Bezant 'encouraged' by work at Cyprus joint venture
Bezant Resources updated the market on its Cyprus joint venture with Caerus Mineral Resources on Thursday, reporting that independent laboratory assays had been received for both dump sampling and drilling for the Troulli, Kokkinapetra and Anglisides projects.
The AIM-traded firm said that at the Troulli Project, stockpile sampling returned an average grade of 1.2% copper, while the tailings sampling was at double the projected grade, and positive copper and gold mineralisation drill results were returned outside the main Troulli deposit area.
It said Troulli stockpile sampling returned a consistent average copper grade of 1.2% copper over more than 639 metres of trenching, with sections sampled at five metre intervals.
Troulli tailings sampling over 44 metres returned an average grade of 0.4% copper and 0.2 grams of gold per tonne - double the projected grade - providing a further easily accessible low-cost resource for early cash flow.
Drilling on the fringes of the Troulli deposit extended the surface profile of both copper and gold mineralisation, with peak intercepts including 0.86% copper equivalent over 15.6 metres from 67.1 metres in hole TR21DD007, 1.21 grams of gold per tonne over 21.8 metres from 2.7 metres in hole TR21DD013, and 0.77% copper equivalent over 37.1 metres from zero metres and 0.8 grams of gold per tonne over 15.2 metres from zero metres at hole TR21DD014.
In hole TR21DD017 it recorded 0.5 grams of gold per tonne over 35.5 metres from zero metres and 1% copper equivalent over 16.05 metres from 15.05 metres, while at hole TR21DD018 it reported 0.5 grams of gold per tonne over 36 metres from 5.2 metres and 0.6% copper equivalent over 39.4 metres from four metres.
Finally, at hole TR21DD019 the company highlighted 0.65% copper over 16.9 metres from 21.6 metres and 0.8 grams of gold per tonne over 10.4 metres from zero metres.
At the Kokkinapetra Project, Bezant said drilling of the 1.5 kilometre strike length of the Kokkinapetra extension of the Troulli deposit returned “extremely encouraging” drill results, including 0.85% copper equivalent over 28.1 metres from surface, one gram of gold per tonne over 10.8 metres and 0.66% copper equivalent over 29.2 metres, also from surface.
A ground geophysical survey would now be conducted to better define the next round of drill targets.
Finally, at the Anglsides Project, the firm said validation drilling of the Troulli satellite project returned “equally encouraging results”, with a peak intercept of 1.18% copper equivalent over 40 metres from surface.
A more comprehensive drilling programme would now be undertaken, with the objective of defining a high-grade resource that could be processed off-site at the future Troulli plant site.
Caerus also announced the appointment of Nigel Chapman as its chief operating officer for Cypriot operations.
“These results are highly encouraging in whichever way you look at them,” said chief executive officer Colin Bird.
“We have good results from our stockpiles and tailings and extensions to primary copper are significant and will extend our known resources for mine planning purposes.
“I am particularly encouraged by the Kokkinapetra extension of the Troulli deposit.”
Bird noted that the drilled mineralised intervals were “significant and consistent”, adding that with the widths being experienced, there was potential to build up “considerable tonnage” between the two deposits.
He added that the initial foray into Anglisides again showed “considerable” mineralised intervals at good grades.
“The potential to link these two areas is evident and will be included in our project planning.
“We intend to carry out an outline scoping study to define the annual tonnage and grade, whilst determining capital and operating cost.”
Colin Bird said the results to date underpinned the company’s prognosis and expectations for initial joint venture production of around 8,000 tonnes of copper for eight to 10 years.
“However, this being the objective, we will not be blinkered in our approach, since the combined scenario may present an opportunity for a bigger operational plan, which if evident, we will pursue.”
At 1455 GMT, shares in Bezant Resources were down 8.82% at 0.16p.
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