Bezant Resources PLC (AIM:BZT, FRA:BN5) and Caerus Mineral Resources PLC (LSE:CMRS) have agreed on the initial targets for their joint venture (JV) in Cyprus.
The JV has selected the Troulli Project as the first asset to be drilled under their joint venture agreement. The project comprises the Troulli, Kokkinapetra and Anglisides licences.
The joint venture partners will hold site meetings during the first two weeks of September to review the Troulli Project; Jubilee Metals Group PLC (AIM:JLP, FRA:JI5, JSE:JBL, OTC:JUBPF) will also provide input in these meetings.
Colin Bird, the executive chairman of Bezant, said the Bezant team was looking forward to meeting its new colleagues on-site and getting cracking on a work programme.
"The parties are of the opinion that the projects they have selected, offer the opportunity for consolidation and growth, whilst being relatively low in funding demands for both exploration and development,” Bird said.
“The parties will also assess the other projects in the option portfolio and establish a ranking for future evaluation, which may well vary based on our experience and how the commodity and precious metals world and prices evolve post-pandemic,” he added.