Asiamet Resources Limited Further Re Feasibility Study Update
August 04 2016 - 2:00AM
UK Regulatory
TIDMARS
Further Shallow High Grade Copper Intersections Confirm BK058 Zone
Potential
VANCOUVER, British Columbia, Aug. 04, 2016 (GLOBE NEWSWIRE) -- Asiamet
Resources Limited ("ARS" or the "Company") is pleased to announce that
Resource infill and extension drilling at the Beruang Kanan Main ("BKM")
copper deposit in Central Kalimantan, Indonesia continues to intersect
shallow high grade copper mineralization within the BK058 Zone.
30 holes for 3100 meters of diamond core drilling have now been
completed and three holes are currently in progress. Results from four
holes (BKM31750-10, BKM31800-05, BKM31800-06 and BKM31700-05) are
reported below. A further 90 holes and 8000 meters are planned.
All holes with the exception of BKM31800-06 (85.4m End of hole 'EOH'),
intersected shallow high grade covellite - chalcocite copper
mineralization in quartz stockwork and pyrite veins hosted within
silicified and highly altered volcaniclastics and breccias. Hole
BKM31750-10 drilled to test for deeper extensions of 2015 drill hole
BKM31750-04 (10.3 meters at 0.74% copper from 65m to bottom of hole
refer ARS Press Release June 11, 2015) intersected 5 intervals of
moderate to strong copper and extended the depth of mineralization by a
further 17 meters.
Better results include:
BKM31750-10 5.2 meters at 1.08% Cu (from 2.3 meters)
-- Including 2.2 meters at 2.18% Cu (from 2.3 meters)
15.0 meters at 0.78% Cu (from 22.5 meters)
23.0 meters at 1.24% Cu (from 41.5 meters)
-- Including 14.0 meters at 1.58% Cu (from 43.5 meters)
25.0 meters at 0.86% Cu (from 67.5 meters)
-- Including 5.0 meters at 2.75% Cu (from 67.5 meters)
Infill drill hole BKM31800-05 (119m EOH) intersected two intervals of
moderate to strong copper mineralization, comprising quartz - covellite
- chalcocite veins up to 50cm in width and assaying up to 6.81% copper
over one meter. Better results include:
BKM31800-05 29.0 meters at 1.17% Cu (from 33.5 meters)
-- Including 7.0 meters at 2.92% Cu (from 50.5 meters)
The excellent thickness and continuity of near surface high grade 1-3%
copper mineralization intersected in feasibility study drilling to date
further strengthens the key fundamentals of the BKM project. The
delineation of these discrete zones of continuous, shallow, high grade
mineralization that are easily accessible for early mining has the
potential to lower operating costs and further enhance project
economics.
In line with expectations Hole BKM31700-05, an infill hole drilled 50m
west of BKM31700-04, intersected shallow moderate grade
covellite-chalcocite copper mineralization assaying 20.1 meters at 0.68%
Cu from 11.9 meters. Hole BKM31800-06 intersected mostly barren post
mineral diorite porphyry dyke however low grade copper mineralization
was confirmed outside the resource envelope at the contact with altered
and brecciated volcaniclastic host rocks.
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:
"Asiamet is very pleased with the progress being made on the feasibility
study to date. All the longer lead time studies are underway and all
resource definition drilling completed in the higher grade BK058 zone
thus far has intersected strong near surface copper mineralization with
excellent continuity and thickness. These discrete easily accessible
higher grade zones with potential for lower strip ratio mining and lower
operating costs early in the project life continue to confirm BKM as an
outstanding copper development opportunity. We look forward to reporting
further results from ongoing drilling and test work as the feasibility
study momentum continues."
Table 1: Recent drill intercepts.
HOLE ID From To Length Copper (%) Cumulative Cu Mineralized Interval
BKM31750-10 2.3 7.5 5.2 1.08 73.2 Meters
Including 2.3 4.5 2.2 2.18
BKM31750-10 14.5 19.5 5.0 0.21
BKM31750-10 22.5 37.5 15.0 0.78
Including 24.5 31.5 7 1.01
BKM31750-10 41.5 64.5 23.0 1.24
Including 43.5 57.5 14.0 1.58
BKM31750-10 67.5 92.5 25.0 0.86
Including 67.5 72.5 5.0 2.75
BKM31800-05 13.5 19.5 6.0 0.27 35.0 Meters
BKM31800-05 33.5 62.5 29.0 1.17
Including 50.5 57.5 7.0 2.92
BKM31800-06 54.0 61.0 7.0 0.24 7.0 Meters
BKM31700-05 11.9 32.0 20.1 0.68 23.1 Meters
BKM31700-05 76.0 79.0 3.0 0.45
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 image click here
http://fscwire.com/sites/default/files/NR/792/12415_img.png
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
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on
the Company's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that certain
events or conditions "may" or "will" occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others:
the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to
be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are
not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.
For further information, please contact:
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
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Asiamet Resources Limited via Globenewswire
HUG#2033065
http://www.asiametresources.com
(END) Dow Jones Newswires
August 04, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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