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Option Agreement for Buffalo Copper / Gold Project
Option Agreement for Buffalo Copper / Gold Project.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7130W Bezant Resources PLC 23 April 2019 \n\n \n23 April 2019\nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\nOption Agreement for Buffalo Copper / Gold Project, Zambia \nBezant (AIM: BZT), the copper-gold exploration and development company, is pleased to announce that it has entered into a binding memorandum of agreement with KPZ International Limited (\"KPZ\") (the \"MOU\" or \"Agreement\") granting the Company a conditional option to acquire a 50 per cent. interest in small scale copper mining licence number15164-HQ-SML in The Republic of Zambia (the \"Licence\") which contains the Buffalo exploration project (the \"Buffalo Project\"). \n \nUnder the terms of the Agreement and as consideration for such 50 per cent. interest in the Buffalo Project, Bezant is required to complete an initial assessment of the Licence area at a cost of up to US$200,000 by 1 February 2020 (the \"Initial Expenditure Phase\") (the \"Option\"). Throughout the Initial Expenditure Phase, Bezant will retain the right, at its sole discretion, to cease expenditure on the initial assessment and withdraw from the Option, whereupon all other obligations under the Agreement would be terminated.\n \n Highlights \n \n\n\n\nLow cost, 10 month project assessment\n\n\nAll expenditure during the Initial Expenditure Phase to be invested directly in the Buffalo Project rather than being paid to the project's sponsors. \n \n\n\n\n\nAccessible underexplored iron oxide copper-gold (\"IOCG\") location\n\n\nThe Buffalo Project is located 300km north west of Lusaka, accessed via tarred road and then 150km of gravel/dirt road from Kasempa town. The project is situated in the Central Zambian IOCG belt, which has long been recognised as being of high potential but which remains underexplored compared to the more well-established Zambian Copper Belt.\n \n\n\n\n\nHistoric work includes drilling and current small scale activity\n\n\nHistoric records of exploration and mining at the Buffalo Project exist from 1899, with a 6 per cent. copper zone reported by Rhodesia Congo Border Concession Limited in the 1920's from pitting in siliceous, brecciated and hematitic siltstone. Four diamond holes drilled in the 1960s by Chartered Exploration Limited recorded a best intercept of 28m at 1.07 per cent. Cu, in...