Asiamet Resources Limited Further Re Feasibility Study Update
August 17 2016 - 2:00AM
UK Regulatory
TIDMARS
Asiamet Drilling Hits Continuous Higher Grade Copper Mineralization at
BKM
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 display excellent continuity of shallow high grade copper
mineralization within the BK058 Zone.
A total 33 holes for 3400 meters of diamond core drilling have now been
completed and three holes are currently in progress. The results from
five holes are reported below. Four holes were drilled in the southern
part of the BKM deposit and one hole at the far north end. A further 87
holes/7700 meters are planned.
Hole BKM31775-01 (141m End of hole 'EOH') was collared 25m north of
BKM31750-02 (85.0m EOH) which intersected a broad zone of high grade
near surface copper assaying 54 meters at 1.10% Cu (from 16.5 meters
depth) including 16 meters at 1.67% Cu (from 17.5 meters) refer ARS
Press Release May 13, 2015. Assay results confirm the high grades
within BK058 Zone and the continuity of the mineralization intersected
in BKM31750-02. Better results include:
BKM31775-01 31.0 meters at 1.57% Cu (from 12.0 meters)
-- Including 5.0 meters at 4.74% Cu (from 16.0 meters)
-- Includes 2.0 meters at 8.48% Cu (from 17.0 meters)
-- Including 2.0 meters at 2.76% Cu (from 22.0 meters)
-- Including 2.0 meters at 3.19% Cu (from 28.0 meters)
13.0 meters at 1.16% Cu (from 128.0 meters)
-- Including 3.0 meters at 2.27% Cu (from 128.0 meters)
-- Including 3.0 meters at 2.24% Cu (from 133.0 meters)
Drill hole BKM31755-01 (168m EOH) is a scissor hole to BKM31750-03 (75m
EOH) which intersected high grade near surface copper mineralization,
including 5.0 meters at 1.60% Cu (from 8.0 meters) and 8.0 meters at
1.16% Cu (from 15.0 meters), refer ARS Press Release June 11, 2015.
Assay results from drill hole BKM31755-01 confirm the style, width, and
continuity of mineralization intersected previously and the high grade
tenor of the BK058 Zone. Better results include:
BKM31755-01 55.1 meters at 0.74% Cu (from 7.9 meters)
-- Including 12.0 meters at 1.08% Cu (from 12.0 meters)
-- Including 14.0 meters at 1.10% Cu (from 49.0 meters)
Infill holes BKM31700-06 (91m EOH) and BKM31700-07 (74m EOH) were
drilled west of the BK058 Zone and confirm continuous shallow, moderate
grade covellite - chalcocite copper mineralization in quartz stockwork
and pyrite veins. Better results include:
BKM31700-06 19.0 meters at 0.81% Cu (from 3.0 meters)
-- Including 3.0 meters at 2.86% Cu (from 14.0 meters)
12.0 meters at 0.50% Cu (from 29.0 meters)
14.0 meters at 0.47% Cu (from 65.0 meters)
BKM31700-07 31.0 meters at 0.60% Cu (from 7.5 meters)
-- Including 2.0 meters at 2.98% Cu (from 28.5 meters)
Delineation drilling at BK058 Zone continues to confirm the thickness
and continuity of near surface higher grade copper mineralization and it
is anticipated that these results will further reduce the already low
strip ratio of the potential open pit in the southern part of the BKM
deposit.
Drilling in the northern part of the BKM deposit is focused on upgrading
Resource confidence from Inferred to Indicated and Measured categories
(NI43-101), and fully defining the northern limit of the mineralization.
Hole BKM32705-01 (90.1m EOH) was collared on the most northern section
line and intersected a broad zone of moderate to high grade copper
mineralization that extends 20 meters outside of the resource envelope.
The hole was terminated in strong copper mineralization at 90.1 meters
after reaching the depth capacity of the Company's RB drill rig, with
the final 1.1-meter sample interval assaying 4.38% copper. Better
results include:
BKM32705-01 36.1 meters at 0.64% Cu (from 54.0 meters)
-- Including 4.0 meters at 2.25% Cu (from 69.0 meters)
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:
"Resource evaluation drilling at BKM continues to meet or exceed our
expectations. The grade and continuity of mineralization appears to be
very consistent and we are seeing higher grade mineralization shallower
than anticipated within the BK058 zone. A lower strip ratio zone like
BK058, coupled with higher grades has the potential to lower operating
costs early in the mine life and further enhance the already strong
economics of the BKM project as outlined in the preliminary economic
assessment. The feasibility study on BKM is ramping up with mine
engineering and infrastructure studies about to commence in addition to
the Resource drilling, metallurgy, geo-technical and environmental
studies currently in progress. We anticipate a strong news flow over the
coming months and look forward to progressively updating all
stakeholders as the study activity ramps up and corporate initiatives
are advanced towards key milestones".
Table 1: Recent drill intercepts.
HOLE ID From To Length Copper (%) Cumulative Cu Mineralized Interval
BKM31700-06 3 22 19 0.81 52.0 Meters
Including 14 17 3 2.86
BKM31700-06 29 41 12 0.50
BKM31700-06 50 54 4 0.45
BKM31700-06 59 62 3 0.44
BKM31700-06 65 79 14 0.47
BKM31700-07 7.5 38.5 31 0.60 23.1 Meters
Including 28.5 30.5 2 2.98
BKM31755-01 7.9 63.0 55.1 0.74 75.1 Meters
Including 12.0 24.0 12.0 1.08
Including 49.0 63.0 14.0 1.10
BKM31755-01 78.0 80.0 2.0 0.44
BKM31755-00 97.0 113.0 16.0 0.58
BKM31755-01 119.0 121.0 2.0 0.50
BKM31775-01 12.0 43.0 31.0 1.57 77.0 Meters
Including 16.0 21.0 5.0 4.74
Includes 17.0 19.0 2.0 8.48
Including 22.0 24.0 2.0 2.76
Including 28.0 30.0 2.0 3.19
BKM31775-01 46.0 57.0 11.0 0.54
BKM31775-01 60.0 69.0 9.0 0.47
BKM31775-01 79.0 92.0 13.0 0.45
BKM31775-01 128.0 141.0 13.0 1.16
Including 128.0 131.0 3.0 2.27
Including 133.0 136.0 3.0 2.24
BKM32705-01 8.0 9.0 1.0 0.67 49.1 Meters
BKM32705-01 14.0 23.0 9.0 0.21
BKM32705-01 47.0 50.0 3.0 0.37
BKM32705-01 54.0 90.1 36.1 0.64
Including 69.0 73.0 4.0 2.25
Including 89.0 90.1 1.1 4.38
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/792/12597_ARS.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
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
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.
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#2035562
http://www.asiametresources.com
(END) Dow Jones Newswires
August 17, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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