Bezant Resources completes Metrock acquisition

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Bezant Resources PLC (LON:BZT), the copper-gold exploration and development company, said the acquisition of Metrock Resources, announced last month, has now completed.

The acquisition of Metrock brings with it ownership of the Kanye Manganese Project in Southern Botswana.

READ Bezant Resources to acquire Kanye Manganese Project in Southern Botswana

” We are excited regarding the completion of the acquisition of Metrock and its Kanye Manganese Project which is in an area which has clear evidence of high manganese grades suitable for use in battery metals. We have commenced planning an initial exploration programme involving reconnaissance fieldwork and trenching and drilling as appropriate,” said Colin Bird, the executive chairman of Bezant.

The company also announced that the exclusive prospecting licence (EPL) 7170, which had been applied for by Virgo Resources before Bezant acquired the company, has now been granted and registered in the name of the group’s 80% owned subsidiary Hope Namibia Mineral Exploration.

The licence will be valid until October 2023.

Bezant intends to undertake an airborne electromagnetic survey on the licence area’s prospective belt in the first half of this year to identify previously unrecognised massive sulphide targets hidden beneath sand/overburden cover and at depth.

“The acquisition of EPL 7170 is very exciting in that we now have a 130km tract in the Matchless Copper Belt which has not been explored and is highly prospective. The area will be helicopter flown in the first half of this year to expedite target generation and hopefully expand our copper-gold inventory in the area. This at a time when the medium-term price outlook for copper continues to increase with reports on scarcity of new projects and increasing demand due to the acceleration of EV [electric vehicle] global production,” chairman Colin Bird said.

Bezant’s local partner will receive 15.76mln new Bezant shares at a deemed price of 0.27p a pop as a result of the transfer of the licence to Hope Namibia.

The company is also issuing 8.3mln shares to Breamline to settle AS$40,000 (roughly £22,400) owed to the Aussie company by a subsidiary of Bezant plus a further 11.4mln shares to Coreks Super to settle a A$55,000 loan (roughly £30,742).

The share issues take the number of Bezant shares in issue up to just over 3.81bn.

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