Cyprus Joint Venture Drilling Update

8 June 2022

Bezant Resources PLC ("Bezant") & Caerus Mineral Resources PLC ("Caerus")

Cyprus Joint Venture Drilling Update

Bezant Resources (AIM: BZT), and Caerus Mineral Resources (LON: CMRS) the exploration and resource development companies (the "Companies") with a Joint Venture ("JV") focused on the Troulli Mine Development Project and other copper-gold JV targets in Cyprus, are pleased to provide Shareholders with the drill results for the Anglisides Licence, a satellite project of the Troulli Joint Venture.

The ten-hole diamond drill programme announced on 27 April 2022 was expanded to sixteen holes and has been completed to test the near-surface copper potential for the Anglisides Licence and the assay results for the first eleven drill holes have been received. Anglisides forms part of the JV between the Companies and represents a potential satellite mineral resource that could be delivered to the Troulli central processing hub.

Highlights

Assays have been received for eleven recently completed drillholes for the Anglisides Licence.

Table 1: Drill Results indicating selected mineralisation for the Anglisides Licence Diamond Drill Programme are as follows:

·      Notable copper equivalent intercepts achieved for ten of the eleven holes drilled.

·      Results validate the drill programme and confirm the presence of near-surface mineralisation that could potentially be fed into any future Troulli processing plant.

·      Results will be reviewed by external consultant, Addison Mining to determine the extent of any infill drilling required before a JORC (2012) Mineral Resource can be estimated.

·      The presence of easily accessible copper mineralisation at Anglisides offers an opportunity to increase the global Troulli JV Mineral Resource and extend the projected life of mine.

Commenting on the drill results, the Chairman of Bezant, Colin Bird said "We are very pleased with this round of results from the Anglisides deposit.  We are pleased with the widths and the associated grades. It would appear that this material will be in general free digging and will not require its own dedicated process plant, since Troulli is a truckable distance and the proposed plant will be fit for purpose.  The addition of Anglisides suggest that our original prognosis of 8,000 tonnes per year contained copper for 8 years, is very feasible.  We are about to commence detailed engineering, which will include the phasing of ore types for early payback, thus maximising overall profitability."

Commenting on the drill results, the CEO of Caerus, Charlie Long said "Anglisides is approximately 25km from Troulli and a potential satellite operation. It is therefore important that Anglisides material is sufficiently valuable to allow for the extra trucking cost. With that goal in mind, these excellent drilling results, which show near surface mineralisation and copper equivalent grades of up to 2.36%, are very encouraging. The current plan envisages constructing a central plant at Troulli capable of processing various ore types. These would include near-surface oxides such as Anglisides' gossans, deeper sulphide ores discovered at Troulli, as well as surface material, dumped or left unprocessed when mining stopped abruptly in the 1970's."

For further information, in relation to the Companies please contact:

Qualified Person The content of this news release has been reviewed, verified, and approved by Mr. Nigel Chapman, the exploration manager at the time of the drill programme. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Luna Recursos Naturales SAC, an independent geological consultancy established in 2015 and is a Member of the Australasian Institute of Geoscientists (A.I.G.) 

Mr. Chapman consents to the inclusion in this Announcement of such information in the form and context in which it appears.

Qualified Person: In accordance with AIM Note for Mining and Oil & Gas Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM, South African and UK Certified Mine Manager and Director of Bezant Resources Plc, with more than 40 years' experience mainly in hard rock mining, is the qualified person as defined in the Guidance Note of the London Stock Exchange, who has reviewed the technical information contained in this press release.

Glossary

A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated, or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes.

 "Au"      Gold

"Cu"      Copper

"Cu eq" Copper equivalent: Copper equivalent grades are based on a copper price of US$4.0/lb and a gold price of US$1,800/oz Au, so that 1ppm Au = 0.61 Cu eq in percentage terms

"g/t"      grammes per tonne

"kt"       thousand tonnes

"Mt"      million tonnes

About Bezant Resources: Bezant Resources is a focused on developing its pipeline of copper gold projects to provide a new generation of economically and socially sustainable mines and in addition to its joint venture with Caerus Mineral Resources in relation to Cyprus has copper projects in Namibia, Zambia, Philippines and Argentina and a manganese project in Botswana.

About Caerus Mineral Resources: Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value and can be followed on Twitter at @CaerusMineral.

About Troulli Project: On 6 April 2022 the Companies announced an initial Mineral Resource Estimate, effective as of 22^nd March 2022 for the Troulli Project comprising a total hard rock resource estimate of approximately 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for 20,000 t of Cu metal and 31,000 ounces of Au, including.

Indicated Gossan Resources of 260,000 tonnes at 0.18% Cu and 0.91 g/t Au for 460 t of Cu and 7,700 ounces of Au.

Inferred Gossan Resources of 180,000 tonnes at 0.14% Cu and 0.47 g/t Au for 260 t of Cu and 2,800 ounces.

Inferred Breccia Resources of 4.4 million tonnes at 0.43% Cu and 0.14 g/t Au for 19,000 t of Cu and 21,000 oz of Au. 

Inferred waste and tailings dump resources of approximately 93,000 tonnes at 0.76% Cu and 0.12 g/t Au for 710 tonnes of Cu and 360 oz of Au. 

The information contained within this announcement is deemed by the Companies to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

END