Bezant Resources (AIM:BZT)  has entered into a binding joint venture agreement with KPZ International to acquire 30% interest in the Kalengwa greater exploration area in Zambia for US$0.75m. 

The AIM-listed copper-gold exploration firm will acquire its stake in the 974km2 large scale exploration licence, 24401-HQ-LEL, in Zambia by acquiring a 30% shareholding in KPZ. 

The acquisition will grant access to and operator status of the exploration area surrounding the ‘high-grade’ Kalengwa open pit mine which holds copper, cobalt, silver, gold and other specified minerals. 

The licence, which is held by Kalengwa Processing Zone, a wholly owned subsidiary of KPZ, was granted on 2 April 2019 and is valid for an initial period up to 1 April 2023. 

The group said that past third party production at the Kalengwa open pit mine had estimated 1.9 million tonnes grading at 9.44% Cu and 50 g/t Ag. 

Shares in Bezant Resources were trading 7.69% higher at 0.07p on Monday morning. 

Historical exploration data also highlights several strong geochemical/structural targets on the property, many of which have not been previously drill tested. 

The initial objective of the joint venture is for the parties to fully evaluate this extensive historic exploration data in order to prioritise targets for follow-up and early drilling. 

The group noted that targets include partially drilled mineralisation within 2-4km of the mine and an untested 13km long copper soil anomaly aligned with the major structure. 

Bezant said it will focus resources on progressing the ‘larger scale’ Kalengwa exploration project and will therefore not exercise its pre-existing option over the Buffalo Project in Zambia which the group said will be lapsed on its scheduled expiry date of 30 April 2020. 

“We are delighted to have entered into this joint venture with KPZ Int and will seek to pursue an aggressive reconnaissance work programme to unlock the asset's inherent value potential,” said Colin Bird, Executive Chairman of Bezant. 

He added, “All the preliminary indications are that Kalengwa represents an above average copper exploration project and we look forward to commencing exploration activities in the near future." 

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