Bezant Resources PLC - New Mining Study Commissioned, Mankayan Project
("Bezant" or the "Company")
New Mining Study Commissioned,
Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce that it has commissioned a new mining study to be conducted by Mining Plus Pty Limited ("Mining Plus") in order to examine mining options in relation to distinct high grade areas within the Mankayan copper-gold project, located on the Island of Luzon in the Philippines (the "
New Mining Study
Mining Plus, a mining technical services provider, has been appointed as an independent consultancy group to undertake a mining study on the
Following analysis of higher grade areas and engineering concepts by the Company, the new study will look to examine the viability of new, scalable mining options for the
The new Mining Study will comprise a high-level desktop review, which will not require additional drilling, and is expected to be completed during Q1 2019.
The Mining Study will consider the economics of various mining options, which may include:
· High-grade focussed block caving
· Alternative production rates
· Staged production rate ramp-ups
The existing block cave model, based on the historic studies completed in 2011 and 2014, includes various scenarios built around a two lift sequence including, at a run rate of 20 million tonnes per annum ("Mtpa"), a
As the new Mining Study will include geological block model analysis, it will assist the Company in determining further target areas where higher grades of copper and gold may exist within the current JORC (2004) resource area defined by
Commenting today Laurence Read, CEO of Bezant, said:
"As CEO, I am pleased that we shall be progressing the Mankayan copper gold project following the results of extensive in-house geological and engineering work over the course of the last year.
"Our understanding of Mankayan has grown significantly and the potential for exploiting high grade resource areas needs to be independently examined. While the current, 20 Mtpa economic scenario for Mankayan is highly robust and comparable to a series of successful, currently operating, third party projects we believe that there may well be a viable alternate mining system that can be implemented within the Lift 1 area of the existing model.
"Mankayan is a significant potential source of long-term copper gold-supply and the results of the new Mining Study may allow Bezant to pursue new avenues for the project if production scenarios, with reduced upfront capital expenditure, can be determined.
"Mining Plus is a major, internationally recognised mining services provider who have successfully worked with a host of mining companies to deliver projects into first production and I look forward to working with them."
For further information, please contact:
Chief Executive Officer
Tel: +44 (0)20 3289 9923
James Harris / Matthew Chandler / James Dance
Tel: +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Tel: +44 (0)20 7399 9400
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 Regulation (EU) No. 596/2014.
Notes to Editors:
Mining Plus (www.mining-plus.com) in an international mining services provider specialising in geology, mining engineering, and geotechnical engineering, covering a broad range of mineral commodities and project types, enhanced by strategic alliances in other core disciplines. Mining Plus has advised on over 1,850 projects for 630 customers in 40 countries over a range of different commodities.
The Mankayan deposit is principally hosted by a 900m long by 400m wide north-south striking intrusive stock complex composed largely of quartz diorite porphyry. The igneous rocks have intruded a thick sequence of andesitic volcanics and a basement of biotitequartz schists and mafic flows. The size, grade and mineralogy of the Guinaoang deposit are typical of porphyry copper deposits.
In 2011, TWP was commissioned by Bezant to undertake a Conceptual Study on the
· Project's estimated return (
- post-tax NPV of approximately
- post-tax IRR of 21%
- post-tax net cashflow of approximately
· Total capital investment cost of approximately
This information is provided by RNS, the news service of the
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