Asiamet Resources Limited Asiamet Resources Limited : Drilling/Production Report
15 August 2017 - 4:00PM
UK Regulatory
TIDMARS
For Immediate Release London AIM
15 August 2017 Symbol: ARS
Vancouver, British Columbia
Asiamet Resources files BKM Resource Update Report
for the Beruang Kanan Prospect, KSK CoW, Indonesia
Asiamet Resources Limited ("ARS" or the "Company") has filed a technical
report supporting the independently estimated updated Resource at the
Beruang Kanan Main Zone, KSK CoW, Indonesia.
As announced on June 28, 2017 the highlights of the updated Resources
are:
HIGHLIGHTS
-- Resource confidence significantly upgraded with contained copper in
Measured and Indicated Resources increased by 207% in comparison to the
October 21, 2015 BKM Mineral Resource estimate. The BKM Copper deposit is
now estimated to contain Measured and Indicated Resources of 49.2 million
tonnes at 0.70% copper containing 711.3MIbs (322,600 tonnes) of copper at
a 0.2% copper cut-off grade (see Table 1 for details).
-- Additional 66Mlbs (30,000 tonnes) of contained copper (0.2% copper
cut-off grade) added to the BKM Resource inventory.
-- Beruang Kanan Main Resources are now estimated as:
-- Measured Resources of 20.5 million tonnes at 0.7% Cu containing 325.7MIbs
(147,700 tonnes) of copper at a 0.2% copper cut-off grade (refer Table
1). The October 21, 2015 BKM Mineral Resource estimate contained no
Measured Resources.
-- Indicated Resources of 28.7 million tonnes at 0.6% Cu containing
385.6MIbs (174,900 tonnes) of copper at a 0.2% copper cut-off grade
(refer Table 1). The October 21, 2015 BKM Mineral Resource estimate
contained 15.0 million tonnes at 0.7% Cu containing 231MIbs (105,000
tonnes) of copper.
-- Inferred Resources of 17.7 million tonnes at 0.6% Cu containing 241.0MIbs
pounds (109,300 tonnes) of copper at a 0.2% copper cut-off grade (refer
Table 1). The October 21, 2015 BKM Mineral Resource estimate contained
49.7 million tonnes at 0.6% Cu containing 657MIbs (298,000 tonnes) of
copper.
-- 73% of the copper contained in Resources is within the April 2016 BKM
Preliminary Economic Assessment ("PEA") conceptual open pit mine design.
The technical report is titled "Beruang Kanan Main Zone, Kalimantan
Indonesia: 2017 Resource Estimate Report", prepared by Duncan Hackman of
Hackman and Associates Pty. Ltd. Is as at June 28, 2017 and the report
is dated July 28, 2017.
Mineral Resource Estimate - Beruang Kanan Main Deposit
- June 2017
Table 1 - Measured, Indicated and Inferred Mineral
Resource (NI 43-101)
Measured Mineral Resources
Reporting cut Tonnes Cu Grade Contained Cu Contained Cu
(Cu %) ('000) (Cu %) ('000 tonnes) ('000,000 lbs)
0.2 20.5 0.7 147.7 325.7
0.5 15.4 0.8 126.8 279.6
0.7 8.5 1.0 85.8 189.2
Indicated Mineral Resources
Reporting cut Tonnes Cu Grade Contained Cu Contained Cu
(Cu %) ('000) (Cu %) ('000 tonnes) ('000,000 lbs)
0.2 28.7 0.6 174.9 385.6
0.5 16.9 0.8 127.7 281.6
0.7 7.7 1.0 73.8 162.7
Inferred Mineral Resources
Reporting cut Tonnes Cu Grade Contained Cu Contained Cu
(Cu %) ('000) (Cu %) ('000 tonnes) ('000,000 lbs)
0.2 17.7 0.6 109.3 241.0
0.5 12.1 0.7 86.2 190.1
0.7 4.7 0.9 41.9 92.4
Notes: Mineral Resources for the BKM deposit 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 BKM
mineralisation. 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 ("KSK CoW") 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.
On February 16, 2017, the Company formally established with the
Government of the Republic of Indonesia that the KSK CoW has now entered
the Feasibility Study Period which runs for not less than two years, is
extendable, and provides time to complete studies and identify the area
for mining. The KSK CoW has a total of 30+ years remaining for
exploration, development and operations.
The Company has previously signed a non-binding Memorandum of
Understanding ("MOU") with the Government of the Republic of Indonesia
("GOI") covering amendments to its KSK CoW. KSK continues discussions
with the GOI regarding possible amendments to some of the KSK CoW terms
in order to achieve closer alignment with the current Law No. 4/2009.
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
Peter Bird, Deputy Chairman and CEO, Asiamet Resources Limited
For further information, please contact:
-Ends-
Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: peter.bird@asiameteresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiameteresources.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
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
August 15, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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