Bezant Resources PLC (AIM:BZT) said it submitted a mining licence application and an exploration licence renewal application for its Hope and Gorob copper-gold project in Namibia - lifting its shares as much as 11%.
The AIM-traded copper-gold exploration and development group also reported better-than-expected results from further drilling on the Hope and Vendome prospects.
The mining licence application was based on an updated scoping study that indicated the potential to develop a surface and underground copper mine.
“The completion of the scoping study and submission of the mining licence application for the Hope-Gorob project represents a significant project milestone,” said executive chairman Colin Bird.
Recently completed shallow drilling has continued to extend the strike and up-dip extension of mineralisation at both the Hope and Vendome prospects. The current drillholes have added more than 1.5km to the mineralised strike length, with the potential to add significantly to the previously estimated mineral resource, the company said.
Assay results have been received for a further nine drill holes: two at Vendome and seven at the Hope prospect.
“The latest drill assay results from this programme are very encouraging and in advance of our expectations,” said Bird.
“The implication is that clearly the near-surface area potentially contains enough mineralisation over good widths sufficient to support open pit mining, providing an opportunity to accelerate development of our mining plans.”
Highlights from the latest assay results include 4.6% copper and 2.80 grammes a tonne (g/t) gold over 3.81 metres (m) from a depth of 39.32m from one drill hole at Vendome. While results from the Hope prospect include 2.4% copper and 0.36g/t gold over 14.28m; 1.90% copper and 0.36g/t gold over 9.30m; and 1.49% copper and 0.23g/t gold over 16.97m.
The gold grades provide a significant potential by-product value addition, it noted.
“It should be noted that these results can be expanded beyond the immediate vicinity of the recent drilling and towards other areas where there has been no historic drilling or any systematic exploration,” added Bird.
“We are very excited at the potential offered by these results to add to the project's copper and gold base resource and further effort will be directed towards significant growth of Hope and Gorob and nearby targets."
Bezant’s shares were up 10.5% at 0.11 pence in early trading.