12 April 2021

Bezant Resources Plc

("Bezant" or the "Company")

Minemba Prospect Kalengwa Copper Project, Zambia

Bezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce a significant copper intercept in its first drill hole at the Minemba prospect within the Kalengwa exploration project area in Zambia (the "Kalengwa Exploration Project") in which the Company has a 30% interest and acts as operator.

Highlights

·    Bezant's first hole on the Minemba prospect, MB-01, stepped back to drill at an angle beneath the earlier intercepts, encountered visible chalcopyrite copper mineralisation over a substantially greater interval than the historic holes starting at 81m depth, with semi-continuous mineralisation logged over a 94-metre interval from 101m to 195m.

·     Preliminary hand-held XRF measurements (to be confirmed with geochemical assays taken from half-core samples) returned copper grades over the following down-hole intervals:

o  94m @ 0.79% Cu from 101-195m 

o  including 13m @ 1.17% Cu from 118-131m

o  and 10m @ 2.14% Cu from 147-157m

o  and 15m @ 1.32% Cu from 163-178m

·    Limited historic drilling in the late-1960s at Minemba, just 4km from the former Kalengwa mine, intersected narrow zones of copper mineralisation up to 4.3m wide within a gabbro intrusive.

·    Interpretation by Bezant concluded that the target was positioned on a structural 'mirror image' of the Kalengwa mine setting and that mineralisation was potentially open down-plunge and along strike

·    Chalcopyrite occurs as disseminations and replacements in both the altered/brecciated gabbro intrusive and the adjoining conglomerate sedimentary unit (the main ore host unit at the Kalengwa mine)

·    The scale of the new intercept significantly extends the potential target size and the discovery of mineralised conglomerate, in addition to the gabbro-hosted mineralisation, provides a clear analogy with the Kalengwa deposit

·    The drill rig will now move to commence the planned second hole at Minemba

·    In addition, limited drill testing at the Kalengwa SW2 target about 2km to the southwest of the Kalengwa open pit does not appear to warrant further work for now.

Colin Bird, Executive Chairman of Bezant, commented:

"The Minemba prospect is one of the identified intrusive-related targets which were ready for drill testing. Historic work identified some evidence of mineralisation but our targeted hole intersected lengthy apparently significant mineralisation. The mineralisation host type is somewhat similar to the Kalengwa main mine and as such gives us encouragement as to potential. The main mine yielded 2 million tonnes of ore at an average of 9.44% Cu representing one of the richest copper deposits discovered in Zambia. 

We will drill another hole in the perceived direction of strike and if successful will continue with ground geophysics to truly identify the strike and extent of this intrusion and associated mineral system."

Minemba Target

The Minemba target was first identified by Roan Consolidated Mines ('RCM'), the operator of the Kalengwa open pit copper-silver mine in the 1960s, based on a copper geochemical anomaly found by auger drilling 4km to the northeast of Kalengwa, associated with a discrete magnetic anomaly believe to be related to gabbro intrusive rocks. Five diamond drill holes spaced 100-200m apart and angled towards the north were completed at that time. Four of these intersected steeply-dipping chalcopyrite-pyrite mineralisation over narrow intervals at depths ranging from 80-200m below surface within the gabbro - in contrast to the sedimentary host rocks at Kalengwa. Drill intercepts included 4.3m @ 1.43% Cu (hole MN 496) and 2.7m @ 2.08% Cu (MN 495). Despite the proximity to the high grade Kalengwa mine, no further diamond drilling was subsequently carried out. Mineralisation based on the RCM holes covers a strike extent of 300m and is open along strike to the northeast as well as down-plunge, with an average thickness of 2.5m, apparently widening at depth.

Bezant reviewed the extensive dataset from previous exploration over the Kalengwa exploration licence and concluded that Minemba was located on a structural mirror image of the Kalengwa deposit setting, aligned directly with the offset continuation of the NE-trending Kalengwa Lineament and therefore the target was prioritised for further drill testing.

Bezant Drilling

The aim of Bezant's drill programme was to test the down-plunge and along-strike extent of the earlier drill intercepts at Minemba within the gabbro intrusive (potential mineral feeder zone) while also looking to test the boundaries of this unit with the Kalengwa Mine sedimentary package (potential host unit). Two holes were planned in this initial reconnaissance programme.

Hole MB-01 was drilled at -50^o towards the northwest, stepping out 50m southeast from historic hole MN 496, and was completed at a depth of 211.3m. The summary log is as follows:

0 - 25m            Overburden,

25 - 78m         Partly weathered massive and brecciated gabbro

78 - 127m       Silicified gabbro, brecciated, with carbonate veining; iron occurs as magnetite & hematite; chalcopyrite appears as disseminations and blebs, associated with pyrite from 81m, becoming more prominent from 101m

127 - 172m     Conglomerate unit with disseminated chalcopyrite and pyrite

172 - 186m     Massive gabbro, with chalcopyrite/pyrite as disseminations and in carbonate veins

186 - 198m     Pebbly conglomerate, with disseminated chalcopyrite and pyrite

198 - 211.3m  Shale/siltstone - chlorite alteration & carbonate stockwork veining. Minor chalcopyrite and pyrite, fading out at depth

End of hole

While the shape, orientation and scale of the mineral deposit at Minemba remains to be fully established, the length of the mineralised intercept from 101m - 195m is clearly an order of magnitude greater than found by previous drilling, and the discovery of mineralised conglomerate adjacent to the altered and mineralised gabbro significantly extends the potential target size as well as providing a direct analogy with the Kalengwa deposit itself.

Core is being fully logged and will be split for laboratory assay.

The drill rig will now move to complete the second of the two planned holes, 100m along strike to the northeast of MN496.

In addition to Minemba, the Company also carried out limited drill testing at the Kalengwa SW2 target about 2km to the southwest of the Kalengwa open pit. Drilling totalled 530.2m in a profile of five short holes to test a geochemical anomaly in the vicinity of an interpreted gabbro intrusive. The holes intersected a mixed zone of banded sediments and gabbro. Minor vein-associated chalcopyrite mineralisation was seen in the intrusive, peaking at 0.35% Cu over 1m in hole KSW-04 based on hand-held XRF analysis, however this does not appear to warrant further work for now.

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, technical director of Bezant. 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.

For further information, please contact:

or visit 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 Regulation (EU) No. 596/2014.

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