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LONDON - Bezant Resources Plc (AIM: BZT), a copper-gold exploration and development company, has reported significant assay results from a previously unreleased drillhole at the Mankayan Copper-Gold Porphyry project in the Philippines. The announcement follows the proposed merger between ASX-listed Blackstone (NYSE:BX) Minerals Ltd and IDM International Limited, through which Bezant holds its interest in the Mankayan project.
The drillhole, identified as BRC-60 and completed in 2013 by Goldfields Limited, is the deepest drilled to date at the Mankayan project, which lies 2.5km from the Lepanto gold mine and Far Southeast project. The results have indicated high-grade copper-gold mineralization, a development that could enhance the project’s value and prospects.
Today, Blackstone released an announcement detailing the assay results, which Bezant believes could have a positive impact on the project’s potential. The Mankayan project is strategically significant due to its proximity to other mining operations and the region’s established mining infrastructure.
As part of the proposed merger, IDM shareholders are set to receive 7.4 Blackstone shares for every IDM share they hold. If the merger proceeds to completion, Bezant is expected to receive 148,985,657 Blackstone shares and 2,543,750 options to acquire additional shares at AUD0.06, expiring on February 5, 2029, in exchange for its IDM shares and options.
The news of the high-grade discovery at Mankayan comes at a time when global copper and gold markets remain robust, with demand for copper particularly driven by its essential role in electrical infrastructure and the renewable energy sector.
Investors are likely to monitor the progress of the proposed merger closely, as well as any further exploration and development updates from the Mankayan project. The completion of the merger and the realization of the project’s potential could have significant implications for Bezant’s market position.
This update is based on a press release statement from Bezant Resources Plc.
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