Bezant Resources PLC (LON:BZT) has entered into a joint venture agreement with KPZ International Ltd in relation to the acquisition of a 30% interest in a 974 square kilometre scale exploration licence in the Kalengwa greater exploration area in Zambia.
The ground is prospective for copper, cobalt, silver, gold and other minerals. The exploration area surrounds the historic, high-grade Kalengwa open-pit copper mine.
The aggregate consideration for the interest in Kalengwa is US$750,000.
The company said it will focus on progressing the larger scale Kalengwa project, and as such will not be exercising its pre-existing option over the Buffalo project, also in Zambia.
“The Kalengwa area is a well-recognised copper exploration target based on the history of the high-grade open-pit as well as further identified targets, many of which have not yet been tested,” Bezant’s executive chairman Colin Bird added in a statement.
“We are delighted to have entered into this joint venture with KPZ Int and will seek to pursue an aggressive reconnaissance work programme to unlock the asset’s inherent value potential. All the preliminary indications are that Kalengwa represents an above-average copper exploration project and we look forward to commencing exploration activities in the near future.”
Published at Mon, 27 Apr 2020 10:04:00 +0000-Bezant Resources acquires significant new exploration acreage in Zambia