Asiamet Resources Limited Asiamet Feasibility Drilling Confirms High Grade Copper Mineralization.
July 21 2016 - 2:02AM
UK Regulatory
TIDMARS
Asiamet Resources Limited ("ARS" or the "Company") is pleased to
announce that Resource infill and extension drilling being undertaken as
part of the feasibility study on the Beruang Kanan Main ("BKM") copper
deposit in Central Kalimantan, Indonesia continues to intersect high
grade copper mineralization in the southern part of deposit and has
confirmed good continuity of higher grades previously reported within
the BK058 Zone.
Four drill rigs are operational with 25 holes/2558 meters of diamond
core drilling completed to date and four holes currently in progress.
Five large diameter holes collecting bulk samples for copper leaching
test work have also been completed with an additional 12 holes to
follow.
Assay results have been received for three infill holes drilled to
increase Resource confidence and one hole drilled to extend the BKM
Resource eastward. Shallow high grade covellite-chalcocite copper
mineralization very similar in style to that reported previously in
drill holes BKM31850-02 (11m at 2.96% Cu, including 2 meters at 9.26% Cu,
from 6 meters. Refer ARS Press Release August 26, 2015) and
BK058-01(64.9m at 1.24% Cu, including 9 meters at 7.35% Cu, from 11.7
meters. Refer ARS Press Release August 22, 2013) was intersected in all
three holes drilled within the BK058 Zone.
Better results include:
BKM31700-02 12.0 meters at 0.93% Cu (from 1 meter)
BKM31700-03 5.0 meters at 1.80% Cu (from 10.5 meters)
22.0 meters at 1.07% Cu (from 21 meters)
-- Including 3 meters at 5.42% Cu (from 21 meters)
6.2 meters at 1.06% Cu (from 102 meters) and hole
terminated in 1.2% Cu
BKM31700-04 43.0 meters at 1.16% Cu (from 15 meters)
-- Including 8 meters at 2.52% Cu (from 23 meters)
-- Including 13 meters at 1.60% Cu (from 38 meters)
The first hole on section line BKM31700 (110m End of hole) was drilled
outside the BKM Resource and intersected moderate grade mineralization
from near surface, confirming copper mineralization continues eastward.
Drilling continues to confirm continuity and extend copper
mineralization in the BK058 Zone. Five additional holes have also been
completed on this line and assays are expected shortly.
Consistent intersections of strong copper mineralization grading 1-2%
and above so close to surface is considered to be highly positive for
the BKM project, as is the extension of mineralization beyond the
current Resource envelope. This shallow higher grade mineralization is
easily accessible for early mining and has the potential to further
improve the very low mining strip ratio generated in the BKM Preliminary
Economic Assessment (1.23:1). Lower strip ratios would be expected to
result in lower mining costs and enhanced project economics. Drilling is
continuing to assess this opportunity.
A drill hole location plan and a table of full assay results are
provided in Figure 1 and Table 1 respectively.
Tony Manini, Asiamet's Chief Executive Officer commented:
"The BKM deposit feasibility study drilling program is off to a flying
start with these first results providing early confirmation of
continuous shallow, high grade mineralization at the BK058 Zone. This
presents Asiamet with an opportunity to assess selective mining and
scheduling of this higher grade mineralization early in the mine life,
potentially enhancing project economics and shortening the capital
payback period for the project. As the momentum of the feasibility study
builds over the coming months, Asiamet looks forward to reporting the
results from ongoing drilling, metallurgical testing, mining,
infrastructure and environmental studies"
Table 1: Recent drill intercepts.
HOLE ID From To Length Copper (%) Cumulative Cu Mineralized Interval
BKM31700-01 1.8 33.0 31.2 0.29 31.2 Meters
Including 1.8 7.0 5.2 0.50
Including 11.0 18.0 7.0 0.34
BKM31700-02 1.0 73.2 72.2 0.38 72.2 Meters
Including 1.0 13.0 12.0 0.93
Including 19.0 21.0 2.0 0.67
BKM31700-03 10.5 15.5 5.0 1.80 50.5 Meters
BKM31700-03 21.0 43.0 22.0 1.07
Including 21.0 24.0 3.0 5.42
BKM31700-03 47.0 58.5 11.5 0.30
BKM31700-03 66.2 72.0 5.8 0.41
BKM31700-03 102.0 108.2 6.2 1.06
BKM31700-04 15.0 58.0 43.0 1.16 49.0 Meters
Including 23.0 31.0 8.0 2.52
Including 38.0 51.0 13.0 1.60
BKM31700-04 95.0 101.0 6.0 0.69
Notes: Grade intercepts are calculated as a weighted average grade
greater than or equal to 0.2% copper (uncut).
True widths are interpreted to be between 80-100% of the reported
lengths, unless otherwise stated.
To view the graphic, please click here
http://fscwire.com/sites/default/files/NR/792/12220_asiametimage.jpg
Figure 1: Location map showing section lines and drill collars
Qualified Person
Data disclosed in this press release have been reviewed and verified by
ARS's qualified person, Stephen Hughes, P. Geo, Vice President
Exploration of the Company and a Qualified Person within the meaning of
NI 43-101 and for the purposes of the AIM Rules.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
For further information please contact:
-Ends-
Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com / Mehrdad@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
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Source: Asiamet Resources Limited via Globenewswire
HUG#2029820
http://www.asiametresources.com
(END) Dow Jones Newswires
July 21, 2016 02:02 ET (06:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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