Asiamet Resources Limited Asiamet Resources Files Technical Report For The Beruang Kanan Prospect, Ksk Cow, Indonesia
03 December 2015 - 6:00PM
UK Regulatory
TIDMARS
Asiamet Resources Limited ("ARS" or the "Company") has filed a NI 43-101
compliant technical report supporting the independently estimated
updated mineral resource for the Beruang Kanan Main ("BKM") deposit
within the Company's 100% owned KSK Contract of Work in Kalimantan,
Indonesia as announced on October 21, 2015.
As announced on October 21, 2015, the highlights of the estimate are:
HIGHLIGHTS
-- Large increase in contained copper. 231MIbs (105,000 tonnes) of contained
copper has been added as Indicated Resources and 35Mlbs (18,000 tonnes)
of contained copper has been added as Inferred Resources.
-- Resource confidence significantly upgraded. ARS's 2015 drill program has
demonstrated good continuity of shallow near-surface copper
mineralization and successfully upgraded a significant portion of the
previous Inferred resource to the Indicated resource category. The
previous September 26, 2014 BKM Mineral Resource estimate contained no
Indicated Resources.
-- Beruang Kanan Main Resources are now estimated as:
-- Indicated Resources of 15.0 million tonnes at 0.7% Cu containing
231MIbs (105,000 tonnes) of copper at a 0.2% copper cut-off grade
(refer Table 1). The September 26, 2014 BKM Mineral Resource
estimate contained no Indicated Resources.
-- Inferred Resources of 49.7 million tonnes at 0.6% Cu containing
657MIbs pounds (298,000 tonnes) of copper at a 0.2% copper cut-off
grade (refer Table 1).
-- Substantial Mineral Resource inventory at a 0.5% copper cut-off grade
provides a solid basis for upcoming mining studies to be undertaken as
part of the BKM preliminary economic assessment (PEA). The larger
inventory of available Mineral Resource provides an opportunity to assess
various options relating to plant throughput and/or increased mine life
in the mining studies.
-- Two discrete near surface higher grade zones identified in the 2015
drilling provide ARS with an opportunity to assess the potential for
higher grade starter pit opportunities that can enhance project
economics.
The report is titled "Beruang Kanan Main Zone, Kalimantan Indonesia:
2015 Resource Estimate Report", prepared by Duncan Hackman of Hackman
and Associates Pty. Ltd. dated November 30, 2015.
Mineral Resource Estimate - Beruang Kanan Main Deposit - October 2015
Table 1 - Indicated and Inferred Mineral Resource
(NI 43-101)
Indicated Mineral Resources
Reporting cut Tonnes Cu Grade Contained Cu Contained Cu
(Cu %) ('000) (Cu %) ('000 tonnes) ('000,000 lbs)
0.2 15,000 0.7 105 231
0.5 12,600 0.7 88 194
0.7 5,600 0.9 50 110
Inferred Mineral Resources
Reporting cut Tonnes Cu Grade Contained Cu Contained Cu
(Cu %) ('000) (Cu %) ('000 tonnes) ('000,000 lbs)
0.2 49,700 0.6 298 657
0.5 25,300 0.7 177 390
0.7 9,800 0.9 88 194
Notes:
Mineral Resources for the Beruang Kanan mineralization have been
estimated in conformity with generally accepted CIM "Estimation of
Mineral Resource and Mineral Reserves Best Practices" guidelines. In
the opinion of Duncan Hackman, the block model Resource estimate and
Resource classification reported herein are a reasonable representation
of the copper Mineral Resources found in the defined area of the Beruang
Kanan Main mineralization. Mineral Resources are not Mineral Reserves
and do not have demonstrated economic viability. There is no certainty
that all or any part of the Mineral Resource will be converted into
Mineral Reserve. Computational discrepancies in the table and the body
of the Release are the result of rounding.
KSK Contract of Work
The Beruang Kanan project is located within the KSK Contract of Work.
The holder of the KSK Contract of Work is PT Kalimantan Surya Kencana
("KSK"). ARS holds 100% of the shares of Indokal Limited ("Indokal").
KSK is owned 75% by Indokal and 25% by PT Pancaran Cahaya Kahayan
("PCK"). Indokal owns 100% of PCK.
Qualified Person
Duncan Hackman (B. App.Sc., MSc., MAIG) of Hackman & Associates Pty Ltd
(Australia) is the independent Qualified Person within the meaning of NI
43-101 and the AIM Rules for Companies for the purposes of Mineral
Resource estimates contained within this press release. Data disclosed
in this press release have been reviewed and verified by ARS's qualified
person, Stephen Hughes, P. Geo. a director of ARS and a Qualified Person
within the meaning of NI 43-101 and the AIM Rules for Companies.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
-Ends-
For further information please contact:
Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.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
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#1971012
http://www.asiametresources.com
(END) Dow Jones Newswires
December 03, 2015 02:00 ET (07:00 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Asiamet Resources (LSE:ARS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Asiamet Resources (LSE:ARS)
Historical Stock Chart
From Jul 2023 to Jul 2024