TIDMARS
RNS Number : 3982D
Asiamet Resources Limited
31 January 2018
For Immediate Release London AIM
January 31, 2018 Symbol: ARS
Asiamet Update on BKZ Delineation Drilling and Plans for Beutong
Project
Asiamet Resources Limited ("ARS" or the "Company") is pleased to
report that ongoing exploration drilling at the BKZ Polymetallic
("BKZ") prospect located on its Kalimantan Surya Kencana ("KSK")
6(th) Generation Contract of Work ("CoW"), in Central Kalimantan,
Indonesia continues to intersect near surface base and precious
metal rich mineralisation. Highlights to date include:
-- The final eight holes are expected to be completed by
mid-February for an estimated 3,500 metres in 35 holes and the
maiden Resource estimate is expected to be delivered by May.
Results for nine holes, including those noted below are still
pending.
-- At BKZ upper polymetallic zone, drill hole BKZ33750-05
intersected sphalerite, galena and pyrite in massive sulphide style
mineralisation and is followed downhole by strongly silicified and
brecciated rock cut by chalcopyrite-bornite veins.
-- At BKZ lower copper-silver zone, drill hole BKZ33550-03 intersected a broad zone of pervasive mineralisation comprising pyrite-chalcopyrite-bornite as massive sulphides and in vein style mineralisation.
-- All holes that pierced the BKZ lower copper-silver zone
terminated in intensely silicified rock that is oxidised and
hematite-rich. Within this zone is the first confirmation of
magnetite alteration and the BK 3D magnetic inversion model shows a
large magnetic feature, potentially representing a porphyry
intrusion, located below the southern area of BKZ and northern area
of BKM.
BKZ Drilling Update
Resource infill drilling at BKZ is successfully confirming the
continuity of mineralisation between the 50-metre spaced section
lines. To date, 2,658m/27 holes of the 3,500m/35 hole delineation
drill programme have been completed. Drilling is continuing to test
both the upper zone of polymetallic massive sulphide and vein style
mineralisation and the lower zone of vein hosted copper - silver
mineralisation with two rigs currently drilling on section lines
BKZ33750 and BKZ33550. The final eight holes of this programme are
expected to be completed by mid-February and a maiden Resource
estimate for both the BKZ Polymetallic and BKZ Copper Zones is
expected during the second quarter of 2018.
Drill hole BKZ33750-05 (53.3m End of Hole "EOH") intersected a
zone of polymetallic mineralisation comprising quartz-sulphide
veins to massive sphalerite (zinc), galena (lead) and pyrite
(Figure 2, Left), underlain by quartz-sulphide mineralisation
comprising bornite-chalcopyrite and locally sphalerite as
disseminations and in veins (Figure 2, Right).
Drill hole BKZ33550-03 (122.3m EOH) intersected a 7-metre zone
of massive sulphides that are dominated by pyrite with disseminated
chalcopyrite (Figure 3, Top) and the mineralisation down hole of
this comprises quartz veins containing sphalerite (zinc),
chalcopyrite and bornite (Figure 3, Bottom), underlain by
quartz-sulphide mineralisation comprising bornite-chalcopyrite in
veins and sphalerite as disseminations and in veins. The final 25m
of this hole is described as an intensely silicified breccia that
is hematite altered and locally shows magnetite alteration in
quartz veins.
The presence of magnetite alteration in a silicified and
hematite altered breccia directly below the copper-zone is a
significant observation, as magnetite alteration is commonly
associated with skarn and porphyry associated mineralisation. A
review of the 3D inversion model for BK District shows a large
magnetic anomaly below BKM and BKZ (Figure 4) and the Company has
designed an approximate 600m deep hole to test this feature.
Assays for these holes are expected mid-February and a drill
hole location plan is provided in Figure 1.
Beutong Drilling Update
At Beutong, a site visit is being undertaken in the coming week
to meet with local government and community stakeholders, and
assess the condition of existing infrastructure in advance of
re-commencing drilling. From the beginning of exploration
activities at Beutong, the Company has continually engaged with
local stakeholders (both government and community) in order to
develop sound company-stakeholder relationships. These corporate
social responsibility ("CSR") initiatives will continue as we move
forward with the exploration and development of the Beutong
Deposit.
The Company's AIDT 600 rig, which has a drilling capacity of at
least 600m depth, is being mobilised to site. The initial drill
plan is to test the lateral and vertical distribution of
chalcocite, covellite, digenite and chalcopyrite mineralisation at
the Beutong East Porphyry ("BEP"), by drilling across the system
from west to east, which will also provide additional data to
confirm internal continuity of the deposit. Half core from this
hole will be utilised for heap-leach metallurgical testwork, as
part of the Company's' commitment to meeting in-country processing
requirements.
Peter Bird, Asiamet's Chief Executive Officer commented:
"Whilst work on the feasibility study at our advanced BKM copper
project continues at full pace, Asiamet continues to significantly
enhance the value of its asset portfolio through focussed
exploration and delineation drilling at the highly-promising BKZ
polymetallic prospect and the associated BKM-BKZ structural
corridor. In the near term and following completion of the initial
delineation drilling phase we are looking forward to delivering a
maiden Resource estimate for the BKZ Polymetallic and BKZ Copper
Zones.
As testing of the BKZ - BKM mineralised corridor has progressed,
our knowledge and understanding of the system continues to grow and
new high-quality exploration targets are being generated. The
presence of bornite-chalcopyrite mineralisation and
magnetite/hematite alteration in the deeper parts of several holes
is particularly encouraging as these geological features are
typically associated with porphyry copper systems in Indonesia. The
presence of a prominent magnetic feature in the geophysical data
provides a priority target which we look forward to drill testing
later in the year with some deeper holes.
With the crucial production licence now granted for our large
Cu-Au-Mo porphyry deposit at Beutong, mobilisation work aimed at
re-commencing drilling to fully delineate the high-grade core and
test the depth potential of the Beutong East Porphyry has
commenced.
Meanwhile, activity at a corporate level has been extremely busy
as we progress finalising amendments to the KSK Contract of Work
with the Government of Indonesia and continue to engage potential
new stakeholders and partners for the development stage of the BKM
copper project.
Asiamet is very active on many fronts and looks forward to
keeping all stakeholders well informed on its progress. A period of
strong news flow is anticipated."
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
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").
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 here
http://www.asiametresources.com/i/fig/2018-01-25-1.jpg
Figure 2: (Left) massive sulphide mineralisation in BKZ33750-05
(32.5m depth), comprising pyrite-sphalerite-galena. To view the
graphic, please open the link here
http://www.asiametresources.com/i/fig/2018-01-25-2a.jpg
(Right) Bornite in mm-scale veins and as disseminated grains in
BKZ33750-03 (50.5m depth). To view the graphic, please open the
link here
http://www.asiametresources.com/i/fig/2018-01-25-2b.jpg
Figure 3: (Top) massive sulphide mineralisation in BKZ33550-05
(51-55m interval), comprising pyrite-chalcopyrite. To view the
graphic, please open the link here
http://www.asiametresources.com/i/fig/2018-01-25-3a.jpg
(Bottom) Chalcopyrite ion cm-scale veins and as disseminated
grains in BKZ33550-03 (61m depth). To view the graphic, please open
the link here
http://www.asiametresources.com/i/fig/2018-01-25-3b.jpg
Figure 4: Cross section through BKZ section line BKZ33600,
showing the 3D inversion of the airborne magnetic data, displayed
as iso-surfaces and modelled to a depth of 5km. The 3D inversion
model shows a large magnetic feature located at approximately 500
metres depth and between the BKZ and BKM deposits. To view the
graphic, please open the link here
http://www.asiametresources.com/i/fig/2018-01-25-4.jpg
Glossary of Technical Terms
"anomaly or anomalous" something in mineral exploration
that geologists interpret
as deviating from what is
standard, normal, or expected.
---------------------------- ------------------------------------------
The laboratory test conducted
"assay" 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.
---------------------------- ------------------------------------------
"azimuth" the "compass direction" refers
to a geographic bearing or
azimuth as measured by a magnetic
compass, in true or magnetic
north.
---------------------------- ------------------------------------------
"bornite" Bornite, also known as peacock
ore, is a copper sulphide
mineral with the formula Cu5FeS4.
---------------------------- ------------------------------------------
"breccia" Breccia is a rock classification,
comprises millimetre to metre-scale
rock fragments cemented together
in a matrix, there are many
sub-classifications of breccias.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"chalcopyrite" Chalcopyrite is a copper sulphide
mineral with formula CuFeS2.
It has a brassy to golden
yellow colour.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"covellite" Covellite is a copper sulphide
mineral with the formula CuS.
This indigo blue mineral is
ubiquitous in some copper
ores.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"digenite" Digenite is a copper sulfide
mineral with formula Cu9S5.
Digenite is a black to dark
blue opaque mineral.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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 colour.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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).
---------------------------- ------------------------------------------
"g/t" grams per tonne; equivalent
to parts per million ('ppm')
---------------------------- ------------------------------------------
"hematite" Hematite is the mineral form
of iron(III) oxide (Fe2O3),
one of several iron oxides.
Magnetite alteration is also
typically associate with porphyry
copper systems, at or close
to the central core.
---------------------------- ------------------------------------------
"hypogene" Hypogene ore processes occur
deep below the earth's surface,
and form deposits of primary
minerals, such as chalcopyrite
and bornite.
---------------------------- ------------------------------------------
"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
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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"Induced Polarisation Induced polarisation (IP)
Geophysics" 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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"lbs" Pounds (measure of weight)
---------------------------- ------------------------------------------
"Mlbs" Million pounds (measure of
weight)
---------------------------- ------------------------------------------
"magnetite" Magnetite is main iron ore
mineral, with chemical formula
Fe3O4. Magnetite is ferromagnetic,
and it is attracted to a magnet
and can be magnetized to become
a permanent magnet itself.
---------------------------- ------------------------------------------
"massive" In a geological sense, refers
to a zone of mineralisation
that is dominated by sulphide
minerals. The sulphide-mineral-rich
material can occur in centimetre-scale,
metre-scale or in tens of
metres wide veins, lenses
or sheet-like bodies containing
sphalerite, galena, and /
or chalcopyrite etc.
---------------------------- ------------------------------------------
"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
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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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).
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"polymict" A geology term, often applied
to breccias or conglomerates,
which identifies the composition
as consisting of fragments
of several different rock
types.
---------------------------- ------------------------------------------
"porphyry" Porphyry copper deposits are
copper +- gold +- molybdenum
orebodies that are formed
from hydrothermal fluids that
originate from a voluminous
magma chamber below the deposit
itself.
---------------------------- ------------------------------------------
"Preliminary Economic NI 43-101 defines a PEA as
Assessment" "a study, other than a pre-feasibility
study or feasibility study,
which includes an economic
analysis of the potential
viability of mineral resources".
---------------------------- ------------------------------------------
"sediments" Sedimentary rocks formed by
the accumulation of sediments.
There are three types, Clastic,
Chemical and Organic sedimentary
rocks.
---------------------------- ------------------------------------------
"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 behaviour
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.
---------------------------- ------------------------------------------
"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 colour.
---------------------------- ------------------------------------------
"supergene" Supergene ore processes occur
near surface, and form deposits
of secondary minerals, such
as malachite, azurite, chalcocite,
covellite, digenite, etc.
---------------------------- ------------------------------------------
"surface rock chip samples" Rock chip samples approximately
2kg in size that are typically
collected from surface outcrops
exposed along rivers and mountain
ridgelines.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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