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Bezant Resources Plc
Summary
| Project: | Mankayan | |
|---|---|---|
| Deposit: | Mankayan | |
| Location: | Philippines | |
| Commodities: | Copper-Gold | |
| Date: | 2/12/2019 | |
| Report Code: | (no Code) | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 12-2-2019: Bezant Resources Plc announces a Pre-Feasibility Study report for its Mankayan deposit at the Mankayan project. Mining study results incl. pre-tax NPV of US $1181M, IRR of 27%. Bezant (AIM: BZT), the copper-gold exploration and development comp | |
| Resources: | (Resource): 221.6Mt @ 0.49% Cu, 0.52g/t Au (Ind.), 36.2Mt @ 0.44% Cu, 0.48g/t Au (Inf.) | |
| CP/QP: | [Overall Report]: Evan Kirby (Internal) | |
| ABSTRACT: | Bezant (AIM: BZT), the copper-gold exploration and development company, announces the results of an independent study assessing the optimisation of potential future mine development for its Mankayan copper-gold project, located on the Island of Luzon in the Philippines (the "Mankayan Project"). The study was undertaken by independent consultants, Mining Plus Pty Limited ("Mining Plus"), using prevailing market conditions premised on the Snowden Mining Industry Pty Limited ("Snowden") resource estimate prepared in 2009 under JORC (2004) which defined an indicated resource of 1.1 million tonnes of contained copper and 3.7 million ounces of contained gold and an inferred resource of 0.2 million tonnes of contained copper and 0.6 million ounces of contained gold. Commenting today, Laurence Read, CEO of Bezant, said:"Mankayan is a major, well delineated copper-gold porphyry style deposit and this latest Mining Plus study serves to demonstrate potential robust development options able to sustain an average mining grade above 0.64% copper equivalent at average costs below US$20 per tonne. This potentially highly efficient, established copper-gold source is situated on Luzon Island and accessible by tarmac road only a day's drive from Manila."Historic studies on the project were designed to optimise the mining model without necessarily taking account of extremely influential factors such as capital spread, the high grade core, mining rates and footprint and possible intermediary routes in order to achieve initial production from a significantly reduced capital outlay. This latest study has therefore been most informative and enables Bezant's management team to plan for different potential production scenarios ranging from 6 million tonnes per annum ("Mtpa") to 12 Mtpa without unduly affecting financial ratios. | |
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