BeMetals Corp. Reports Significant Copper Intersection at Pangeni Project in Zambia
BeMetals Corp. (TSXV: BMET, OTCQB: BMTLF, Frankfurt: 1OI.F) has shared promising results from drill hole D22-C1 at the D-Prospect of the Pangeni Copper Project in Zambia. In addition to this, the company successfully concluded the 2023 drilling phases at the Kato and Todoroki projects in Japan and closed a C$2 million convertible debenture private placement funding with strategic investor B2Gold Corp.
Pangeni Copper Project – D-Prospect:
Drill hole D22-C1 at the D-Prospect revealed an intersection of 18.10 meters grading 0.70% copper. This grade exceeds certain operating large-scale copper mines in the Domes Region of the Zambian Copperbelt, showcasing its significant potential. The width of the copper intersection is comparable to mineralized units in these deposits, and importantly, it remains open along strike to the southwest and west, as well as both up and down dip beneath the Kalahari sand cover.
Kazan Gold Project:
The 2023 phase of drilling has been completed at the Kato Project, and the company has also concluded its two planned drill holes at the Todoroki Project in Japan. Results from the Todoroki drilling are expected to be announced in Q1, 2024. Overall, the company has made substantial progress in its drilling activities during the year.
Convertible Debenture Placement:
BeMetals successfully closed a C$2 million convertible debenture private placement with strategic investor B2Gold. The funding, part of a package announced on August 1, 2023, involves an unsecured convertible debenture maturing on January 8, 2029, with an interest rate of 7% per annum. The principal amount is convertible into common shares of BeMetals at the option of the holder.
John Wilton, President and CEO of BeMetals, commented:
“We are very pleased and excited by the results from drill hole D22-C1 at the Pangeni Copper Project in Zambia. These new results, including 18.10 meters grading 0.70% copper confirm the pedigree of the geological setting, and highlight similarities to known mined deposits in the Domes Region of the Zambian Copperbelt.”
Wilton further stated, “We are also pleased to announce the completion of the C$2 million convertible debenture with our strategic investor B2Gold, which will allow the Company to continue advancing our high-quality portfolio of copper and gold exploration projects.”
Pangeni Copper Project – D-Prospect Details:
The 2023 drilling campaign included 2,032 meters of shallow air core drilling and 787 meters of follow-up core drilling at the D-Prospect. The D22-C1 interval of 18.10 meters grading 0.70% copper is noteworthy, surpassing certain deposits in the Domes Region. Importantly, it remains open along interpreted strike and both up and down dip beneath the Kalahari sand cover.
Quality Assurance and Quality Control:
Analytical work for the drilling program was conducted by Intertek Genalysis, an independent and accredited laboratory. Robust sampling protocols, including standard reference material, duplicates, and blanks, were implemented. Field operations were managed by Remote Exploration Services, and core drilling was conducted by Blurock Mining Services.
Early Warning Disclosure:
In connection with the C$2 million convertible debenture placement, B2Gold increased its ownership to 18.8% on an undiluted basis. If converted, B2Gold would hold approximately 27.4% of BeMetals’ common shares on a partially diluted basis.
