Bezant progresses towards mining licence at Hope and Gorob

Bezant Resources updated the market on its Hope and Gorob copper-gold project on Friday, located within EPL 5796 in central Namibia.

The AIM-traded firm said the project, in which it holds a 70% interest, is located 100 kilometres southwest of the capital city Windhoek, and 120 kilometres southeast of the major African port of Walvis Bay.

It said it had completed a social and environmental impact assessment (ESIA), and submitted it to relevant parties for comments.

That step aligned with the anticipation of an imminent issue of a mining licence by the Namibian government.

Additionally, it said substantial supplementary work had been finalised to enhance the process flowsheet and mine design, and prepare for the project's start.

Key highlights included an updated JORC 2012 compliant mineral resource estimate (MRE), released on 27 October 2023, completed by Addison Mining Services (AMS).

The estimate indicated 15 million tonnes at 1.2% copper with a projected average grade of 0.4 grams of gold per tonne.

That encompassed the Hope, Gorob Vendome, and Anomaly deposits, with Hope alone holding three million tonnes at 1.7% copper and 0.4 grams of gold per tonne.

AMS estimated 2.4 million tonnes of ore potentially suitable for an initial, cost-effective, open-pit mine.

The board said the completion of ore sorting, magnetic separation and flotation test work had allowed for the advancement of a number of project components aimed at maintaining momentum and preparing Hope and Gorob for swift progression into production.

EnviroNam Consultants had meanwhile managed and conducted the ESIA, which had now been submitted for feedback.

Additionally, ongoing studies focusing on design optimisation and contract negotiations, including project-based financing, were underway.

“We have continued to advance the project pending the anticipated award of the mining licence,” said executive chairman Colin Bird.

“Our time has been well-spent confirming the suitability of Hope and Gorob ore to dry sorting technologies together with the optimisation of various aspects of the future operation.

“In the interim we will continue with essential work largely linked to project development and keep shareholders informed of progress.”

At 0948 GMT, shares in Bezant Resources were down 4.35% at 0.02p.

Reporting by Josh White for Sharecast.com.