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Asiamet Resources Ltd. (ARS)
Asiamet Resources Ltd.: Asiamet Drilling Expands High Grade Zinc Rich
Polymetallic Mineralisation at BKZ
03-Oct-2017 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Asiamet Drilling Expands High Grade Zinc Rich Polymetallic Mineralisation at
BKZ
Asiamet Resources Limited ("ARS" or the "Company") is pleased to announce
that follow up scout drilling at the BKZ prospect has intersected further
near surface high grade base and precious metal rich mineralisation along
strike of earlier hits (refer ARS Press Release February 23, 2017). While
further drilling is still required to determine the ultimate dimensions and
continuity of the mineralised body, these latest results are highly
significant and provide confidence for a potential stand-alone high grade
polymetallic deposit.
BKZ is located approximately 800m north of the Company's feasibility stage
BKM Copper Project in Central Kalimantan, Indonesia. Being the most easily
accessible, BKZ is the first of multiple targets outside BKM currently being
tested in the wider BK district. To date, six holes (592.7metres) that have
been drilled to test a zone of massive sulphide outcrops over an area of
150m x 100m have intersected polymetallic mineralisation, however assay
results are only yet available for two holes. Further results will be
reported as assays are received.
Highlights of the results received to date include:
BKZ33700-01 3.2m at 1.15g/t Gold and 67.8g/t Silver (from 1.8
metres)
7.0m at 3.7% Zinc, 1.3% Lead, 46g/t Silver, 0.24g/t
Gold,1.0% Copper (from 5.0 metres)
BKZ33700-02 39m at 7.3% zinc, 2.3% lead, 33g/t silver and
0.33g/t gold (from 41 metres)
Incl. 23m 11.1% zinc, 3.8% lead, 50g/t silver and
0.42g/t gold (from 41 metres)
The current BKZ scout drilling program is focused on expanding the
Zinc-Lead-Silver-Gold mineralisation intersected in historical drill holes
(BKZ-1, BKZ-2, BKZ-3), where BKZ-1 (123.1m End of Hole 'EOH') reported 9.47%
Zn, 4.87% Pb, 0.26% Cu, 96.5g/t Ag and 0.56g/t Au over 8 metres from 6.0
metres (refer ARS Press Releases February 23, 2017).
The first hole, BKZ33700-01 (92.2m EOH), was drilled 45m northwest of BKZ-1
and intersected oxide gold mineralisation from top of hole to 5 metres
depth, followed by strong polymetallic sulphide mineralisation to 12m depth.
The host rock is a polymict breccia cut by cm-scale quartz - sulphide veins.
This hole was drilled on the western margin of the known mineralisation, and
drilled through the mineralised zone at approximately 15m depth into a
sequence of unmineralised volcanic rocks.
The second hole BKZ33700-02 (113.9m EOH) was drilled 63m northeast of BKZ-1
and 75m east of BKZ33700-01. This hole intersected a broad zone of
quartz-sulphide mineralisation over a downhole interval of approximately 40
metres from 41m depth. The polymetallic mineralisation intersected in this
hole confirms the geometry of the mineralisation seen in the adjacent
historical holes BKZ-1, 2 and 3, of a quartz-sulphide body approximately
40-50 metres in true thickness. This broad intersection of polymetallic
mineralisation comprises quartz-sulphide veins to massive sphalerite (zinc),
galena (lead), chalcopyrite (copper) and pyrite (Figure 2), within an
interpreted low-angle thrust fault.
The strong results received to date indicate that the high-grade
zinc-lead-silver-gold-copper mineralised system at BKZ has excellent
potential to develop into a stand-alone deposit located less than 800m north
of the Company's feasibility stage BKM Copper Project. The mineralisation
remains open in all directions and at depth, and drilling to date indicates
the mineralisation is increasing in grade to the east. The focus of the
ongoing drill program is to expand the massive and semi-massive sulphides by
completing step-out drilling to the north, south and east. There is
currently one rig active, positioned on BKM33700-04 and testing the eastern
extensions to the high-grade polymetallic mineralisation intersected in
BKM33700-02.
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:
"Asiamet is extremely pleased with the initial follow up drill results from
our BKZ prospect, the first of multiple targets to be drilled in the BK
district over the coming months. The base and precious metals grades
received to date are exceptional and of a similar tenor to those reported at
some of the highest quality base metals mines globally. While a substantial
amount of further drilling is required to ultimately determine the
dimensions and continuity of the mineralisation, we are now more confident
of BKZ developing into a stand-alone deposit discovery with the potential to
share infrastructure with any proposed mine development at BKM. We have
consistently stated our belief that the potential of the KSK COW is vastly
greater than BKM alone and these early results re-enforce that view. Our
ongoing drill programs will continue to target additional copper resources
to further strengthen the BKM project and to test the numerous polymetallic
targets evident in our surface exploration data, all of which we anticipate
will unlock very significant value for our stakeholders. We look forward to
reporting further results from this exciting phase of our work as they come
to hand."
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 [1]
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 Zinc Lead Silver Gold Copper
(%) (%) (g/t) (g/t) (%)
BKZ33700-01 1.8 5.0 3.2 NSA NSA 67.8 1.15 0.10
BKZ33700-01 5.0 12.0 7.0 3.70 1.27 46.2 0.24 1.03
BKZ33700-02 41.0 80.0 39.0 7.32 2.35 33.0 0.33 0.18
Including 41.00 64.00 23.00 11.12 3.79 49.9 0.42 0.17
Includes 41.00 53.00 12.00 15.62 5.72 75.1 0.48 0.22
BKZ33700-02 85.0 88.0 3.0 4.02 0.38 9.4 0.11 NSA
Notes: Grade intercepts are calculated as a weighted average grade >=1.0%
Zinc (uncut). True widths are interpreted to be between 80-100% of the
reported lengths, unless otherwise stated. Orientation of the mineralised
domain is estimated to have an azimuth of 340 degrees and a dip of -25
degrees to the northeast.
Figure 1: Location map showing strong zinc in soil geochemistry over the BK
district with prospects & drill collars. To view the graphic, please open
the link to the PDF version of the announcement:
http://n.eqs.com/c/fncls.ssp?u=FNEKIXVYHA [2]
Figure 2: Massive Sphalerite (Zn sulphide) and Galena (Pb sulphide)
mineralisation grading downhole into strong Galena-Sphalerite mineralisation
associated with quartz veining. The interval 44-45m assayed 30.3% Zn, 16.3%
Pb and 120g/t Ag. To view the graphic, please open the link to the PDF
version of the announcement: http://n.eqs.com/c/fncls.ssp?u=FNEKIXVYHA [2]
Glossary of Technical Terms
"g/t" grams per tonne; equivalent to
parts per million ('ppm').
"Mineral Resource" A "Mineral Resource" is a
concentration or occurrence of
diamonds, natural solid
inorganic material, or natural
solid fossilised 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 Resource" An "Inferred Mineral Resource"
is that part of a Mineral
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 Resource" An "Indicated Mineral
Resource" is that part of a
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
parametres, 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 Resource" A "Measured Mineral Resource"
is that part of a Mineral
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
parametres, 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.
"CIM" The reporting standard adopted
for the reporting of the
Mineral Resources is that
defined by the terms and
definitions given in the
terminology, definitions and
guidelines given in the
Canadian Institute of Mining,
Metallurgy and Petroleum (CIM)
Standards on Mineral resources
and Mineral Reserves (December
2005) as required by NI
43-101. The CIM Code is an
internationally recognised
reporting code as defined by
the Combined Reserves
International Reporting
Standards Committee
"Preliminary Economic Assessment" NI 43-101 defines a PEA as "a
study, other than a
pre-feasibility study or
feasibility study, which
includes an economic analysis
of the potential viability of
mineral resources"
"Induced Polarisation Geophysics" Induced polarisation (IP) is a
geophysical survey used to
identify the electrical
chargeability of subsurface
materials, such as sulphides.
The survey involves an
electric current that is
transmitted into the
subsurface through two
electrodes, and voltage is
monitored through two other
electrodes.
"Chargeability" Chargeability is a physical
property related to
conductivity. Chargeability is
used to characterise the
formation and strength of the
induced polarisation within a
rock, under the influence of
an electric field, suggesting
sulphide mineralisation at
depth
"outcrop" A section of a rock formation
or mineral vein that appears
at the surface of the earth.
Geologists take direct
observations and samples from
outcrops, used in geologic
analysis and creating geologic
maps. In situ (in place)
measurements are critical for
proper analysis of the geology
and mineralisation of the area
under investigation.
"polymetallic" three or more metals that may
occur in magmatic,
volcanogenic, or hydrothermal
environments; common base and
precious metals include
copper, lead, zinc, silver and
gold
"anomaly or anomalous" something in mineral
exploration that geologists
interpret as deviating from
what is standard, normal, or
expected.
"mineralisation" In geology, mineralisation is
the deposition of economically
important metals (copper,
gold, lead, zin etc) that in
some cases can be in
sufficient quantity to form
mineral ore bodies.
"covellite" Covellite is a copper sulphide
mineral with the formula CuS.
This indigo blue mineral is
ubiquitous in some copper ores
"chalcocite" Chalcocite is a copper
sulphide 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 sulphide
mineral with the formula
Cu5FeS4
"chalcopyrite" Chalcopyrite is a copper
sulphide mineral with formula
CuFeS2. It has a brassy to
golden yellow color
"galena" Galena is the natural mineral
form of lead (II) sulphide,
with formula PbS. It is the
most important ore of lead and
an important source of silver.
It has a silver color
"sphalerite" Sphalerite is a zinc sulphide
in crystalline form but almost
always contains variable iron,
with formula (Zn,Fe)S. It can
have a yellowish to honey
brown or black color
"hypogene" Hypogene ore processes occur
deep below the earth's
surface, and form deposits of
primary minerals, such as
chalcopyrite and bornite.
"supergene" Supergene ore processes occur
near surface, and form
deposits of secondary
minerals, such as malachite,
azurite, chalcocite,
covellite, digenite, etc.
"breccia" Breccia is a rock
classification, comprises
millimetre to metre-scale rock
fragments cemented together in
a matrix, there are many
subclassifications of
breccias.
"polymict" A geology term, often applied
to breccias or conglomerates,
which identifies the
composition as consisting of
fragments of several different
rock types.
"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.
"volcanics" Volcanic rock such as andesite
or basalt that is formed from
magma erupted from a volcano,
or hot clastic material that
erupts from a volcano and is
deposited as volcaniclastic or
pyroclastics
"sediments" Sedimentary rocks formed by
the accumulation of sediments.
There are three types,
Clastic, Chemical and Organic
sedimentary rocks
"surface rock chip samples" Rock chip samples
approximately 2kg in size that
are typically collected from
surface outcrops exposed along
rivers and mountain ridgelines
"azimuth" the "compass direction" refers
to a geographic bearing or
azimuth as measured by a
magnetic compass, in true or
magnetic north
"diamond drilling" A drilling method in which
penetration is achieved
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
"sequential assays" Sequential copper analysis is
a technique to
semi-quantitatively define the
zonations associated with some
copper deposits. The method is
based on the partial
dissolution behavior displayed
by the prevalent copper
minerals to solutions
containing sulphuric acid and
sodium cyanide. Results from
sequential analyses can
theoretically determine the
amounts of leachable oxide
minerals, leachable secondary
sulphide minerals, and primary
copper minerals, respectively.
"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 pit mining" A method of extracting
minerals from the earth by
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
mineralised zone. The
intercept is described by the
entire thickness and the
average grade of
mineralisation
"grab sample" are samples of rock material
collected from a small area,
often just a few pieces or
even a single piece of rock
"grabbed" from a face, dump or
outcrop or roughly 2-5kg.
These are common types of rock
samples collected when
conducting mineral
exploration. The sample
usually consists of material
that is taken to be
representative of a specific
type of rock or
mineralisation.
"channel sample" Samples collected across a
mineralised rock exposure. 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)
Attachment
Document title: PDF Version
Document: http://n.eqs.com/c/fncls.ssp?u=FNEKIXVYHA [2]
ISIN: BM04521V1038
Category Code: DRL
TIDM: ARS
LEI Code: 213800PWJMT1NG28TA88
Sequence No.: 4692
End of Announcement EQS News Service
615121 03-Oct-2017
1: mailto:Oliver.Morse@rfcambrian.com
2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=0de9260da9056724e2d6397a0ea658e1&application_id=615121&site_id=vwd_london&application_name=news
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October 03, 2017 02:03 ET (06:03 GMT)
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