Aim-listed copper/gold explorer Bezant Resources entered into a binding memorandum of agreement with horizontally integrated holding company KPZ International last month for a conational option to acquire 50% interest in the Buffalo copper/ gold exploration project, in Zambia.
Under the terms of the agreement, Bezant is required to complete an initial assessment of the licence area held under mining licence number 15164-HQ-SML, at a cost of up to $200 000 by February 1, 2020. Bezant will, throughout the phase, retain the right, at its sole discretion, to cease expenditure on the initial assessment and withdraw from the option.
The licence is situated in the Central Zambian iron oxide copper-gold (IOCG) belt about 300 km north-west of Lusaka, which remains underexplored, compared with the more well-established Zambian copper belt.
“The Central Zambian IOCG belt has significant exploration potential, but has always played a secondary role to the main copper belt in Zambia to the north which has hosted many large, world-class underground copper mines,” Bezant executive chairperson Colin Bird noted in a company statement.
He stated that Bezant will start its initial assessment on clearly defined veins with apparent significant strike, and the potential future opportunity to start small-scale mining supplying ore to third-party processing plants.
Bezant CEO Laurence Read added that this agreement fits well with the company’s global copper mission and that it “intends to swiftly assess and analyse all potential copper development opportunities for the Buffalo project with a view to maximising value creation for all of our stakeholders”.