2 July 2024
Bezant Resources Plc
("Bezant" or the "Company")
Mankayan Project Investment Update
Bezant (AIM: BZT), the copper-gold exploration and development company, announces that IDM International Limited ("IDM") to which the Company sold its interest in the Mankayan Copper Gold project in the Philippines ("Mankayan Project") has provided a shareholder update which is copied in its entirety below and has launched an updated corporate website at https://www.idminternational.com.au/ ("IDM Website") which provides information on and updates in relation to the Mankayan Project and IDM International.
Bezant currently owns 19,381,054 IDM shares (approx. 22.96%) which are recognized in its 2023 accounts at AUD 20 cents per share.
Colin Bird, Executive Chairman of Bezant, commented
"We are very pleased to share an update on the Mankayan Copper Gold Project which demonstrates the professional and diligent manner in which management in the Philippines supported by IDM are developing the Mankayan Project. The Mankayan Copper Gold Project is a Tier 1 asset and with the recognised copper shortfall there is a need to bring large copper projects like the Mankayan Copper Gold project into production to meet the copper supply shortfall being faced by global markets."
The IDM International shareholders update dated : 28 June 2024 is in italics and starts after the double line below and continues to the double line at the end of this announcement
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" IDM International Limited ("IDM" or the "Company") is pleased to provide an update on the operations at its Mankayan copper-gold project in the Philippines ("Mankayan").
Highlights since Mankayan Project Acquisition
• The renewal of the Mankayan MPSA (25-year mining license).
• Prefeasibility drilling complete.
• Final assemblies for the FPIC underway (life of mine social license).
Background
In 2022 IDM acquired Mankayan on the back of a 25-year Mineral Production Sharing Agreement ("MPSA") renewal by the Mines and Geosciences Bureau ("MGB"). In conjunction with the acquisition, key in country management, who have long been involved with the project, joined IDM to provide the important local, governmental, social and technical content required to take Mankayan forward.
Mankayan is a Tier 1 asset located in the mining friendly jurisdiction of Northern Luzon which hosts other large Cu-Au deposits and prospects (Figure 1). Sitting with over 56,000m of drilling and a JORC 2012 compliant mineral resource of 793Mt containing 2.8Mt of copper, 9.7M oz of gold and 21M oz of silver (>.25% Cu eq cut off) it is one of the largest undeveloped copper-gold porphyry projects in the world. Significant intercepts from this historic drilling are tabulated below. A drill hole location plan is included as figure 2.
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DHID | Significant Intercepts | Higher Grade Intercepts | ||||||||
| From (m) | To | Interval (m) | Ave %Cu | Ave ppm Au | From (m) | To (m) | Interval (m) | Ave %Cu | Ave ppm Au | |
|
PFC-40 |
229.90 |
1348.60 |
1118.70 |
0.422 |
0.559 | 558.30 | 582.30 | 24.00 | 0.661 | 0.609 |
| 690.30 | 772.30 | 82.00 | 0.486 | 0.622 | ||||||
| 883.30 | 1235.15 | 351.85 | 0.534 | 0.793 | ||||||
|
MMD-11 |
156.20 |
1067.50 |
911.30 |
0.510 |
0.626 | 476.10 | 545.30 | 69.20 | 0.463 | 1.090 |
| 814.70 | 1067.50 | 252.80 | 0.733 | 0.886 | ||||||
|
PFC-44 |
247.00 |
1219.30 |
972.30 |
0.435 |
0.584 | 487.00 | 496.00 | 9.00 | 0.493 | 1.777 |
| 565.00 | 1090.00 | 525.00 | 0.517 | 0.730 | ||||||
| THM-22 | 254.00 | 1008.00 | 754.00 | 0.491 | 0.638 | 572.00 | 1002.00 | 430.00 | 0.581 | 0.800 |
|
PFC-43 |
308.00 |
1055.00 |
747.00 |
0.486 |
0.593 | 395.00 | 422.00 | 27.00 | 0.474 | 1.198 |
| 443.00 | 461.00 | 18.00 | 1.048 | 1.995 | ||||||
| 560.00 | 625.80 | 65.80 | 0.640 | 0.747 | ||||||
| 790.80 | 1034.00 | 243.20 | 0.589 | 0.604 | ||||||
Mankayan is registered as a Priority Project by the Philippines government. It is seen as critical Mankayan is brought through development and ultimately into production.
Work to date since acquisition of project by IDM International
Upon grant of the MPSA the company initiated pre-feasibility studies. A gap analysis was conducted on the 2014 Scoping Study Updated by Mining Plus. This identified the need for refined metallurgical test work, geotechnical studies and structural modelling. This necessitated two diamond drill holes which have been completed. Geotechnical logging and subsequent structural modelling are complete. The samples for metallurgical test work have been delivered to Perth for processing.
In tandem with the pre-feasibility work the company has been advancing it's permitting and community relations. The most important being to obtain a Free and Prior Informed Consent ("FPIC"). This involves extensive consultation with the community at large as well as the local governments (Barangays) and the recognised Indigenous Peoples. The first round of assemblies have been carried out with favourable results. The second round of assemblies will be conducted this month, hopefully culminating in a consensus. Once consent is given negotiations commence on a Memorandum of Agreement (MoA) which is the social license to operate for the life of the mine.
Further announcements on key outcomes will be made in due course.
Financing and Capital Structure
The Company has funded the work to date through equity (no debt) through the board, existing IDM shareholders and sophisticated investors and is in discussions with other strategic investors to provide the capital with which to complete the PFS. Post or in conjunction with this, IDM will be seeking to IPO, RTO or work through alternative ways for a liquidity event as a means to drive the best value for shareholders.
Tightly held with the top 20 amongst 800 shareholders, IDM's current capital structure is as follows:
Shares on issue 85,116,560 (~800 shareholders)
Options on issue 3,800,000 @ 20c, 2 years 6,620,000 @ 40c, 2 years
New Website
Shareholders are invited to look at IDMs new website, https://www.idminternational.com.au/ which has full details on Mankayan or reach out to the IDM International board with any questions.
Table 1: Mineral Resource Table
| JORC 2012 MINERAL RESOURCE ESTIMATE (0.25% CuEq cut-off) | ||||||||
| Resource Category | Mt | CuEq (%) | Cu (%) | Au (g/t) | Ag (g/t) | Cu (Mt) | Au (Moz) | Ag (Moz) |
| Measured | - | - | - | - | - | - | - | - |
| Indicated | 638 | 0.68 | 0.37 | 0.40 | 0.9 | 2.3 | 8.2 | 18 |
| Inferred | 155 | 0.52 | 0.29 | 0.30 | 0.5 | 0.5 | 1.5 | 3 |
| TOTAL | 793 | 0.65 | 0.35 | 0.38 | 0.8 | 2.8 | 9.7 | 20 |
Notes:
1. This table is from the September 2020, Mineral Resources Estimate prepared by Derisk Geomining Consultants (Derisk) based on all drilling completed up to 2013.
2. Totals may not add due to rounding effects
3. CuEq calculation assumes metal prices of USD 2.80 /lb Cu, USD1,800/oz Au and recoveries of 90% of Cu and 75% for Au.
4. CuEq (%) = (Cu% X Cu price per lb x 2,204.6 Cu recovery) + (Au g/t x Au price oz/31.1035 x Au recovery)
(Cu price per lb v 2,204.6)
Figure 1: Location of Mankayan
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Figure 2: Drill hole location plan
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Figure 3.1 The resource starts ~200m below surface to ~1,100m
(900m x 300resource-400 intrusive complex)
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Figure 3.2: Oblique view of the deposit showing grade shells for copper and gold
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Competent Persons Statement
The information in this Shareholders Update that relates to historical Exploration Results is based on information compiled by Mr Greg Cunnold, who is a Director and shareholder of IDM. Mr Cunnold is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Cunnold consents to the inclusion in the report of the matters based on the information in the context in which it appears."
End of IDM International shareholders update
For further information, please contact:
| Bezant Resources Plc Colin Bird Executive Chairman |
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| Beaumont Cornish (Nominated Adviser) |
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| 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
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.
Technical Glossary
| "CuEq" | Copper Equivalent
|
| "g/t" | Grammes per tonne
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| "Indicated Resource" | That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve. |
| "Inferred Resource" | That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. |
| "JORC" | The Australasian Joint Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code" or "the Code"). The Code sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves
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| "Pre-Feasibility Study" | A Preliminary Feasibility Study (Pre-Feasibility Study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the Modifying Factors and the evaluation of any other relevant factors which are sufficient for a Competent Person, acting reasonably, to determine if all or part of the Mineral Resources may be converted to an Ore Reserve at the time of reporting. A Pre-Feasibility Study is at a lower confidence level than a Feasibility Study.
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| "Mineral Resource" | A concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. |
| "oz" | Troy Ounce, unit of mass for selling of precious metals
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| "t" | Tonnes (metric)
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| "$/t" | US dollars per tonne
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