Bezant Resources completes first blast at Namibian project
Bezant Resources has completed its first blast at Namibia’s Hope project, advancing preparations for copper-gold production and processing.
Company
LON:BZT
Bezant Resources PLC is focused on developing its pipeline of copper-gold projects to provide a new generation of economically and socially sustainable mines and also has a manganese project in Botswana
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Bezant Resources has completed its first blast at Namibia’s Hope project, advancing preparations for copper-gold production and processing.
The grades compared favourably with neighbouring more advanced manganese projects, Bezant said
Part of the agreement will see Bezant swap its 27.5% holding in IDM Mankayan for an equal stake in IDM International
The companies said it was not possible for the parties to agree on a mutual way forward in relation to the joint venture
Bezant has a diverse portfolio of assets in multiple jurisdictions
A contract has been signed with a local drilling company, with mobilisation expected later this month
The miner also reported better-than-expected results from further drilling on the Hope and Vendome prospects
Executive chairman Colin Bird highlighted the Hope and Gorob project in Namibia as “significantly more value than previously considered”
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Bezant has an attractive portfolio of assets in Namibia and elsewhere
“The Mala dumps clearly demonstrate the potential for substantial economically recoverable material at historical operations,” said chief executive Martyn Churchouse
Previous exploration on Kanye highlighted numerous manganese prospects, including the Moshaneng Borrow Pit and the Loltware prospect
Chairman Colin Bird said the news was a catalyst for the development of the Philippines property
The company also located a 140m deep vertical shaft, which was excavated in the 1970s, at the Hope prospect which could significantly reduce future spending on underground development
A coordinated programme of action has been implemented, aimed at the near-term submission of a mining licence application
The company is now looking ahead to a drill programme at the project.
“The delineation of a potentially substantial copper sulphide orebody located immediately beneath the gold oxide zone has been an unexpected bonus,” said Caerus chief executive Martyn Churchouse
The aim of the programme is to discover new copper-gold zones adjacent to the established deposits
Bezant said the convertible loan note provides added financial flexibility for the group in a period in which “the funding market for junior exploration companies can be subject to market volatility”
Under an executive order, the mineral production sharing agreement it is not allowed to expire until the renewal application has been decided
Bezant's financial contribution backdated from the start of diamond drilling at Troulli in September 2021
Some the week's stories from the mining sector in snapshot
Shares were issued at a price of 0.13p with the proceeds to be used In Namibia, Cyprus and Botswana
Bezant's portfolio is increasingly focused on battery metals
“ A cluster of targets have been identified near our Hope and Gorob Vendome deposit, that bodes well for increasing the size of the deposit”
"The geophysics programme, after interpretation, shows that the Minemba prospect has considerable potential and we will continue to test that potential," said executive chairman Colin Bird
“The Mankayan project is well placed to benefit from recent projections for the electrical vehicle and copper markets at a time when the Philippine government have announced that they wish to revitalise mining," said boss Colin Bird
During the site visit in early September all other matters relevant to development will be considered to allow early conceptual project design
Bezant has been given 18 months to assess the portfolio and identify a potential development project
Previous exploration on the Kanye property highlighted numerous manganese prospects which have not been systematically explored
"This is a very pleasing result that shows the benefit of investing in airborne geophysics in this terrain"
"We are particularly encouraged by the geological sequence which is the same as in the nearby rich copper pit at Kalengwa," said executive chairman Colin Bird
The firm said the airborne electromagnetic and magnetic survey will begin before the end of the week along the prospective Hope-Matchless massive sulphide belt
“The mineralisation host type is somewhat similar to the Kalengwa main mine and as such gives us encouragement as to potential"
A drill contract has been signed and a rig is due to be mobilised in the coming days
The demand for copper is expected to double by 2030 believes management
The Metrock acquisition means Bezant now controls the Kanye Manganese Project, an area that has clear evidence of high manganese grades suitable for use in battery metals
“This result has provided us with increased motivation to test the 130km of strike under license and this will be carried out by a heli-airborne survey during this first quarter,” said chairman Colin Bird
"The underlying mineral licences represent exploration rights to a very large area of highly prospective manganese bearing ground," said executive chairman, Colin Bird
"This is a promising start to our exploration and drilling programme," said Colin Bird, executive chairman
The company said AsiaPhos has agreed to acquire MMJV through a reverse takeover transaction, which if completed will trigger an issue of £5.6mln worth of shares to Bezant in the listed entity holding MMJV
The company confirmed it will pay the deal consideration in shares
The listing vehicle is being reversed into a Singapore-listed company called AsiaPhos.
Raju Samtani and Ed Slowey will be joining the board with immediate effect, as finance director and technical director, respectively.
The company has a 30% interest and is the operator of the project.
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In the same announcement, investors were told the mineral production sharing agreement (MPSA) has been extended
The work should commence during the coming weeks. Bezant will keep shareholders updated on our results as they arise. "
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“The company is well-positioned in the gold-copper space when the demand for copper is expected to double by 2030"
The fundraising comprises a conditional placing of 750mln shares at 0.08p.
The explorer now looks forward to a ' value creation strategy' which was lined up during the due diligence period
Bezant is building a diverse portfolio of assets in Southern Africa
There was a steady stream of news from London's small cap miners this week
Executive chairman Colin Bird has a successful track record of exploration in Southern Africa
"This is an exciting potential project for the company and the more we dig into the archives, it becomes evident that resources quoted were the subject of extensive drilling programmes which gives us added confidence," said chief executive
It's been another busy week for junior mining companies in London
The move is an excellent opportunity to acquire a position in a significant JORC resource with good grades and a gold contribution, according to chairman Colin Bird
Mankayan contains huge resources of copper and gold
Bezant has a diverse portfolio of mineral exploration assets
The explorer will now have until 30 April to complete an assessment of the project.
Bezant's team boasts extensive exploration experience and a track record of success in Zambia
Shares jumped on the news, as Bezant said it would use funds to progress the high-grade copper prospect, Buffalo
The AIM-listed copper and gold explorer sold the stake to Singapore-based Mining and Minerals Industries Holding Ltd for an initial funding package of US$2.25mln
The AIM-listed firm said all conditions had been satisfied and that a further announcement will be released in due course to confirm completion
Mankayan contains a sizeable resource in an established mining jurisdiction
The option over Buffalo requires the deployment of US$200,000 into the ground by 1 February 2020.
The Mankayan copper project could arouse the interest of a major mining company
"This latest round of rock chip sample results demonstrates the presence of principally one per cent or more copper located at surface."
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Bezant is moving forward with the sizeable Mankayan projec
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“The Zambian IOCG province has to date been under-explored due to the existing production hub centred around the country's main historic copper belt."
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Bezant is unlikely to shoulder the cost of a drilling campaign on its own
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"its potential will be recognised as copper prices improve and mid-tier/major industry players renew their search for sizeable emerging copper projects."
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Historic drilling has returned some very attractive results