Asiamet Resources Limited Asiamet Bkm Feasibility Drilling Highlights Excellent Continuity Of Shallow Copper Mineralization
September 15 2016 - 2:01AM
UK Regulatory
TIDMARS
Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise
that Resource infill and extension drilling in progress as part of
feasibility studies on the Beruang Kanan Main ("BKM") copper deposit in
Central Kalimantan, Indonesia continues to demonstrate excellent
continuity of shallow copper mineralization within the BK058 and BK044
high grade zones.
A total 38 holes for 3800 meters of diamond core drilling have now been
completed and two holes are currently in progress. The results from ten
holes are reported below. Five holes were drilled in the southern part
of the BKM deposit (BK058 Zone) and five holes in the northern area
(BK044 Zone). A further 80 holes/7200 meters are planned.
As part of the feasibility study Resource quality control several holes
are being drilled in different orientations and angles to test the
robustness of the BKM Resource. This is particularly important for the
upgrade of Resource confidence from Inferred to Indicated and Measured
status. The first of these quality control holes, BKM32260-01 (124.3m
End of hole 'EOH') drilled in the western area of the Resource envelope
to confirm the orientation of mineralization intersected in earlier
holes BKM32250-02 and BKM32250-03 (refer ARS Press Releases September
29, 2015 and September 15, 2015) successfully intersected extensive
mineralization in three separate intervals. Better results include:
BKM32260-01 20.4 meters at 1.75% Cu (from 1.6 meters)
* Including 6.0 meters at 3.65% Cu (from 7.0 meters)
23.0 meters at 0.62% Cu (from 26.0 meters)
70.3 meters at 0.49% Cu (from 54.0 meters)
* Including 8.0 meters at 1.02% Cu (from 54.0 meters)
Hole BKM31655-01 (100.1m EOH) was drilled as a scissor hole to
BKM31750-03 (75m EOH) which intersected high grade copper mineralization
(refer ARS Press Release June 11, 2015). Assay results confirm high
grade mineralization in the western part of the BK058 Zone and
demonstrates excellent continuity along section. Better results
include:
BKM31655-01 2.0 meters at 1.62% Cu (from 37.0 meters)
31.0 meters at 0.73% Cu (from 51.0 meters)
* Including 17.0 meters at 1.11% Cu (from 54.0 meters)
Resource infill holes BKM31700-08 (66.3m EOH) and BKM31700-09 (70.5m
EOH) were drilled west of the BK058 Zone and confirmed continuous
shallow, moderate grade copper mineralization hosted in quartz stockwork
and pyrite veins. Better results include:
BKM31700-08 32.0 meters at 0.74% Cu (from 21.0 meters)
* Including 4.0 meters at 1.89% Cu (from 22.0 meters)
Hole BKM31900-01 (33.3m EOH) drilled between the currently defined
Resources on line 31900 was abandoned at 33.3m depth due to poor ground
conditions, however high grade copper mineralization was intersected
over the final few meters. Drilling will be expanded in this area to
further define the mineralization which lies outside the current
resource envelope. Better results include:
BKM31900-01 5.3 meters at 1.27% Cu (from 28.0 meters)
* Including 1.0 meters at 4.34% Cu (from 29.0 meters)
BKM32000-01 (70m EOH), the first hole on section line BKM32000, extended
copper mineralization beyond the current Resource envelope. Drilling
intersected a broad zone of moderate grade copper mineralization
including:
BKM32000-01 38.0 meters at 0.55% Cu (from 18.0 meters)
* Including 2.0 meters at 1.36% Cu (from 18.0 meters)
* Including 6.0 meters at 1.03% Cu (from 48.0 meters)
Infill drill holes BKM32300-01 (151.9m EOH), BKM32700-01 (70.0m EOH) and
BKM32700-02 (69.3m EOH) all intersected zones of low to moderate grade
copper mineralization as anticipated. Better results included 8.0 meters
at 0.77% Cu from 18.0 meters and 2.0 meters at 2.31% Cu from 41.0 meters
in hole BKM32700-01. Results for hole BKM32700-02 (69.3m EOH), including
11.0 meters at 0.56% Cu from 48.0 meters, highlight potential for at
depth extensions of mineralization to the west of the current Resource
envelope on line 32700. Further drilling is required to confirm these
extensions.
Planned drilling on section lines BKM31700 and BKM31750 is now complete.
Results demonstrate continuity of shallow moderate to high grade copper
mineralization at BKM south over a width of up to 600 meters with
mineralization remaining open to the east and west on both section
lines.
ARS is optimistic that a significant upgrade of the BKM Mineral Resource
to higher confidence levels will be realized through this drilling.
More importantly, it is anticipated that these results will further
reduce the already low strip ratio in the southern part of the BKM
deposit.
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:
"ARS is very pleased with the results received to date for the Resource
evaluation drilling being completed as part of the BKM feasibility
study. We are seeing excellent continuity of copper grade and thickness
within the existing Resource and extensions beyond the boundaries in
some areas. While extensive study work remains to be completed, the
consistently shallower nature of the mineralisation intersected to date
is expected to translate to an even lower strip ratio, and potentially
stronger economics, than outlined in the preliminary economic
assessment. The feasibility study on BKM is progressing to plan and
first results from the detailed heap leach test work are expected
shortly. In addition to the current feasibility work streams (Resource
drilling, heap leach testwork, geotechnical studies, and environmental
studies) our mine engineering and infrastructure studies are now ramping
up as expert consultants are engaged for each area of the study. We look
forward to progressively updating all stakeholders as the study advances
and our other corporate initiatives reach important milestones".
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.
Table 1: Recent drill intercepts.
Cumulative Cu
HOLE ID From To Length Copper (%) Mineralized Interval
BKM31655-01 9.0 11.0 2.0 0.39 38.0 Meters
BKM31655-01 37.0 39.0 2.0 1.62
BKM31655-01 51.0 82.0 31.0 0.73
Including 54.0 71.0 17.0 1.11
BKM31650-06 88.0 91.0 3.0 0.68
BKM31700-08 0.8 15.0 14.3 0.46 46.3 Meters
BKM31700-08 21.0 53.0 32.0 0.74
Including 22.0 26.0 4.0 1.89
BKM31700-09 26.0 44.0 18.0 0.50 25.0 Meters
BKM31700-09 49.0 53.0 4.0 0.60
BKM31700-09 59.0 62.0 3.0 0.52
BKM31900-01 28.0 33.3 5.3 1.27 5.30 Meters
Including 29.0 30.0 1.0 4.34
BKM32000-01 18.0 56.0 38.0 0.55 38.0 Meters
Including 18.0 20.0 2.0 1.36
Including 48.0 54.0 6.0 1.03
BKM32250-06 12.0 20.0 8.0 0.25 31.0 Meters
BKM32250-06 26.0 40.0 14.0 0.33
BKM32250-06 68.0 75.0 7.0 0.26
BKM32250-06 87.0 89.0 2.0 0.43
BKM32260-01 1.6 22.0 20.4 1.75 113.7 Meters
Including 7.0 13.0 6.0 3.65
BKM32260-01 26.0 49.0 23.0 0.62
BKM32260-01 54.0 124.3 70.3 0.49
Including 54.0 62.0 8.0 1.02
BKM32300-01 15.0 21.0 6.0 0.34 23.0 Meters
BKM32300-01 31.0 42.0 11.0 0.42
BKM32300-01 51.0 53.0 2.0 0.39
BKM32300-01 122.0 126.0 4.0 2.63
BKM32700-01 5.0 43.0 38.0 0.51 38.0 Meters
Including 18.0 26.0 8.0 0.77
Including 41.0 43.0 2.0 2.31
BKM32700-02 48.0 59.0 11.0 0.56 11.0 Meters
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 image for Figure 1, please click on the following link.
http://www.fscwire.com/sites/default/files/NR/792/13007_image1.jpg
Figure 1: Location map showing section lines and drill collars
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
http://www.asiametresources.com
(END) Dow Jones Newswires
September 15, 2016 02:01 ET (06:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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