01 November 2024

Bezant Resources PLC

("Bezant" or the "Company")

Hope & Gorob Gold Contribution Review

Bezant Resources ("Bezant" or the "Company") is undertaking a review of the quantum and distribution of gold mineralisation at the Hope & Gorob Project in Namibia.  

Over the last few years copper concentrate containing gold has been well received by the refining industry with gold credits attracting good payability. This underpins the motive for the Company's study to establish the real contribution of gold to the overall economics of the Hope and Gorob project.

A typical gold credit of 0.4g/t Au, in line with the Hope mineral resource, at a current gold price of US$2,700 per ounce contributes a gross value of approximately US$35 per tonne of ore at this grade. Taking this credit through to concentrate, having estimated processing recoveries (ore sorting and final concentration) together with refinery payability indicates a potential significant contribution towards mining and processing operating costs. 

Highlights

·    A rising gold price has triggered an internal review of gold distribution within the Mineral Resource and some confirmatory drilling is planned for areas known for high gold grades.

·    At today's prices the gold contribution to Hope and Gorob, subject to further drill confirmation at Gorob and other outlying deposits and the establishment of a mineable reserve, has the potential to cover both mining and processing costs.

·    Drilling completed by Bezant in 2022 over Hope, Gorob and Vendome reported peak gold grades for Hope including HPD004: 2.0g/t Au over 1.35m, HPD009: 2.57g/t Au over 0.3m and HPD010: 1.54g/t Au over 0.65m and for Vendome VED001: 5.89g/t Au over 1.76m.  These gold credits represent by-product values of US$174, US$223, US$134 and US$512 per tonne respectively at a gold price of US$2,700 per ounce.

·    Peak historic gold intercepts achieved during drilling campaigns pre-dating Bezant include notable intercepts of copper and gold in borehole HDD035 of 20g/t Au, 61g/t Ag & 16.8% Cu over 0.96m and 22g/t Au, 26g/t Ag & 3.98% Cu over 1.01m.

·    Historic grab samples collected on outcrop at Hope, Gorob, Vendome as well as other prospects along strike from Hope including Du Preez, Luigi, Gird and Bruna reported notable gold grades peaking at 6.76g/t Au.

·    The Company will attempt to model an in-house theory that some high gold values are structurally controlled and linked to remobilisation and consequent upgrading of gold values.  Successful modelling could influence future production, and the targeting of high gold values often associated with equally high copper grades (See tables 1 and 2).

Colin Bird, Executive Chairman of Bezant, commented "Hope and Gorob is primarily regarded as a copper Project, however the gold contribution is significant and, in certain areas of the deposit, in-situ gold values are as high, if not higher, than copper. This has led to a reassessment of the distribution of mineralisation resulting in the identification of areas with the propensity for higher gold contribution. This in turn will lead us to optimize pit contribution considering both copper and gold values. This is important to maximise early cash flow once the Project commences.

Work is continuing on all other aspects of Hope and Gorob Project development.".

Table 1: 2018 Grab samples on known Hope & Gorob copper occurrences

Table 2: Notable high gold grades and corresponding high copper grades in borehole intercepts at Hope and Vendome

For further information, please contact:

or visit http://www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Qualified Person:

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, technical director of Bezant Resources Plc. Mr Slowey is a graduate geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules.  Mr Slowey has reviewed and approved this announcement.