)
TRDD030	7.7 37.25	17.4 58.50	9.7 21.25	1.14 1.83
TRDD034	0.0 0.0	31.2 84.5	31.2 84.5	0.61	0.98
TRDD035	45.9	61.6	15.7	1.40
TRDD036	4.4	34.5	30.1	1.58
TRDD037	23.25	40.30	17.05	0.80
TRDD038	29.65	41.3	11.65	0.73
TRDD039	0.0	14.1	14.1	1.57
TRDD040	0.0	11.2	11.2	1.15

· 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

Hole Number	From (m)	To (m)	Intersection (m)	Grade (% Cu eq)	Grade (g/t Au)
TRDD030 Including	7.7 7.7 37.25	17.4 14.2 58.5	9.7 6.5 21.25	1.14 1.49 1.83
TRDD034 Including	0.0 0.0 34.4 70.2	31.2 84.5 48.5 84.5	31.2 84.5 14.1 14.3	0.61 0.98 0.47	0.98
TRDD035	45.9	61.6	15.7	1.40
TRDD036 Including	4.40 25.2	34.5 33.5	30.1 8.3	1.58 1.84
TRDD037	23.25	40.3	17.05	0.80
TRDD038	29.65	41.3	11.65	0.73
TRDD039	0.0	14.1	14.1	1.57
TRDD040	0.0 21.4	11.2 27.3	11.2 5.9	1.15 0.94

For further information, in relation to the Companies, please visit or contact:

	Caerus Mineral Resources plc	Bezant Resources plc
Website	www.caerusmineralresources.com	www.bezantresources.com
Company Contact	Martyn Churchouse Chief Executive Officer [e-mail] [phone]	Colin Bird Executive Chairman [e-mail] [phone]
Broker	Novum Securities Jon Bellis [phone]	Novum Securities Jon Bellis [phone]
Nominated Adviser	Not applicable	Beaumont Cornish Roland Cornish [phone]

About Bezant Resources:  Bezant Resources is a focused on developing its pipeline of copper gold projects to provide a new generation of economically and socially sustainable mines and in addition to its joint venture with Caerus Mineral Resources in relation to Cyprus has copper projects in Namibia, Zambia, Philippines and Argentina and a manganese project in Botswana.

About Caerus Mineral Resources : Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value and can be followed on Twitter at @CaerusMineral.

On 6 April 2022 the Companies announced an initial Mineral Resource Estimate, effective as of 22^nd   March 2022   for the Troulli Project compris ing a total hard rock resource estimate of approximately 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for 20,000 t of Cu metal and 31,000 ounces of Au, including.

Indicated Gossan Resources of 260,000 tonnes at 0.18% Cu and 0.91 g/t Au for 460 t of Cu and 7,700 ounces of Au.

Inferred Gossan Resources of 180,000 tonnes at 0.14% Cu and 0.47 g/t Au for 260 t of Cu and 2,800 ounces.

Inferred Breccia Resources of 4.4 million tonnes at 0.43% Cu and 0.14 g/t Au for 19,000 t of Cu and 21,000 oz of Au.  

Inferred waste and tailings dump resources of approximately 93,000 tonnes at 0.76% Cu and 0.12 g/t Au for 710 tonnes of Cu and 360 oz of Au.  

Qualified Person  The content of this news release has been reviewed, verified, and approved by Mr. Nigel Chapman who is the exploration manager and now COO of Caerus. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Luna Recursos Naturales SAC, an independent geological consultancy established in 2015 and is a Member of the Australasian Institute of Geoscientists (A.I.G.) Mr. Chapman consents to the inclusion in this Announcement of such information in the form and context in which it appears.

Qualified Person : In accordance with AIM Note for Mining and Oil & Gas Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM, South African and UK Certified Mine Manager and Director of Bezant Resources Plc, with more than 40 years' experience mainly in hard rock mining, is the qualified person as defined in the Guidance Note of the London Stock Exchange, who has reviewed the technical information contained in this press release.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Glossary of technical terms :

"Ag"	silver;
"Au"	Gold;
"Au eq"	gold equivalent;
"BG"	basal Group, oldest rocks outcropping in the Troulli Inlier;
"Breccia"	rock which has been fractured or broken in-situ by processes in the earth's crust, including fracturing by hydrothermal fluids percolating the rock under high pressure or by tectonic activity;
"CRM"	Certified Reference Material; standards;
"Cu"	Copper;
"Cu eq"	copper equivalent grades are based on a copper price of US$ 4.0 /lb and a gold price of US$ 1,800 / oz
"Fe"	Iron;
"g"	grammes;
"Gossan"	is intensely oxidized, weathered, or decomposed rock, usually the upper and exposed part of a mineral deposit. The weathering process can result in enrichment of immobile metals and elements and depletion of mobile metals and elements;
"g/t"	grammes per tonne; equal to ppm;
"ICP"	inductively coupled plasma;
"Inferred resource"	that part of a Mineral Resource for which quantity and grade (or quality) are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes;
"Indicated resource"	that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit;
"JORC"	the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia;
"JORC (2012)"	the 2012 edition of the JORC code;
"km"	Kilometre;
"LPL"	Lower Pillow Lavas;
"m"	metre;
"Mineral Resource"	a concentration or occurrence of material of economic interest in or on the earth's crust in such form and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity, and other geological characteristics of a Mineral Resource are known, estimated from specific geological evidence and knowledge, or interpreted from a well-constrained and portrayed geological model;
"Mt"	million tonnes;
"oz"	troy ounce;
"ppm"	Parts per million, equal to g/t
"Preliminary Economic Assessment	also referred to as a "scoping study", is a study that includes an economic analysis of the potential viability of Mineral Resources taken at an early stage of the project prior to the completion of a preliminary feasibility study.;
"QA/QC"	quality assurance/quality control;
"ROM"	Run of mine;
"UPL"	Upper Pillow Lavas;
"Zn"	Zinc; and
"%"	Percent.

 

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