Asiamet Resources Limited Asiamet Bkm Copper Project - Positive Metallurgical Testwork Results
22 May 2017 - 4:00PM
UK Regulatory
TIDMARS
-- Asiamet Resources Limited ("ARS", "Asiamet", or the "Company") recently
completed a 122 hole resource evaluation drilling program as part of the
BKM feasibility study. As part of this work a series of holes were
drilled throughout the BKM deposit to collect representative samples of
various mineralisation types and grades for detailed metallurgical test
work.
-- A key element of the metallurgical test work is the column leach program
where representative composites of the various mineralised material types
are stacked and percolated with extractive solution for up to 270 days.
The results emanating from this work are a key component in the design
of the proposed heap leaching, solvent extraction and electro-winning
facilities.
-- Results from this metallurgical test work have been very positive to date,
and the columns are continuing to leach as anticipated.
-- The metallurgical testing program has been designed by the Asiamet team
together with its expert consultants; Graeme Miller of Miller
Metallurgical Services Pty Ltd and Duncan Hackman of Hackman & Associates
Pty Ltd ("H&A").
Drill core from metallurgy drill holes (PQ and HQ sized) was shipped to
CORE Laboratories in Brisbane, Australia under the direction of the
ARS's Vice President of Exploration, Stephen Hughes. Composites for
testing were prepared based on material types and grade, the mining
schedule as proposed in the Preliminary Economic Assessment ("PEA") and
the copper mineralogy and zonation as defined by ARS geologists.
Selected drill intercepts correspond to material types that would
nominally be mined in the annual mine schedule from Years 1 through 8,
as defined in the PEA. This resulted in the preparation of six separate
drill core composite samples being prepared by CORE. Highlights of the
program to date include:
-- A total of 20 columns are actively leaching, comprising 12 short, and 8
long columns, with two crush size fractions being tested for each
composite sample i.e. 12.5mm and 19mm
-- Short (2-metre) and Long (6-metre) column leach tests have been operating
for approximately 100 days of planned 180 day and 270 day programs
respectively i.e. 55% and 37% percent completed to date.
-- Based on the leachable copper head grade assays received to date:
o SHORT COLUMNS - leachable copper recoveries for the 12.5mm size
fraction have exceeded 87%, and recoveries for the 19mm size fraction
have exceeded 75% in some composites
o LONG COLUMNS - leachable copper recoveries for 12.5mm size fraction
have exceeded 72%, and leachable copper recoveries for the 19mm size
fraction have exceeded 73% in some composites
-- Positive results from the test work to date have supported the
initiation of additional metallurgical program activities
These results as reported are provided as an interim update of ARS's
continuing metallurgical testing program. The short column tests are
expected to be finalised in July 2017 and the long column tests in
October 2017, with the metallurgical data and conclusions progressively
incorporated into the ongoing BKM feasibility study.
This test work forms the basis upon which the proposed leaching, solvent
extraction and electro-winning facilities will be designed. The
detailed chemical characterisation of the tested composites will provide
critical information on the leaching kinetics of the ore; the
geo-mechanical and hydrodynamic behaviour of the heap leach; and the
leach recovery targets for the operation. Four different composites and
the two predominant, single-material types from the BKM deposit are
being evaluated in the leach column program.
The positive results achieved to date are supporting additional
activities including: refined diagnostic assay procedures, optical
mineralogy assessments, and hydrodynamic testing. These elements have
been initiated in the past month.
The detailed program is thoroughly evaluating the metallurgical model
developed as part of the PEA. Copper recoveries in the early phase of
the test work program are in line with expectations and confirm that the
copper minerals in the BKM deposit are amenable to heap leaching. The
PEA mine plan was based on an average life-of-mine grade of 0.57% Total
Copper (Cu(T) ) in the heap leach feed. It was assumed, based on the
sequential assay procedure used at the time, that the Leachable Copper
(Cu(leachable) ) averaged 0.43%. The leaching response curve used in
the PEA assumed an 85% recovery of soluble copper in a 270 day leach
cycle, and the goal of this test work is to confirm the initial
assumptions interpreted from the PEA evaluations.
The leach column test work will continue to be advanced in the coming
months, with completion of these activities anticipated in Q3 and Q4,
2017 as planned. Once interpretation of the results is complete the
Asiamet team will be able to confirm the metallurgical performance of
the BKM ore and update the project plans and metrics as appropriate.
Peter Bird, Asiamet's Chief Executive Officer commented:
"The detailed metallurgical program is a key element in de-risking, and
proving up the economics, of the BKM project. The goal of the
metallurgical test-work is to confirm the initial assumptions
interpreted in the PEA and allow us to establish appropriate design
criteria for the proposed processing facilities as the project moves
into the more detailed engineering and project planning stages. The
detailed evaluations being performed by our highly-experienced team
provide a solid basis for the design and engineering work and are
critical to ensuring that appropriate budget and schedule targets are
set for the project construction phase to be outlined in the Feasibility
Study."
To view the graphic, please click here
http://ww4.fscwire.com/sites/default/files/NR/792/16701_ARSIMG1.jpg
Figure 1: (Left) BKM 6-metre Leach Columns at CORE Laboratories (Right)
PLS (Pregnant Liquor Solution) from Leach Column Discharge (Showing
copper dissolution via characteristic green colour)
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, Deputy Chairman and CEO
For further information, please contact:
-Ends-
Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: peter.bird@asiametresources.com
Tony Manini
Executive Chairman, 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
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").
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
May 22, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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