Bezant Resources Continuing Eureka Partner Search Following Permitting

LONDON (Alliance News) - Bezant Resources PLC on Monday said it has received further exploration ...

Alliance News 20 May, 2019 | 12:07PM
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LONDON (Alliance News) - Bezant Resources PLC on Monday said it has received further exploration and drilling permits from local authorities in Argentina.

The secretariat of Mining & Hydrocarbons for the government of the province of Jujuy granted Bezant the approvals for the company's environmental impact assessment at the Eureka project.

The permits will allow Bezant to carry out work on what it feels is its most prospective licence areas, and this will last until May 2021.

Bezant is to focus on areas to the west of the old Eureka mine, with the next stage of work to define drill targets for up to nine holes. The main strategy is still to find a joint venture partner who could finance the campaign.

Chief Executive Laurence Read said: "Following a review of the Eureka project by our technical team in 2018, the most prospective areas were selected for permitting to a drill ready status. These areas were the subject of the greatest amount of historic exploration work and allow for the most beneficial expansion of our knowledge base on the project.

"The updated environmental impact approvals will enable us to move forward with our stated joint venture strategy to ultimately undertake drilling on the project and determine the size and type of resource beneath the historically mined area. The hypothesis we are pursuing is that there is both near-surface sedimentary copper sufficient in grade to be mined in the future as well as high-grade feeder zones within 300 metres beneath surface."

"Whilst progressing preparatory work, the company will continue to identify and assess suitable potential joint venture partners for the further development of the project," he added.

Shares were 6.0% lower on Monday morning in London at 0.075 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Bezant Resources PLC 0.09 GBX 0.00 -
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