Asiamet Resources Limited Thick Copper Intersections Expand High Grade Zone At Bkm
17 January 2017 - 6:00PM
UK Regulatory
TIDMARS
Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise
that Resource evaluation drilling being undertaken as part of the
feasibility study at the Beruang Kanan Main ("BKM") copper deposit in
Central Kalimantan, Indonesia continues to report wide intervals of
higher grade near surface copper mineralization which further expand the
BK044 Zone.
A total 67 holes for 6750 meters of diamond core drilling have now been
completed and one hole is currently in progress. The results from ten
holes drilled in the northern part of the BKM deposit are reported
below. A further 51 holes/4250 meters are planned.
Better results from the most recent drilling include:
BKM32600-03 104.0 meters at 0.83% Cu (from 8.00 meters)
-- Including 4.0 meters at 1.93% Cu (from 8.0 meters)
-- Including 7.0 meters at 1.92% Cu (from 21.0 meters)
-- Including 18.0 meters at 1.31% Cu (from 33.0 meters)
-- Including 5.0 meters at 3.64% Cu (from 106.0 meters)
BKM32600-04 15.0 meters at 0.66% Cu (from 9.00 meters)
-- Including 2.0 meters at 2.41% Cu (from 9.0 meters)
74.5 meters at 0.64% Cu (from 29.0 meters)
-- Including 17.0 meters at 1.41% Cu (from 69.0 meters)
-- Includes 2.0 meters at 7.23% Cu (from 73.0 meters)
BKM32455-01 60.0 meters at 0.51% Cu (from 69.0 meters)
BKM32200-06 9.0 meters at 1.35% Cu (from 5.00 meters)
-- Including 3.0 meters at 3.18% Cu (from 9.0 meters)
52.25 meters at 1.15% Cu (from 26.0 meters)
-- Including 4.0 meters at 3.04% Cu (from 30.0 meters)
-- Including 6.0 meters at 1.59% Cu (from 49.0 meters)
-- Including 15.25 meters at 1.53% Cu (from 63.0 meters)
BKM32165-01 105.5 meters at 0.65% Cu (from 0.5 meters)
-- Including 24.5 meters at 1.27% Cu (from 5.5 meters)
Infill holes BKM32600-03 (153.7m end of hole ("EOH")) and BKM32600-04
(159.4m EOH) drilled on the north-eastern end of BK044 Zone intersected
strong chalcocite/covellite mineralization just below the zone of
oxidation in each drill hole, with individual one meter intervals
returning up to 10.1% copper in BKM32600-04 and 4.8% copper in
BKM32600-03. These results confirm wider than expected, near surface,
moderate to high grade copper mineralization approximately 175 meters in
width on the northern end of the BK044 zone.
Geological logs for holes BKM32600-05 and BKM32600-06 drilled >100m west
of BKM32600-03 reported significant intervals of near surface
chalcocite/covellite mineralization in. Assays are pending.
Infill drill hole BKM32500-05 (66.0m EOH) drilled at the western margins
of the BKM resource envelope intersected several zones of moderate grade
copper mineralization consistent with the resource model.
Resource infill hole BKM32455-01 (151.7m EOH) drilled at the western
edge of the BK044 Zone intersected a cumulative 106m interval (4
individual sections) of moderate grade copper mineralization hosted in
centimeter to meter scale quartz and or pyrite veins.
Quality control drill hole BKM32425-01 (80.4m EOH) was collared adjacent
to a metallurgy hole BKM32400-02 (111.5m EOH) and drilled north to
confirm the orientation of mineralization. Chalcocite and covellite
mineralization hosted in quartz stockwork and pyrite veins consistent
with assay results in BK031, which returned 28.95m @ 0.61% Cu from 16.0m
(refer ARS Press Releases October 29, 2012).
Two Resource infill holes BKM32400-03 (151.7m EOH) and BKM32400-04
(123.0m EOH) were drilled at the western edge of the BK044 Zone, where
previous drilling identified an interpreted landslip. Each hole
confirmed continuous low to moderate copper mineralization.
BKM32200-06 (79.5m EOH) was collared adjacent to BKM32200-03 (111.0m
EOH) and drilled east to confirm the orientation of mineralization and
test the robustness of the BKM Resource model. Strong zones of
chalcocite and covellite copper mineralization were intersected from
near surface hosted in quartz stockwork and pyrite veins. BKM32200-07
was drilled outside the BK044 Zone and closes off the mineralization to
the west as expected. Drilling is now complete on this section with
results confirming continuous mineralization up to 100m in true
thickness over an east - west strike length of 125m.
BKM32165-01 (106.0m EOH), drilled as a quality control twin hole to
BK048, which reported 15m @ 1.21% Cu from 4.5m and 80.5m @ 0.55% Cu from
31.5m (refer ARS Press Releases June 10, 2013), successfully confirmed
the moderate and high grade copper mineralization in BK048.
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 extremely pleased with these latest results from the
feasibility study Resource evaluation drilling at BKM. These are some of
the best intersections we have seen to date at BKM with greater
thicknesses of mineralization than anticipated in several areas and
excellent continuity of copper grade across the deposit. The drill out
and upgrading of Inferred Resources to higher confidence Measured and
Indicated Resources is a major de-risking/value enhancing milestone as
it is only these higher confidence Resources which can be used in the
economic evaluation and conversion to Ore Reserves. As such
significantly increased valuation multiples are generally applied to
Measured and Indicated Resources and Asiamet is very well placed to
convert a large part of its Resource base to these higher confidence
levels when an updated Resource estimate is completed at the end of the
current drill campaign.
Overall the feasibility study on BKM is making excellent progress and
with the recent capital raising now complete we are in a strong position
to maintain the momentum at a time when the copper price is in the early
stages of recovery.
Asiamet is simultaneously advancing a number of technical and corporate
initiatives and we expect 2017 to be a transformational year for the
Company"
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: +61386441300
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
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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
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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
BKM32165-01 0.50 106.00 105.50 0.65 105.5 Meters
Including 5.50 30.00 24.50 1.27
BKM32200-06 5.00 14.00 9.00 1.35 61.3 Meters
Including 9.00 12.00 3.00 3.18
BKM32200-06 26.00 78.25 52.25 1.15
Including 30.00 34.00 4.00 3.04
Including 49.00 55.00 6.00 1.59
Including 63.00 78.25 15.25 1.53
BKM32200-07 0.00 6.00 6.00 0.28 6.0 Meters
BKM32400-03 62.00 74.00 12.00 0.32 41.0 Meters
BKM32400-03 91.00 120.00 29.00 0.22
BKM32400-04 11.00 30.00 19.00 0.44 58.3 Meters
Including 20.00 22.95 2.95 1.57
BKM32400-04 61.00 70.00 9.00 0.38
BKM32400-04 75.00 77.00 2.00 1.16
BKM32400-04 84.00 89.00 5.00 0.75
BKM32400-04 100.00 111.00 11.00 0.25
BKM32400-04 116.00 128.30 12.30 0.32
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.
Table 1: Recent drill intercepts (continued)
Cumulative Cu
HOLE ID From To Length Copper (%) Mineralized Interval
BKM32425-01 30.50 53.00 22.50 0.51 22.5 Meters
BKM32455-01 2.00 12.00 10.00 0.33 106.0 Meters
BKM32455-01 21.00 38.00 17.00 0.37
BKM32455-01 47.00 66.00 19.00 0.44
BKM32455-01 69.00 129.00 60.00 0.51
BKM32500-05 11.00 22.00 11.00 0.27 40.2 Meters
BKM32500-05 26.00 32.00 6.00 0.43
BKM32500-05 36.00 39.20 3.20 0.77
BKM32500-05 45.00 65.00 20.00 0.63
BKM32600-03 8.00 112.00 104.00 0.83 123.0 Meters
Including 8.00 12.00 4.00 1.93
Including 21.00 28.00 7.00 1.92
Including 33.00 51.00 18.00 1.31
Including 106.00 111.00 5.00 3.64
BKM32600-03 123.00 142.00 19.00 0.25
BKM32600-04 9.00 24.00 15.00 0.66 89.5 Meters
Including 9.00 11.00 2.00 2.41
BKM32600-04 29.00 103.50 74.50 0.64
Including 69.00 86.00 17.00 1.41
Includes 73.00 75.00 2.00 7.23
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/filefield_paths/img1.png
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
January 17, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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