Bezant Resources (AIM:BZT) has raised £625,000, before expenses, to fund new exploration drilling at the Hope Copper-Gold project in Namibia, through the issue of 750,000,000 new ordinary shares at a price of 0.08 pence.
The copper-gold exploration group will use the proceeds to assess gold potential at Gorob-Vendome Deposit where most of the historic drill programs were not assayed for gold as well as at the Kalengwa project in Zambia to test one or more of the identified anomalies.
Colin Bird, Bezant’s Executive Chairman has invested £25,000 representing 4.17% of the total fundraising amount.
Shares in Bezant Resources have increased from lows of 0.05p in April and were trading above the placing price at 0.095p this morning.
Commenting on the two projects and the effect of this morning’s raise, Bird said: “The commencement of reconnaissance drilling at both the Hope Copper-Gold Project and the Kalengwa project will enable us to further develop our understanding of these two significant projects in a positive market for gold and copper.
At the Gorob-Vendome Deposit rock chip results have returned gold grades of 0.1-6.8 g/t Au in association with a copper mineralisation.
These rock chip results show that there is gold associated with the copper minimisation within the Gorob-Vendome Deposit, similar to that found within the Hope Deposit and therefore, it is interpreted that the gold grade of the current JORC (2012) Mineral Resource of 10.2Mt @1.9% Cu and 0.3g/t Au at a 0.7% Cu is a significant underestimate.
At Kalengwa the anomalies are within 2-4Km of the historic Kalengwa mine and an untested 13 km long copper soil anomaly aligned with the major structure."
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