Aim-listed Bezant Resources has reported a sevenfold increase in the Hope openpit mineral resource to more than three-million tonnes, compared with a 2023 estimate of 410 000 t.  

The company published a new mineral resource estimate (MRE) for the Hope and Gorob copper and gold project, in Namibia, on April 8.

In its statement to shareholders, Bezant says this has a profound impact on the near-term development of the mine with additional mining cost benefits being able to accrue from a significant reduction in the strip ratio from 11:1 to 9:1.

The company says the Hope openpit immediate life-of-mine increased from one year to 7.5 years at a production feed rate of 400 000 t/y.

Bezant notes that an additional 3.6-million tonnes of mineralisation has been identified in inventory that remain as potential to be upgraded and added to the mineral resource.

A further 1.3-million tonnes of low-grade material – grading between 0.3% to 0.5% copper – occurring within the pit shell but excluded from the 2026 mineral resource can be upgraded through the on-site ore sorter and will add to annual production.

At current planned mining rates, the operation will generate an additional year of high-grade stockpiled pre-concentrate for final processing every 24 months.

Moreover, Bezant confirms that significant mineralisation occurs outside of the current pit shell which has not been included in the 2026 resource estimate which may be convertible to mineral resources with additional drilling.

In-house estimates suggest that at least another five years of open pittable production could be added.

The MRE was completed by independent resource consultants Sound Mining.

The operator of the Hope project is Hope and Gorob Mining, the group's Namibian subsidiary in which Bezant currently holds a 70% interest.

As a result of the additional 20% interest acquisition in Hope and Gorob Mining announced on March 24, Bezant's interest in the Hope project will increase to 90%.

Bezant explains that the reclassification of the Hope openpit resource results in 1.1-million tonnes achieving measured status, 500 000 t indicated status and 1.4-million tonnes inferred status.

The original 2023 MRE was predominantly inferred category and the increase in confidence provided by the 2026 mineral resource evidencing the seven times increase in open pittable tonnes from the Hope deposit alone allows the company to bring forward Phase 2 Hope project development by five years.

Bezant says Phase 2 development will see the development of a new flotation plant, subject to statutory approvals located closer to Walvis Bay producing 25 000 t/y of copper metal and generating $290-million revenue at a $11 500/t copper price.

Bezant executive chairperson Colin Bird says the new MRE has produced a very positive outcome.

He notes that the reduction in stripping rates, amounts to significant cost saving and the increase in open cut mine life is very satisfying while the open cut mining tonnes will be even further extended.

He expresses that all of the above leads to a very manageable operation, which is conveniently sized for the expenditure and current commitment.

“All we see at Hope & Gorob, together with the forecast of world copper prices, leads us to accelerate further our ore confirmation activities and plant design for phase 2.

“We are very excited about the progress we made with the current project and look forward to getting into production this year with a seamless ramp-up, since we start production with the benefit of a previously working plant, which we have upgraded for productivity and efficiency.

“We will keep shareholders advised of our progress, which is beginning to approach maximum intensity with multi activities in all aspects,” Bird concludes.