LONDON (ShareCast) - (Sharecast News) - Bezant Resources updated the market on its Troulli Mine copper-gold joint venture with Caerus Mineral Resources on Wednesday, announcing the results of an initial mineral resource estimate on the Cyprus project.
The AIM-traded firm said that at a selected cut-off grade of 0.5% copper, a hard rock resource estimate of approximately 2.7 million tonnes at a copper-equivalent grade of 0.74% was established.

A total hard rock resource estimate included around 4.9 million tonnes at 0.41% copper and 0.2 grams of gold per tonne, for 20,000 tonnes of copper metal and 31,000 ounces of gold, from a cut-off grade of 0.26% copper equivalent.

The company said the hard rock resource estimate comprised indicated Gossan resources of 260,000 tonnes at 0.18% copper and 0.91 grams of gold per tonne for 460 tonnes of copper and 7,700 ounces of gold.

Inferred Gossan resources, meanwhile, totalled 180,000 tonnes at 0.14% copper and 0.47 grams of gold per tonne, for 260 tonnes of copper and 2,800 ounces of gold.

There were also inferred Breccia resources of 4.4 million tonnes at 0.43% copper and 0.14 grams of gold per tonne, for 19,000 tonnes of copper and 21,000 ounces of gold.

Finally, inferred waste and tailings dump resources totalled around 93,000 tonnes at 0.76% copper and 0.12 grams of gold per tonne, for 710 tonnes of copper and 360 ounces of gold.

"This is a very encouraging start and provides a good foundation for the expansion of the mineral resource as we start to include extensions to the mineralisation and the area between Troulli and Kokkinapetra," said Bezant executive chairman Colin Bird.

"On the back of these maiden resource figures we are pleased to announce that we are preparing to commence mine design in parallel with the on-going metallurgical test work.

"We look forward to the next round of drilling starting in a few weeks' time and the steady growth of the mineral resource as we work towards the development of a new mining venture in Cyprus."

At 0946 BST, shares in Bezant Resources were up 4.89% at 0.19p.

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