In particular, Bezant said it will assess the gold potential at Gorob-Vendome deposit, where most of the historic drill programs were not assayed for gold, and to carry out work at the Kalengwa project in Zambia to test one or more of the identified anomalies.
The fundraising comprises a conditional placing of 750mln shares at 0.08p.
Colin Bird, Bezant’s executive chairman, is investing £25,000 in the fundraise and will have a stake of 2.93% in the company following completion.
Bird said: “The commencement of reconnaissance drilling at both the Hope copper-gold project and the Kalengwa project will enable us to further develop our understanding of these two significant projects in a positive market for gold and copper.
“At the Gorob-Vendome Deposit rock chip results have returned gold grades of 0.1-6.8 g/t Au in association with copper mineralisation.
“These rockchip results show that there is gold associated with the copper minimisation within the Gorob-Vendome Deposit, similar to that found within the Hope deposit and therefore, it is interpreted that the gold grade of the current JORC (2012) Mineral Resource of 10.2Mt @1.9% Cu and 0.3g/t Au at a 0.7% Cu is a significant underestimate.
“At Kalengwa the anomalies are within 2-4Km of the historic Kalengwa mine and an untested 13 km long copper soil anomaly aligned with the major structure.”