REG - Bezant Resources PLC - Geophysical Surveying at Kanye Manganese Project

Bezant ResourcesAnnouncement

13/05/2024 07:00

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RNS Number : 0542O  Bezant Resources PLC  13 May 2024

 

 13 May 2024

Bezant Resources Plc

("Bezant" or the "Company")

Commencement of Geophysical Surveying at Kanye Manganese Project

 

Following on from the positive results obtained from the Phase 2 metallurgical
test work at the Kanye battery manganese project in Botswana, Bezant (AIM:
BZT) is pleased to provide information on the commencement of geophysical
surveying to assist in extending the footprint of the deposit.

 

Highlights:

 

·    IP/resistivity geophysical surveying will be undertaken initially on
three profiles across the detrital manganese deposit as established by mapping
and the previous Phase 1 drilling programme.

 

·    Subject to these results it is planned to extend the survey for at
least 2km along strike to test the extensions to the deposit indicated by
earlier soil sampling.

 

·    The aim of the survey will be to expand the footprint of the deposit
by outlining targets for further drilling, leading towards definition of an
initial mineral resource.

 

 

Colin Bird, Executive Chairman of Bezant, commented: "We were encouraged by
the results of the initial drilling programme and the metallurgical recovery
test work which demonstrated that the Kanye mineralisation is potentially
suitable for processing to high purity manganese and therefore of significant
potential value. The new geophysical survey is designed to define the size and
scope of the project prior to further drilling.

We will advise the market on the outcome of the survey work and plans for the
drilling programme that emerges, if appropriate."

 

 

Background

 

The Project Area is close to the K-Hill manganese deposit where a TSX listed
public company reports a PEA based on a life of project MnO grade of 15.2%
yielding a NPV (8%) of US$984m and an IRR of 29.4% - a mining licence
application has been lodged.

 

On 9 February 2023 Bezant announced the results of a maiden drilling programme
at the Moshaneng prospect on the Kanye property. Drilling intersected a zone
of shallow flat-lying detrital supergene manganese-iron mineralisation which
appears to infill an irregular karst surface over a minimum strike length of
400m.

 

Among assay intervals encountered were:

 

o  6m @ 28.64% MnO from 6m depth in hole MS-RC-12

o  Including 4m @ 35.38% MnO from 8m depth

o  3m @ 21.85% MnO from 4m depth in hole MS-RC-06

o  3m @ 21.20% MnO from 2m depth in hole MS-RC-07

 

Less than 25% of the more than 2km potential extent of the target defined by
soil geochemistry has been drill tested to date.

 

Sulphuric acid leaching optimisation testwork on Kanye drill samples found
that manganese recoveries of 99.4% were achievable at moderate process
conditions. The Kanye manganese deposit demonstrates an excellent overall
manganese recovery using moderate leaching conditions compared with
benchmarked projects.

 

Having established that the Kanye mineralisation is potentially suitable for
processing to high purity manganese, the Company plans for further exploration
at the project to expand the footprint of the deposit and advance towards
resource definition. Further metallurgical test work will be considered at a
later stage of project advancement.

 

For further information, please contact:

 Bezant Resources Plc

+44 (0)20 3416 3695
 Colin Bird Executive Chairman
 Beaumont Cornish (Nominated Adviser)       +44 (0) 20 7628 3396

Roland Cornish / Asia Szusciak
 Novum Securities Limited (Joint Broker)

 Jon Belliss                                +44 (0) 20 7399 9400
 Shard Capital Partners LLP (Joint Broker)

 Damon Heath                                +44 (0) 20 7186 9952

Beaumont Cornish (Nominated Adviser)

Roland Cornish / Asia Szusciak

+44 (0) 20 7628 3396

Novum Securities Limited (Joint Broker)

Jon Belliss

 

+44 (0) 20 7399 9400

Shard Capital Partners LLP (Joint Broker)

Damon Heath

 

+44 (0) 20 7186 9952

 

or visit http://www.bezantresources.com (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.

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