Bezant Resources (BZT) has mobilised a drill rig to test several new airborne EM targets in the vicinity of the Hope and Gorob copper-gold deposits on the Matchless belt in Namibia.
The copper-gold exploration and development company said the drill rig has been mobilised to undertake at least 2,000m of diamond drilling to test several new airborne EM conductors.
The drilling has the potential to add to the existing JORC compliant mineral resource base.
Bezant has also engaged consultants to undertake work on an updated scoping study and an environmental screening and baseline study covering the Hope-Gorob deposits, it reported.
A contract has now been signed with Practara, a solutions consultancy firm of South Africa, for an update of the project scoping study for inclusion in the mining licence application.
A further contract has been signed with Namisun Environmental Projects and Development of Namibia to undertake an environmental screening and initial baseline study on the area.
The company has organised these studies with the aim of preparing for a mining licence application before the expiry of the current exclusive prospecting licence in October 2022.
The studies will cover areas such as geotechnical engineering, underground mine planning and scheduling and financial assessment; groundwater; biodiversity and dust monitoring.
Back in September 2021, the modelling of data from Bezant's helicopter-borne EM survey at the copper-gold deposits, covering about 3,000 line kms along a 130km strike extent of the Matchless Copper Belt, highlighted several highly prospective drill targets on EPL 5796.
The EM survey was designed to look for buried extensions of the Hope and Gorob-Vendome deposit cluster on EPL 5796, as well as to test the ‘extensive underexplored potential,’ it said.
The drilling plan will aim to complete 8-10 holes on the identified targets on EPL 5796, starting in late November. It said this is likely to continue into January 2022 after the Christmas break.
Bezant aims to discover new copper-gold zones adjacent to the established deposits which have the potential to increase the mineral resources available to a future mining operation.
The Company’s Hope Copper-Gold project comprises three exclusive prospecting licences, EPL 5796, EPL 7170 and EPL 6605, totalling approximately 1,053km2, located in central Namibia approximately 100km to the southwest of Windhoek, the capital of Namibia.The project covers a significant portion of the highly prospective Matchless Copper Belt.
Executive Chairman, Colin Bird, said: "We consider Namibia a very supportive jurisdiction and we are doing all necessary to progress plans for a mining application at Hope-Gorob."
He added, “We are excited about the planned drilling programme - we have an already established resource and the geophysics suggests the potential to mirror that resource. A drill rig is on site and we look forward to reporting on progress as the programme advances."
Last week, Bezant Resources secured a £1 million unsecured convertible loan funding facility with the financial services company and long term shareholder Sanderson Capital Partners.
The London-listed copper-gold exploration company noted that the convertible loan note will be available in three tranches – at share prices of 0.19p, 0.225p and 0.25p, respectively.
The facility represents a potential further source of working capital for Bezant during a time in which ‘the funding market for junior exploration companies can be subject to market volatility.’
The group can use the facility to fund the working capital requirements of its business and its subsidiaries as it determines, but is not required to draw down under the facility, it explained.
In recent weeks, Bezant Resources informed investors that a Philippine government review relating to the Mankayan copper-gold project was ongoing. Specifically, it is reviewing Crescent Mining Development Corp’s renewal application for a second 25-year term.
The company announced back in September 2021 that it had entered into a conditional agreement with IDM Mankayan Pty Ltd to advance the Mankayan copper-gold project.
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