Asiamet Resources Limited Asiamet Completes Bkm Drilling, Extends High Grade Copper To Depth In Bk044 Zone
04 May 2017 - 4:00PM
UK Regulatory
TIDMARS
For Immediate Release London AIM
04 May 2017 Symbol: ARS
Vancouver, British Columbia
Asiamet Completes BKM Drilling, Extends High Grade Copper to Depth in
BK044 Zone
Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise
that Resource definition drilling as part of feasibility studies on the
Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan,
Indonesia has intersected thick depth extensions of copper
mineralisation in the BK044 Zone.
-- Drilling on section line BKM32400 intersected thick intervals of moderate
to high-grade copper mineralisation extending more than 100 metres below
the base of the conceptual open pit design, as proposed in the
Preliminary Economic Assessment ("PEA").
-- Future drilling is required along strike (north-south) and laterally to
establish continuity of this deeper domain and determine the potential
for extending the open-pit to capture this mineralization.
-- Resource definition drilling continues to highlight excellent grade
continuity within the BKM deposit.
The Infill and Expansion drilling program at BKM has finished, a total
122 holes for 12480.9 metres of diamond core drilling have been
completed. ARS expects further pending assays will be received over the
next month, and work has already commenced on the Mineral Resource
update.
Results from eleven holes are reported below, with better results from
the most recent drilling including:
BKM32400-10 37.1 Metres at 1.10% Cu (from 3.4 Metres)
-- Including 17.0 Metres at 1.54% Cu (from 5.5 Metres)
-- Including 7.0 Metres at 1.35% Cu (from 25.5 Metres)
5.0 Metres at 1.12% Cu (from 100.5 Metres)
33.0 Metres at 1.11% Cu (from 110.5 Metres)
-- Including 2.0 Metres at 2.44% Cu (from 123.5 Metres)
-- Including 11.0 Metres at 2.04% Cu (from 131.5 Metres)
47.0 Metres at 0.64% Cu (from 147.5 Metres)
-- Including 16.0 Metres at 1.32% Cu (from 149.5 Metres)
19.35 Metres at 1.46% Cu (from 204.5 Metres)
-- Including 11.35 Metres at 2.14% Cu (from 212.5 Metres)
5.0 Metres at 0.56% Cu (from 229.0 Metres)
BKM32440-01 34.5 Metres at 0.74% Cu (from 145.5 Metres)
BKM32400-07 18.0 Metres at 1.60% Cu (from 13.0 Metres)
-- Including 3.0 Metres at 2.78% Cu (from 15.0 Metres)
-- Including 4.0 Metres at 2.83% Cu (from 27.0 Metres)
BKM32500-08 35.0 Metres at 0.75% Cu (from 22.0 Metres)
-- Including 5.0 Metres at 1.34% Cu (from 50.0 Metres)
BKM32650-05 20.0 Metres at 0.95% Cu (from 86.0 Metres)
-- Including 6.0 Metres at 2.22% Cu (from 87.0 Metres)
Infill hole BKM32400-06 (55.0m End of Hole 'EOH') was drilled
approximately 50m east of BKM32400-05 (127.3m EOH), but failed to
intersect significant copper mineralization and closes off the
mineralization to the east. Infill holes BKM32400-07 (91.2m EOH) and
BKM32400-08 (75.0m EOH) were drilled approximately 50m and 100m west of
metallurgy drill hole BKM32400-02, respectively.
Both holes intersected broad zones of chalcocite - covellite
mineralization, with discrete high grade intervals. Infill holes
BKM32400-09 (80.0m EOH) and BKM32400-11 (70.6m EOH) were drilled
approximately 50m and 100m west of BKM32400-08, respectively. Both
holes failed to intersect significant copper mineralization, and have
closed off the deposit to the west in this area. Infill hole
BKM32400-10 was extended to deeper levels to test the spatial continuity
of mineralisation intersected at >175m vertical depth in historic drill
hole BKD03-01 (refer ARS Release February 19, 2013). BKM32400-10
intersected moderate to high grade chalcocite - covellite mineralization
to greater than 200m depth, well beyond the BKM PEA conceptual open pit
design.
Quality control drill hole BKM32440-01 (79.5m EOH) is a scissor hole to
BK032, which intersected 54.5m @ 0.73% Cu from 17.8m (refer ARS Press
Releases February 19, 2013). BKM32440-01 was drilled east to confirm
the orientation of mineralization, and intersected similar style and
grade mineralization to that in BK032.
BKM32500-08 (109.8m EOH) drilled as a quality control twin hole to
BKM32500-01 which reported 44m @ 0.91% Cu from 25.0m, and 20.0m @ 0.52%
Cu from 78.0m (refer ARS Press Releases October 8, 2015), successfully
confirmed the moderate and high grade copper mineralization in
BKM32500-01.
Infill hole BKM32650-05 (126m EOH) was drilled approximately 50m east of
BKM32650-04 (140m EOH) and intersected moderate to high grade
chalcocite-covellite mineralization at deeper levels. Infill hole
BKM32660-02 (100.5m EOH) was drilled approximately 50m west of
BKM32660-01 and intersected moderate to locally high grade
chalcocite-covellite mineralization. These are the final two holes to
report on section line BKM325650.
A drill hole location plan and a table of full assay results are
provided in Figure 1 and Table 1 respectively.
Peter Bird, Asiamet's Chief Executive Officer commented:
"Another significant milestone achieved with the completion of the BKM
Infill and Expansion drilling program. BKM continues to impress as our
confidence in the continuity and grade of copper mineralisation from
north to south, and particularly with depth, increases. Recent drilling
at BK044 Zone has yielded very encouraging results with broad intervals
of high grade copper mineralization intersected in a deeper mineral
domain extending well beyond the limits of the BKM PEA conceptual
open-pit mine design. The potential for a deeper pit and longer mine
life will be investigated as part of the ongoing feasibility study. We
look forward to updating the market in the near future with regards to
pending assays. The primary objective of this drilling campaign is the
upgrading of Inferred Resources to higher confidence Measured and
Indicated Resources by completing this closely spaced grid-drilling
program, and we are very pleased with the results to date."
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
Peter Bird, Vice Chairman and CEO, Asiamet Resources Limited
For further information, please contact:
-Ends-
Peter Bird, Vice Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: peter.bird@asiametersources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametersources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@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 news release contains forward-looking statements that are based on
the Company's current expectations and estimates. Forward-looking
statements are frequently characterised 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 contains inside information as stipulated under the
Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Table 1: Recent drill intercepts.
HOLE ID From To Length Copper (%) Cumulative Cu Mineralised Interval
BKM32400-05 3.0 25.3 22.3 0.56 57.1 Metres
Including 11.0 18.00 7.00 1.29
BKM32400-05 32.5 38.0 5.5 0.21
BKM32400-05 42.0 64.0 22.0 0.44
Including 48.0 50.0 2.0 1.18
Including 61.0 63.0 2.0 1.72
BKM32400-05 74.0 77.0 3.0 0.48
BKM32400-05 123.0 127.3 4.3 0.58
BKM32400-06 No Significant Assays NIL
BKM32400-07 13.0 31.0 18.0 1.60 47.0Metres
Including 15.0 18.0 3.0 2.78
Including 27.0 31.0 4.0 2.83
BKM32400-07 36.0 60.0 24.0 0.28
BKM32400-07 65.0 67.0 2.0 0.42
BKM32400-07 74.0 77.0 3.0 0.25
BKM32400-08 24.0 74.0 50.0 0.50 50.0 Metres
Including 52.0 64.0 12.0 0.97
BKM32400-09 No Significant Assays NIL
Notes: Grade intercepts are calculated as a weighted average grade >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)
HOLE ID From To Length Copper (%) Cumulative Cu Mineralised Interval
BKM32400-10 3.4 40.5 37.10 1.10 165.5 Metres
Including 5.5 22.50 17.00 1.54
Including 25.5 32.5 7.00 1.35
BKM32400-10 65.7 84.7 19.00 0.33
BKM32400-10 100.5 105.5 5.00 1.12
BKM32400-10 110.5 143.5 33.00 1.11
Including 123.5 125.5 2.00 2.44
Including 131.5 142.5 11.00 2.04
BKM32400-10 147.5 194.5 47.00 0.64
Including 149.5 165.5 16.00 1.32
BKM32400-10 204.5 223.9 19.35 1.46
Including 212.5 223.9 11.35 2.14
BKM32400-10 229.0 234.0 5.00 0.56
BKM32400-11 No Significant Assays NIL
BKM32440-01 56.5 67 10.5 0.55 57.0 Metres
BKM32440-01 77.5 81.5 4 0.29
BKM32440-01 92.5 94.5 2.0 0.39
BKM32440-01 133.5 139.5 6.0 0.69
Including 137.5 139.5 2.0 1.47
BKM32440-01 145.5 180.0 34.5 0.74
Including 156.5 159.5 3.0 1.12
Including 163.5 171.5 8.0 0.84
Including 175.5 178.8 3.3 1.13
Notes: Grade intercepts are calculated as a weighted average grade >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)
HOLE ID From To Length Copper (%) Cumulative Cu Mineralised Interval
BKM32400-10 3.4 40.5 37.10 1.10 165.5 Metres
Including 5.5 22.50 17.00 1.54
Including 25.5 32.5 7.00 1.35
BKM32400-10 65.7 84.7 19.00 0.33
BKM32400-10 100.5 105.5 5.00 1.12
BKM32400-10 110.5 143.5 33.00 1.11
BKM32500-08 6 12 6.0 0.70 85.8 Metres
BKM32500-08 22 57 35.0 0.75
Including 40.0 44.0 4.0 0.89
Including 50.0 55.0 5.0 1.34
BKM32500-08 61.0 71.0 10.0 0.25
BKM32500-08 75.0 109.8 34.8 0.43
BKM32650-05 49.0 55.0 6.0 0.56 44.5 Metres
BKM32650-05 60.0 65.0 5.0 0.41
BKM32650-05 86.0 106.0 20.0 0.95
Including 87.0 93.0 6.0 2.22
BKM32650-05 110.0 123.5 13.5 0.56
BKM32660-02 3 24 21.0 0.27 53.0 Metres
BKM32660-02 30 62 32.0 0.46
Notes: Grade intercepts are calculated as a weighted average grade >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/792/16432_ARSIMG1.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
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