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Bezant Resources inks pact with KPZ for 50% interest in Buffalo Copper & Gold Project in Zambia

Mining News - Published on Thu, 25 Apr 2019

Image Source: Mining Journal
Bezant Resources announced that it has entered into a binding memorandum of agreement with KPZ International Limited granting the Company a conditional option to acquire a 50% interest in small scale copper mining licence number15164-HQ-SML in the Republic of Zambia which contains the Buffalo exploration project. Under the terms of the Agreement and as consideration for such 50% interest in the Buffalo Project, Bezant is required to complete an initial assessment of the Licence area at a cost of up to USD 200,000 by 1 February 2020. Throughout the Initial Expenditure Phase, Bezant will retain the right, at its sole discretion, to cease expenditure on the initial assessment and withdraw from the Option, whereupon all other obligations under the Agreement would be terminated.

Highlights

HeadingComment
Low cost, 10 month project assessmentAll expenditure during the Initial Expenditure Phase to be invested directly in the Buffalo Project rather than being paid to the project's sponsors.
Accessible underexplored iron oxide copper-gold ("IOCG") locationThe Buffalo Project is located 300km north west of Lusaka, accessed via tarred road and then 150km of gravel/dirt road from Kasempa town. The project is situated in the Central Zambian IOCG belt, which has long been recognised as being of high potential but which remains underexplored compared to the more well-established Zambian Copper Belt.
Historic work includes drilling and current small scale activityHistoric records of exploration and mining at the Buffalo Project exist from 1899, with a 6 per cent. copper zone reported by Rhodesia Congo Border Concession Limited in the 1920's from pitting in siliceous, brecciated and hematitic siltstone. Four diamond holes drilled in the 1960s by Chartered Exploration Limited recorded a best intercept of 28m at 1.07 per cent. Cu, including 6m at 1.87 per cent. Cu. Limited small scale mining is taking place in the project area on obviously visible ore outcrops. After extraction, the ore is hand sorted to further upgrade the ore.
Strong geological indicatorsComposite grab sample collected from the ore zone by Bezant assayed 3.17 per cent. Cu and 0.97g/t Au. Steeply dipping mineralised zone traced over 80m along strike and continuing into the hillside, 15-20m wide with central high grade gossan zone 3-5m across.
 

Source :

Posted By : Sanju Moirangthem on Thu, 25 Apr 2019
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