TIDMARS
VANCOUVER, British Columbia, Sept. 15, 2017 -- Asiamet Resources Limited,
(AIM:ARS) ('the Company'), Half-year financial statements for the six
months ended 30 June 2017 are available for viewing on www.sedar.com or
www.asiametresources.com.
As at 30 June 2017, the Company had cash of $137,445. On 11 August
2017, the Company placed a total of 139,534,884 new common shares
("Placing Shares") to raise a total of GBP6.0m (approximately $7.7m)
(before expenses) (the "Placing") at a price of GBP0.043 (the "Placing
Price"). The Placing Shares were admitted for trading on AIM on 15
August 2017. Insider purchasers included Antony Manini, a Director and
Executive Chairman of the Company, Stephen Hughes, a Director and Vice
President Exploration of the Company, and Faldi Ismail, a Director of
the Company, who purchased 1,000,000, 418,605 and 283,395 Placing Shares
respectively at the Placing Price. In addition, Significant Shareholders
Asipac Group Pty Ltd. and Namarong Investments Pty Ltd. participated in
the Placing and purchased 7,441,860 (4.9%) and 7,209,302 (4.25%) Placing
Shares respectively, at the Placing Price. JP Morgan Asset Management
purchased 71,010,118 (8.31%) Placing Shares at the Placing Price to
become a new Significant Shareholder.
The loss from continuing operations for the half-year ended 30 June 2017
was $2,014,057 (2016: $808,752) was net of a $708,089 gain on sale of
its subsidiary. The loss results from $2,096,264 of exploration
expenditure incurred and expensed, $492,005 of administration costs and
$96,910 of non-cash share-based compensation expenditure. The
exploration expenditure incurred and expensed mainly relates to the
ongoing feasibility study work on the Beruang Kanan Main zone and
peripheral exploration and on advancing the conversion of the IUP at
Beutong from an exploration IUP to a production IUP.
Management
On 20 February 2017, the Company strengthened its Board and management
team to oversee the advancement the BKM feasibility study and ramp up
project financing and mine development related activities. Peter Bird,
a highly experienced mining company executive joined the Board of
Directors and assumed the role of Deputy Managing Chairman and Chief
Executive Officer with Tony Manini stepping up from that role to
Executive Chairman. Peter Pollard, the former non-executive Chairman
remains on the Board along with Faldi Ismail, Raynard von Hahn and Steve
Hughes, the Vice President of Exploration. Further changes to the Board
will be made in due course as the focus of Company activities
transitions from exploration and feasibility studies to project
financing, mine construction and operations.
Marketplace
The Company is a "designated foreign issuer" as that term is defined
under National Instrument 71-102 - Continuous Disclosure and Other
Exemptions Relating to Foreign Issuers ("NI 71-102"). The Company is
subject to "foreign disclosure requirements" (as such term is defined in
NI 71-102) of the Financial Conduct Authority of the United Kingdom and
the London Stock Exchange. The Company is relying on the exemptions
contained in Part 5 of NI 71-102. The Company's shares were de-listed
from trading on the TSX Venture Exchange on 28 February 2017, and
continue to trade on the AIM market of the London Stock Exchange ("AIM")
under the symbol "ARS". In 2017, the Company will only prepare and file
half-year and annual financial statements within the time deadlines
regulated by AIM.
Beruang Kanan Main ("BKM") Zone
On 15 August 2017, the Company filed a technical report titled "Beruang
Kanan Main Zone, Kalimantan Indonesia: 2017 Resource Estimate Report",
prepared by Duncan Hackman of Hackman and Associates Pty. Ltd. as at 28
June 2017 and the report is dated 28 July 2017.
As announced on 28 June 2017 the highlights of the updated Resources
are:
-- 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 2017 updated Mineral Resource estimate will be the subject of
ongoing mining engineering and metallurgical studies as part of a BKM
Feasibility Study and further optimisation of the BKM PEA open pit
design is expected. A leachable copper model for the BKM deposit will be
constructed using sequential copper analysis data from all post 2013
drill core samples and an initial Mineral Reserve will in turn be
generated from the Measured and Indicated component of this leachable
copper Resource model. The Company expects to complete the feasibility
study in early 2018 and make a development decision at that time.
The BKM Mineral Resource estimate is based on assays from 269 diamond
drill core holes that were drilled from 1998 to 2007, from 2012 to 2013
and by ARS from 2015 to 2017. Mineralisation is contained within a
near-surface, shallow-dipping and strongly mineralised system, that
extends over an area of 1300m (N-S) and 800m (E-W) with depth extents
ranging from surface to between 100m and 400m below surface (top to
bottom). The 2015 Resource drilling programme undertaken by ARS was
designed to delineate the extent and continuity of the BKM
mineralisation and the 2016-2017 Resource drilling program designed to
test for geological and grade continuity of the BKM mineralisation.
Both programmes were completed successfully, meeting their objectives of
both expanding and increasing the robustness and integrity of the
Mineral Resource estimate.
Exploration Potential in vicinity of BKM
Other priority targets in the vicinity of the BKM deposit are the focus
of planned scout drilling programs, and include Beruang Kanan South
("BKS"), Beruang Kanan West ("BKW") and KSK's standalone polymetallic
BKZ (BKZ) prospect; each within 1.5km of the BKM Mineral Resource
(Figure 1). Geologic observations during field mapping and geochemical
data from drill core and/or surface rock chip samples at BKS and BKW
prospects indicate near surface and similar style copper mineralisation
to BKM. Prospect details are summarised as follows:
-- BKS prospect: Drill hole KBK-28 (151.30m end of hole 'EOH') intersected
10.5 metres @ 0.88% Cu from 14.5 metres depth and BKM30500-01 (63.9m EOH)
intersected 10.0 metres @ 2.52% Cu from 19.5 metres depth. Drill hole
KBK-28 also intersected high grade gold mineralisation from 11.5m,
returning 3m @ 11.52g/t Au, including 1.5m @ 21.7g/t Au (refer ARS
Release February 23, 2017).
-- BKW prospect: Multiple copper mineralised sheeted vein zones with wide
spread alteration approximately 1km west of BKM and similar to BKM are
observed within a 2.5 sqkm area, and three well defined copper in soil
anomalies occur coincident with these sheeted vein zones, the largest
measuring 1.7km x 1km. Historic rock chip sampling yielded highly
anomalous copper values, with individual rock chip samples assaying up to
7.1% Cu. As announced on 19 July 2017, results received to date at BKW
confirm a copper in soil anomaly in the northern part of BKW is
associated with a zone of quartz-chalcocite-bornite veins hosted in a
polymict breccia. A rock grab sample collected from a 30-cm wide
quartz-sulphide vein cutting sericite altered breccia assayed 26.1%
copper and 57.1g/t silver. Approximately 200m west is a sericite altered
breccia cut by quartz-bornite-chalcocite-pyrite veins, with individual
rock chip grab samples assaying up to 4.1% copper.
-- BKZ Polymetallic prospect: A continuous 15m rock channel sample averaged
19.5% zinc, 8.1% lead, 121g/t silver, 0.69g/t gold and 0.50% copper
(refer ARS Release June 9, 2017). Drill hole BKZ-1 (300.0m deep) tested
outcropping massive sulphide style mineralisation and intersected 16m @
5.75% Zn, 2.78% Pb, 0.64g/t Au, 57.5g/t Ag and 0.16% Cu, including 6m @
11.63% Zn, 5.99% Pb, 0.71g/t Au, 98g/t Ag and 0.32% Cu (refer ARS Release
February 23, 2017). A grid-based soil sampling program defined a 400m by
200m anomalous zone of Pb-Zn soil geochemistry, which remains untested.
Beutong
Efforts to convert the Beutong IUP from exploration to production
continued in the first half of 2017. All requested information and
reports have been delivered to the Government of Indonesia and it is
hoped that the production IUP will be in hand soon. Funds from the
August 2017 private placement will also be used to conduct drilling
aimed at expanding the Beutong Porphyry Cu-Au-Mo deposit (40% owned by
the Company with the option to own up to 80%) to the west, east and at
depth where strong mineralisation remains open (for example hole
BEU0700-03 in Beutong East Porphyry intersected 385m at 0.68% Cu,
0.21g/t Au from 74m to 459m incl. 148m at 0.81% Cu, 0.15g/t Au open to
depth). See ARS RNS dated 26 November 2014 for the Resource details.
Technical data disclosed in this Press Release have been reviewed and
verified by Asiamet Resources Limited's qualified person, Stephen Hughes,
P. Geo. a director of Asiamet Resources Limited and a Qualified Person
within the meaning of NI 43-101 and the AIM Rules for Companies.
Enquiries:
Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@asiametresources.com
Peter Bird
Director & CEO, Asiamet Resources Limited
Email: peter.bird@asiametresources.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
NRG Capital Partners
Mick Oliver, Rita Adiani
Telephone: +44 20 3709 4505,4504
Email: mick.oliver@nrgcapitalpartners.com,
rita.adiani@nrgcapitalpartners.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
Important notice
Neither the contents of the Company's website nor the contents of any
website accessible from hyperlinks on the Company's website (or any
other website) is incorporated into, or forms part of, this
announcement.
This announcement does not constitute, or form part of, a prospectus
relating to the Company, nor does it constitute or contain any
invitation or offer to any person, or any public offer, to subscribe for,
purchase or otherwise acquire any shares in the Company or advise
persons to do so in any jurisdiction, nor shall it, or any part of it
form the basis of or be relied on in connection with any contract or as
an inducement to enter into any contract or commitment with the Company.
The content of this announcement has not been approved by an authorised
person within the meaning of the Financial Services and Markets Act 2000
("FSMA").
ASIAMET RESOURCES LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL
POSITION
(unaudited - expressed in United States dollars)
June 30, June 30, December 31,
2017 2016 2016
Unaudited Unaudited Audited
$ $ $
Assets
Non-current assets
Equipment 27,004 62,424 37,243
Security deposit 80,272 92,835 94,575
Total non-current assets 107,276 155,259 131,818
Current assets
Cash 137,445 1,961,683 1,747,530
Receivables and other assets 406,217 184,445 253,552
Subscriptions receivable - - 801,840
Total current assets 543,662 2,146,128 2,802,922
Total assets 650,938 2,301,387 2,934,740
Liabilities
Non-current liabilities
Provision for employee service entitlements 97,559 44,355 101,875
Current liabilities
Trade and other payables 686,156 344,224 1,016,175
Related party loans - - 233,290
Total current liabilities 686,156 344,224 1,249,465
Total liabilities 783,715 388,579 1,351,340
Total net assets (liabilities) (132,777) 1,912,808 1,583,400
Capital and reserves attributable to owners of the
Company
Share capital 7,114,311 6,190,610 7,060,176
Equity reserves 33,567,289 31,534,532 33,323,413
Other comprehensive loss (2,374) - (2,243)
Deficit (40,804,975) (35,805,306) (38,790,918)
Capital and reserves attributable to owners of the
Company (125,749) 1,919,836 1,590,428
Non-controlling interest (7,028) (7,028) (7,028)
Total equity (132,777) 1,912,808 1,583,400
ASIAMET RESOURCES LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE
LOSS
(unaudited - expressed in United States dollars)
6 months to 30 6 months to 30 12 months to 31
June 2017 June 2016 December 2016
unaudited unaudited audited
$ $ $
Expenses
Accounting and audit 6,279 26,887 98,888
Consultants and shared office costs 278,584 301,088 510,230
Exploration and evaluation expenditures 2,096,264 375,524 2,689,467
Investor relations 40,978 35,888 106,164
Legal 3,250 2,558 6,738
Office and administrative services 18,025 20,269 26,270
Share-based compensation 96,910 - 300,134
Transfer agent and regulatory fees 68,747 76,120 108,685
Travel and accommodation 76,142 5,237 42,677
2,685,179 843,571 3,889,253
Other items
Non-refundable deposit received - - 100,000
Taxation (expense) - - (6,528)
Foreign exchange (loss) gain (37,252) 33,080 (872)
Gain on sale of subsidiary 708,089 - -
Interest income 285 1,739 2,289
671,122 34,819 94,889
Net loss (2,014,057) (808,752) (3,794,364)
Items that may be reclassified subsequently to profit
or loss:
Provision for employee service entitlements (131) - (2,243)
Loss and comprehensive loss for the period (2,014,188) (808,752) (3,796,607)
ASIAMET RESOURCES LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH
FLOWS
(unaudited - expressed in United States dollars)
6 months to 6 months to 12 months to 31
30 June 2017 30 June 2016 December 2016
unaudited unaudited audited
$ $ $
Operating activities
Loss for the period (2,014,057) (808,752) (3,794,364)
Adjustment for non-cash items:
Depreciation 17,894 37,427 78,543
Share-based compensation 96,910 - 300,134
Unrealized foreign exchange loss (gain) 649 1,517 (4,444)
Gain on sale of subsidiary (708,089) - -
Changes in non-cash working capital:
Receivables and other assets (154,958) (84,534) (153,641)
Trade and other payables (303,780) (5,019) 666,932
Provision for employee service entitlements - - 59,498
(3,065,431) (859,361) (2,847,342)
Investing activities
Security deposits (5,845) - -
Purchase of equipment (7,655) (8,052) (23,987)
Proceeds on sale of subsidiary, net of cash sold 699,195 - -
685,695 (8,052) (23,987)
Financing activities
Related party loans (233,290) - 233,290
Share subscription receivable 801,840 - -
Share issues 201,101 2,154,807 3,831,110
Share issue costs - (104,345) (224,175)
769,651 2,050,462 3,840,225
Decrease (increase) in cash (1,610,085) 1,183,049 968,896
Cash, beginning of the period 1,747,530 778,634 778,634
-
Cash, end of the period 137,445 1,961,683 1,747,530
Supplementary information:
Interest paid 307 708 1,342
Income taxes paid - - -
Non-cash investing and financing activities
Fair value of warrants issued to brokers included
in share issue costs - 86,808 165,815
Glossary of Technical Terms
"cut-off" the grade threshold above which a mineral material
is considered potentially economic.
"g/t" grams per tonne; equivalent to parts per million ('ppm').
"Mineral A "Mineral Resource" is a concentration or occurrence
Resource" of diamonds, natural solid inorganic material, or
natural solid fossilized organic material including
base and precious metals, coal, and industrial minerals
in or on the Earth's crust in such form and quantity
and of such a grade or quality that it has reasonable
prospects for economic extraction. The location, quantity,
grade, geological characteristics and continuity of
a Mineral Resource are known, estimated or interpreted
from specific geological evidence and knowledge.
"Inferred An "Inferred Mineral Resource" is that part of a Mineral
Resource" Resource for which quantity and grade or quality can
be estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based
on limited information and sampling gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes.
"Indicated An "Indicated Mineral Resource" is that part of a
Resource" Mineral Resource for which quantity, grade or quality,
densities, shape and physical characteristics, can
be estimated with a level of confidence sufficient
to allow the appropriate application of technical
and economic parameters, to support mine planning
and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration
and testing information gathered through appropriate
techniques from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably
assumed.
"Measured A "Measured Mineral Resource" is that part of a Mineral
Resource" Resource for which quantity, grade or quality, densities,
shape, and physical characteristics are so well established
that they can be estimated with confidence sufficient
to allow the appropriate application of technical
and economic parameters, to support production planning
and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration,
sampling and testing information gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are
spaced closely enough to confirm both geological and
grade continuity.
"chalcocite" Chalcocite is a copper sulfide mineral with the formula
Cu2S, and is an important copper ore mineral. It is
opaque and dark-gray to black with a metallic luster.
"bornite" Bornite, also known as peacock ore, is a copper sulfide
mineral with the formula Cu5FeS4.
"chalcopyrite" Chalcopyrite is a copper sulfide mineral with formula
CuFeS2. It has a brassy to golden yellow color.
"breccia" Breccia is a rock classification, comprises millimeter
to meter-scale rock fragments cemented together in
a matrix, there are many subclassifications of breccias.
"veins" A vein is a sheet-like or anastomosing fracture that
has been infilled with mineral ore (chalcopyrite,
covellite etc) or mineral gangue (quartz, calcite
etc) material, within a rock. Veins form when minerals
carried by an aqueous solution within the rock mass
are deposited through precipitation and infill or
coat the fracture faces.
"surface rock Rock chip samples approximately 2kg in size that are
chip samples" typically collected from surface outcrops exposed
along rivers and mountain ridgelines.
"diamond A drilling method in which penetration is achieved
drilling" through abrasive cutting by rotation of a diamond
encrusted drill bit. This drilling method enables
collection of tubes of intact rock (core) and when
successful gives the best possible quality samples
for description, sampling and analysis of an ore body
or mineralised structure.
"grade" The proportion of a mineral within a rock or other
material. For copper mineralisation this is usually
reported as % of copper per tonne of rock (g/t).
"assay" The laboratory test conducted to determine the proportion
of a mineral within a rock or other material. For
copper, usually reported as percentage which is equivalent
to percentage of the mineral (i.e. copper) per tonne
of rock.
"dip" A line directed down the steepest axis of a planar
structure including a planar ore body or zone of mineralisation.
The dip has a measurable direction and inclination
from horizontal.
"open A method of extracting minerals from the earth by
pit mining" excavating downwards from the surface such that the
ore is extracted in the open air (as opposed to underground
mining).
"intercept" Refers to a sample or sequence of samples taken across
the entire width or an ore body or mineralized zone.
The intercept is described by the entire thickness
and the average grade of mineralisation.
"channel Samples collected across a mineralised rock exposure.
sample" The channel is typically orientated such that samples
are collected perpendicular to the mineralised structure,
if possible
"lbs" Pounds (measure of weight)
"Mlbs" Million pounds (measure of weight)
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
September 15, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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