Bezant Resources, formerly Tanzania Gold, is to commence a drilling program on the Mankayan project in the Philippines in September 2007. There will be a total of 11,000 m of diamond drilling over 10 holes using two rigs. First assay results are expected at the end of the fourth quarter of 2007. Previous historic drilling (more than 45,000 m) and past analysis of 33,000 m of core have revealed a substantial potential resource estimate of 1,900 Mlb of contained copper and 2.9 Moz of gold.
It is Bezant’s Filipino partner on the Mankayan project, Crescent Mining and Development, that has signed a drilling contract with Primo Asia Mining and Drilling, one of the leading Filipino drilling companies. There will be a minimum of 11,000 m of diamond drilling. The purpose of the drilling program is to further define the copper/gold asset already known to be present in the licence area.
Clive Sinclair-Poulton, Chief Executive commented: “We are fortunate to already have a wealth of information from the historic 45,000 m of drilling. This next phase will allow us to further define the quality of the asset. We are very positive of this next stage of our operations in the Philippines’.
Crescent Mining and Development is the holder of an MPSA exploration licence in the Guinaoang area, 240 km north of Manila in the Philippines. The licence covers a total of 534 ha and is 60% owned by Crescent and 40% by Asean Copper
Investments, a 100% owned subsidiary of Bezant. All foreign owned companies, under Filipino law, must have a Filipino partner until they move up to a mining licence from the MPSA, or exploration licence, when they can then hold 100% of the asset.