Bezant Resources PLC (AIM:BZT) posted a loss of £348,000 in the six months to June 2022. It closed out the period with £289,000 cash in the bank, although a further £450,000 was drawn down from a funding facility post the period end.
During the first half of the year, the company re-evaluated the Hope and Gorob project in Namibia and determined that the potential might be greater than previously considered. Accordingly, an initial surface drilling programme was undertaken.
This produced extremely encouraging results, demonstrating that gold and copper co-existed from surface in potentially mineable quantities. This was particularly well exhibited at the Hope portion of the licence, where potential for a near-surface mining situation was identified.
More drilling is planned.
In Botswana, trenching was undertaken at the Kanye project. This produced above average manganese grade potential suitable for the manganese battery industry. The company is now drill testing the project area, focusing efforts on an area named as the Moshaneng Borrow Pit.
Meanwhile, the Cyprus joint venture has identified an area of promise and Bezant said it intends to move towards resource definition and mine feasibility studies during the next six months.
The project area has been partially drilled and has indicated good oxide gold potential, with the former open pit providing the opportunity for deepening and extension. The pre-existing dumps and tailings will be sampled and included in the overall mining and processing strategy.
The company retains a 27.5% interest in the Mankayan project in the Philippines and is confident that it will monetise its position either by way of trade sale or an ASX listing.
In Argentina, the Eureka licences have been maintained in good standing.