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Bezant Resources unearths further potential at Hope project as due diligence advances

"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 Colin Bird

Bezant Resources PLC - Bezant Resources unearths further potential at Hope project as due diligence advances

Bezant Resources PLC (LON:BZT) told investors that due diligence for its proposed acquisition of the Hope Gold project in Namibia, is “progressing as anticipated” as it provided new details from ongoing technical work.

The company, in a statement, noted historical drilling information that has come to light during due diligence which creates further excitement and confidence for the project.

READ: Bezant to acquire stake in Hope project

"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," Colin Bird, Bezant chief executive said in a statement.

“It is also evident that the contribution of gold has been neglected which in today's times could in our view be quite significant.”

Highlight drill results among the historic data include 7.1 metres with a grade of 9.18% copper, 7.65 metres at 5.32% and 1.37 gram per tonne (g/t) gold, 4.4 metres at 7.79% and 1.73 g/t, 23 metres at 1.59% and 0.23 g/t, 10 metres at 5.72% and 0.56 g/t and 7.11 metres at 5.26% and 1.14 g/t.

Metallurgical test data indicates excellent recovery rates of 96% copper and 84% gold, Bezant noted.

The overall Hope project area has a mineral resource estimate (in accordance with JORC code) comprising 10.2mln tonnes at 1.9% copper and 0.3 g/t gold. Within that is the Hope deposit which contributes 3.09mln tonnes at 2.53% copper and 0.84 g/t gold.

Another deposit, Gorob-Vendome, hosts an estimated 3.83mln tonnes at 1.91% copper and 0.04 g/t – and historic drill data was also uncovered in the review. Highlights included 6.67 metres at 4.19% copper, 2.73 metres at 4.38 g/t copper and 5.25 metres at 3.41% copper.

Bezant noted that Gorob-Vendome has not previously been assayed for gold, so there is unrealised potential there meanwhile, more broadly, it also sees further excellent exploration potential.

Quick facts: Bezant Resources PLC

Price: 0.245 GBX

AIM:BZT
Market: AIM
Market Cap: £8.68 m
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