Bezant Resources hails 25 year agreement renewal at Mankayan Project
(BZT ) said a recent agreement renewal is expected to be a catalyst for the development of the Mankayan Project, a copper gold porphyry project in the Philippines.
Today, the Mines and Geosciences Bureau of the Department of Environment and Natural Resources of the Philippines government (“MGB”) announced that it has renewed the Mineral Production Sharing Agreement No. 057-96-CAR (the “MPSA”) for a second 25 year term.
The MPSA Renewal, which is for 25 years, is seen by Bezant Resources as a catalyst for the development of the Mankayan Project which is a potentially world class copper-gold porphyry project at a time when the Philippines is looking to further develop its mining industry.
Colin Bird, Executive Chairman of Bezant, said: "We are very pleased with the renewal of the MPSA for 25 years which will be a catalyst for the development of this world class copper gold porphyry project. We are very confident that management in the Philippines supported by IDM have the experience and expertise to take the project forward through the next stages of evaluation and development which will significantly enhance the value of the project.
We are also aware of the renewed focus of the Philippines since the lifting in August 2021 of the moratorium on new mining projects and the nationwide ban on open-pit mining method, in ensuring that the Philippines considerable mining resources are developed and play a significant role in the development of the Philippine economy in the post COVID era.”
The site - the Guinaoang (Mankayan) copper-gold deposit - forms part of the major Lepanto mineralisation system located around 240km north of Manila on Luzon Island, Philippines.
Bezant’s interest in the Mankayan Project is held via its 27.5% shareholding in IDM, a company incorporated in Australia which is established to support Crescent Mining Development Corporation in developing the Mankayan Project in the Philippines. The remaining 72.5% interest in the project is owned by established investors in the mining sector.
The copper mineralisation encountered in the Guinaoang deposit is typical of porphyry copper-gold style deposits. The Pliocene intrusive stock complex is composed largely of quartz diorite porphyry rocks, with two distinct phases of igneous intrusion, both of which are host to copper and gold mineralisation. In plan view the intrusives occupy an area which is approximately 400m wide and 900m long and it has been drilled to more than 900m depth.
Crescent has commenced the feasibility study process at Mankayan and has engaged internationally recognised firms with in-country presence and Philippine firms to complete the scoping phase of the project and to plan a drill campaign to assist with geotechnical studies.
There has been an extensive review of the work undertaken in relation to the project during 2019 to 2021 since the acquisition by IDM from Mining and Minerals Industries Holding Pte (MMIH) of MMIH’s interest in the project including project reports commissioned by MMIH.
In future, IDM will be acquired by IDM International Limited (ACN 108029198) with the view that IDM International in the future may apply for a listing on the Australian Stock Exchange.
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