Bezant Resources PLC (LON:BZT) has entered into a binding memorandum of agreement to acquire a 50% interest in a small scale copper mining licence in Zambia, which contains the Buffalo exploration project.
WATCH: Bezant Resources commissions new mining study for its Mankayan project
As consideration, Bezant is required to complete an initial assessment of the licence area at a cost of up to US$200,000 by 1 February 2020. Throughout the Initial Expenditure Phase, Bezant will retain the right, at its sole discretion, to cease expenditure on the initial assessment and withdraw from the Option, whereupon all other obligations under the Agreement would be terminated.
The Buffalo project is located 300 kilometres north west of Lusaka, accessed via tarred road and then 150 kilometres of gravel/dirt road from Kasempa town. The project is situated in the Central Zambian IOCG belt, which has long been recognised as being of high potential but which remains underexplored compared to the more well-established Zambian Copper Belt.
Historic records of exploration and mining at the Buffalo Project exist from 1899, with a 6% copper zone reported by Rhodesia Congo Border Concession Limited in the 1920s from pitting in siliceous, brecciated and hematitic siltstone.
Four diamond holes drilled in the 1960s by Chartered Exploration Limited recorded a best intercept of 28 metres at 1.07% copper, including six metres at 1.87% copper.
Limited small scale mining is taking place in the project area on obviously visible ore outcrops.