Bezant Resources (BZT) and Caerus Mineral Resources (CMRS ) said they have selected the Troulli Project as the first asset to be drilled under their joint venture agreement.
In a morning statement, Bezant, a copper-gold exploration and development company, noted that the selected projects comprise the Troulli, Kokkinapetra and Anglisides licences.
The Troulli copper deposit, like most copper deposits in Cyprus, was initially discovered in Roman times as evidenced by the ancient galleries and small remnant "slag" piles on the licence. The Kokkinapetra Project represents the geological extension of the Troulli deposits
Bezant announced at the start of the month that it had entered into an exclusive option agreement with Caerus to enable both parties to develop copper gold projects in Cyprus.
It stated that if the project selected surpassed the development criteria then both parties would form a joint venture to develop the project whereby Bezant will be responsible for the designing, construction and operation of any mine developed under this agreement.
Having now selected the properties, both parties intend to hold site meetings during early September 2021 in order to agree exploration and assessment programmes under their JV.
The review, which will also have input from Jubilee Metals Group (JLP ), will cover all waste recycling and hard rock VMS projects within the Caerus portfolio with an emphasis on Troulli as the first Joint Venture project between Caerus and Bezant, Caerus told investors.
Addressing shareholders Caerus said a diamond drilling and mineral resource estimation programme will be agreed for Troulli along with other detailed sampling programmes specifically for mineralogical and metallurgical test work, bulk sampling, site surveys and preliminary economic assessment leading to a mining plan and processing plant design.
Martyn Churchouse, Chief Executive Officer of Caerus Mineral Resources, commented: "The opportunity to spend time on-site with our partners reviewing the Troulli Project in detail will be invaluable. This represents a significant step in the development of the Company.”
During the site visit both Bezant and Caerus Mineral Resources will develop a primary exploration plan, which initially will be reconnaissance, testing depth and strike continuity.
In addition, all other matters relevant to development will be considered during the site visit to allow early conceptual project design. Meanwhile, Bezant said other projects within the Option Agreement will be visited and the Parties will develop a lead table of opportunities.
Colin Bird, Executive Chairman of Bezant Resources, said: "The Parties are of the opinion that the Projects they have selected, offer the opportunity for consolidation and growth, whilst being relatively low in funding demands for both exploration and development.”
Bird detailed that both companies will also assess the other Projects in the Option portfolio and establish a ranking for future evaluation, “which may well vary based on our experience and how the commodity and precious metals world and prices evolve post pandemic.”
He said, “We look forward to working with Caerus on this Project and look forward to meeting our new colleagues on site, with the purpose of accelerating a meaningful work programme."
Bird said the arrangement “benefits both parties” in that Bezant will assist Caerus in fast tracking its assessment, whilst gaining access to new small-scale copper development assets.
He added that the Caerus team, in Bezant’s opinion, “have assembled and positioned themselves with an extraordinarily gold/copper portfolio in a mining friendly jurisdiction."
View from Vox
In June 2021, the Group told investors that its recently completed reconnaissance mapping, prospecting and sampling work at its 100% owned high-grade Kanye manganese project in Botswana had indicated the potential of the project’s high-grade manganese deposits.
Bezant said it plans to follow-up the main targets with clearance/trenching by mechanical excavator to facilitate detailed mapping, prospecting and more systematic sampling. It said the confirmed targets will be drill tested to define lateral and depth extent of deposits.
Reasons to BZT
Bezant is focused on building ‘significant value’ in projects from highly cost-effective work programmes. Following its work in delineating mineable reserves at our Mankayan project in the Philippines, it is now focused on gold-copper exploration and development activities.
BZT has repositioned its portfolio as copper demand continues to surge. In 2020, it ramped up its copper projects by acquiring Kalengwa in Zambia and the Hope project in Namibia.
As a result, the Company is now ‘well positioned’ in the gold-copper space just as Copper prices jump well above pre-COVID-19 levels, with the commodity seeing its highest quarterly increase since mid-2009 as a result of resurgent sales in China with demand for copper forecast to double by 2030.
In January 2021, BZT said that samples taken from the Hope Copper-Gold Project in Namibia confirmed the group’s assertion that gold should be present at the Gorob-Vendome deposit.
Bezant said the accompanying gold values in the Bezant holes support management’s belief that the gold content could be higher than previously reported in the Gorob-Vendome Inferred Mineral Resource estimate and therefore could add considerable value to the project.
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