UK firm commissions study on Mankayan gold-copper mine

MANILA, Philippines - Bezant Resources Plc, a listed British firm engaged in gold and copper exploration and development in the Philippines and Tanzania, has commissioned a technical and economic study on its Mankayan project in Luzon.

Bezant’s Mankayan project is located approximately 260 kilometers north of Manila.

Gerry Nealon, executive chairman of Bezant, said “the results of our exploration, drilling, geotechnical and metallurgical studies to date have clearly demonstrated that the company’s Mankayan project, adjacent to Lepanto Consolidated Mining Co.’s existing mining operations, is potentially capable of hosting a world-class copper/gold mine.”

“The addition of this conceptual study to the ongoing review process will assist us in identifying the most attractive route for taking the project forward and unlocking maximum shareholder value and we look forward to announcing the results of the study in due course,” he added.

The study, to be completed in four months, will consider an underground mining operation with associated processing facilities and infrastructure.

TWP Australia Pty Limited (TWP) and Mining Plus Pty. Ltd. (Mining Plus) have been contracted as independent consultants to conduct the study.

TWP will focus on the infrastructure and surface facilities, while Mining Plus will work as a subcontractor to TWP.

Mining Plus would be responsible for mine design and scheduling.

The study will consider all available data compiled on the Mankayan project, which has a JORC compliant mineral resource of 221.6 million tons indicated and 36.2 million tons inferred at a 0.4 percent copper cut-off.

This equates to an indicated resource of 2.42 billion pounds (1.1 million tons) of copper and 3.7 million ounces of gold, with a further inferred resource of 0.44 billion pounds (0.2 million tons) of copper and 600,000 ounces of gold.

According to Bezant, the resource figures and the current level of geological modelling of the ore bodies justify a preliminary technical and economic conceptual mining study to assess the economic viability for a mine.The results of the study would validate further work required to initiate and complete a full pre-feasibility study.