"The Buffalo Project's copper-gold property comprises approximately 398 hectares within licence number 15164-HQ-SML and is located approximately 300km north west of Lusaka and accessed by a 150km gravel/dirt road from Kasempa, which is within the Zambian IOCG belt. The Licence was issued on 1 March 2013 and is valid for 10 years until 28 February 2023. Application is being made for the Licence to be extended to cover gold in addition to copper.
Historic third party reports note that the Buffalo copper prospect was ﬁrst identified in 1899, through outcropping mineralisation on the side of a small hill. During the 1920s, pitting, trenching, tunnelling and crosscutting were carried out into the hillside. This work reportedly discovered a high-grade (6 per cent.) copper zone at the base of the hill. Further trenching was undertaken in the 1960s followed by the drilling of four diamond drillholes. The best drill intersection obtained was 28m at 1.07 per cent. Cu, including 6m at 1.87 per cent. Cu. No gold assays were recorded.
Limited small scale mining is taking place in the project area on obviously visible ore outcrops. After extraction, the ore is hand sorted to further upgrade the ore.
The mineralised zone in the open pit trends northeast-southwest and is more or less vertical with mining advancing into the hillside towards the southwest where the zone can be seen to continue. This continuity was not recognised by previous explorers due to near-surface leaching of copper mineralisation. The mineralised zone is 15-20m wide, with a central high grade core about 3-5m across. A composite grab sample from blasted ore material was collected recently by Bezant and tested at the Geochemical Analytical Laboratory at the University of Lusaka School of Mines. This sample assayed 3.17 per cent. Cu and 0.97g/t Au, along with minor silver and trace cobalt.
The brecciated mineralised zone comprises soft, highly leached and weathered gossan, with much malachite, hematite and limonite throughout. The host rock is a siliceous, grey shale/
siltstone forming a well-marked hill. The mineralised zone has been exploited over a strike length of approximately 80m and remains open to the southwest into the hillside and possibly to depth.
No systematic drill testing has been carried out along strike or to depth, such that no resource estimate has yet been established.'
Under a memorandum of agreement with KPZ International Limited ("KPZ") (the "MOU" or "Agreement") Bezant has been granted a conditional option to acquire a 50 per cent. interest in small scale copper mining licence number15164-HQ-SML in The Republic of Zambia (the "Licence") which contains the Buffalo exploration project (the "Buffalo Project").
Under the terms of the Agreement and as consideration for such 50 per cent. interest in the Buffalo Project, Bezant is required to complete an initial assessment of the Licence area at a cost of up to US$200,000 by 1 February 2020 (the "Initial Expenditure Phase") (the "Option"). Throughout the Initial Expenditure Phase, Bezant will retain the right, at its sole discretion, to cease expenditure on the initial assessment and withdraw from the Option, whereupon all other obligations under the Agreement would be terminated. '