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Bezant Resources (BZT) Shares Rallied 11.2% After Finalising the Metrock Takeover

Updated: 12 Feb 2021

Shares of Bezant Resources plc (LON: BZT) surged 11.2% after the gold and copper mining company revealed that it had completed the acquisition of Metrock Resources, which it announced on December 22, 2020.

Metrock Resources is a manganese mining company, which owns the Kanye Manganese Project located in Southern Botswana.

We covered Bezant resources last week where we noted that its stock had been trading in a sideways range since mid-November and the stock is still trading within the same range despite today’s rally.

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Bezant further added that the exclusive prospecting licence (EPL) 7170 applied for by Virgo Resources Ltd before its acquisition by Bezant had been approved and was now registered under its 80% owned subsidiary Hope Namibia Mineral Exploration Pty Ltd.

Bezant also owns EPL 6605 under Hope Namibia and EPL 5796 under its 70% owned Hope and Gorob Mining Pty Ltd, both incorporated in Namibia.

Colin Bird, Bezant’s Executive Chairman, commented: “We are excited regarding the completion of the acquisition of Metrock and its Kanye Manganese Project which is in an area which has clear evidence of high manganese grades suitable for use in battery metals. We have commenced planning an initial exploration programme involving reconnaissance fieldwork and trenching and drilling as appropriate.

Adding:

“The acquisition of EPL 7170 is very exciting in that we now have a 130km tract in the Matchless Copper Belt which has not been explored and is highly prospective.”

I would not open a new position in Bezant stock since it is still stuck within a trading range and is right in the middle range.*

*This is not investment advice.

Bezant Resources share price.

Tradingview chart of Bezant Resources share price 12-02-2021

Bezant Resources shares surged 11.21% to trade at 0.258p having risen from Thursday’s closing price of 0.232p.

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