Bezant Resources (AIM:BZT) unveiled to investors this morning that it has completed its acquisition of Virgo Resources and its interests in the Hope Copper-Gold Project in Namibia.
Executive Chairman of Bezant Resources, Colid Bird, said the acquisition of the Hope Gold Copper project represented “a significant milestone” for the Company.
Bezant announced its intention to acquire 100% of Virgo Resources and the project which holds 10.2 million tonnes JORC category grade of about 1.9% copper and 0.3 g/t of gold in June 2020.
“We have acquired a very attractive project with a combined JORC (2012) Mineral Resource of 10.2Mt @1.9% Cu and 0.3g/t Au at a 0.7% Cu cut off in Namibia, which aside from being an excellent jurisdiction, is attracting increased attention as a source of Copper,” he said.
Shares in Bezant Resources have improved since April 2020 and were trading 8.33% higher at 0.13p this morning following the announcement.
As part of the acquisition, the copper-gold development company had issued around 422 million new shares at a deemed price of 0.2p, together with up to 113 million shares based on the company’s share price on August 14, as well as A$157,021 (£86,600) paid in cash.
“From Bezant's technical due diligence it was clear that there is potential for considerable upside as the Gorob-Vendone Deposit was not assayed for gold and there is the possibility for further discovery of similar type mineralisation as the project contains 150 km not yet tested.
Now that the transaction has been completed Bezant will be looking to implement the value creation strategy announced on 15 July 2020,” added Bird of the Hope Copper-Gold Project.
The project area has good infrastructure and a history of successful mines owned by major mining companies, Bezant noted, adding that Namibia holds ‘good copper and zinc potential.’
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