Bezant Resources has acquired an extension on the Buffalo exploration project in Zambia. This will be added to the initial expenditure phase for its conditional option to buy a 50% stake in a copper mining licence area, which includes the project.
Located in the Central Zambian iron oxide copper-gold (IOCG) belt, the 398ha copper-gold deposit is approximately 300km north-west of Lusaka. In the first quarter of 2019, Bezant signed a memorandum of agreement with KPZ International for the option over an interest in the small-scale copper mining licence.
A released statement elaborated that under this agreement, the UK-based copper-gold exploration and development company would receive a conditional option to acquire a 50% interest in a licence number that includes the Buffalo exploration project.
Further, and as part of the original terms of this option agreement, Bezant was also required to complete an initial assessment of the licence area for US $200,000 by February this year. According to media reports, the initial assessment has been now extended until this April in order to enable the progression of the ongoing assessment of the exploration project.
Bezant Resources executive chairman Colin Bird said that the extension will allow Bezant to fully understand the geological structure as well as mineral potential in an area, which has produced promising copper results and indicated the presence of other base metals.
The development company completed a review of the Buffalo project in July 2019. The review, which was carried out by the company’s geological survey team, discovered a structural zone centred on a site of artisanal copper/gold mining activity within the Buffalo open pit.
