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(Sharecast News) - Bezant Resources said on Wednesday that an updated mineral resource estimate for its Hope and Gorob copper-gold project in Namibia had increased the mineable open pit resource at Hope sevenfold, extending expected mine life and supporting plans to accelerate the project's next development phase.
The AIM-traded company said the new 2026 JORC-compliant mineral resource estimate, prepared by independent consultant Sound Mining, increased the gross open pittable resource at Hope to more than three million tonnes from 0.41 million tonnes in the 2023 estimate.
It said the revised estimate also reduced the strip ratio to 9:1 from 11:1, which Bezant said should materially lower mining costs.
The updated resource was expected to extend the immediate open pit life of mine at Hope to 7.5 years from one year, based on a production rate of 0.4 million tonnes per annum feeding into the ore sorter.
Bezant added that the higher-confidence classification of the resource, including 1.1 million tonnes in the Measured category, 0.5 million tonnes Indicated and 1.4 million tonnes Inferred on a gross basis, allowed it to bring forward phase two of the project by five years.
Phase two was expected to involve the development of a new flotation plant closer to Walvis Bay, subject to approvals, with targeted annual production of 25,000 tonnes of copper metal and projected revenue of $290m at a copper price of $11,500 per tonne.
On a gross 100% basis, the Hope project resource totalled 3.02 million tonnes at 1.24% copper, 4.59 parts per million silver and 0.21 parts per million gold, containing 37,603.88 tonnes of copper, 446,383 ounces of silver and 20,312 ounces of gold.
On a net 90% basis, reflecting Bezant's interest following its recently announced acquisition of an additional 20% stake, the resource totalled 2.72 million tonnes containing 33,843 tonnes of copper, 446,383 ounces of silver and 18,280 ounces of gold.
Bezant said a further 3.6 million tonnes of mineralisation had been identified as inventory with potential to be upgraded into mineral resources, while 1.3 million tonnes of low-grade material inside the pit shell could also be upgraded through on-site ore sorting and add to annual production.
Significant mineralisation outside the current pit shell could also be convertible into resources with additional drilling, with in-house estimates suggesting a further minimum five years of open pittable production could be added.
The Hope project is located about 100 kilometres southeast of Walvis Bay and holds a mining licence valid until March 2040.
Bezant currently owns 70% of the project, rising to 90% once its previously announced additional stake acquisition completes.
"This announcement concerning the updated mineable resource has produced a very positive outcome," said executive chairman Colin Bird.
"Reduction in stripping rates, amounts to significant cost saving and the increase in open cut mine life is very satisfying whilst the open cut mining tonnes will be even further extended.
"All we see at Hope & Gorob, together with the forecast of world copper prices, leads us to accelerate further our ore confirmation activities and plant design for phase two.
"We are very excited about the progress we made with the current project and look forward to getting into production this year with a seamless ramp-up, since we commence production with the benefit of a previously working plant, which we have upgraded for productivity and efficiency."
At 1155 BST, shares in Bezant Resources were up 19.26% at 0.08p.
Reporting by Josh White for Sharecast.com.
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