August 17, 2016 - 2:00 AM EDT
Print Email Article Font Down Font Up Charts

Asiamet Drilling Hits Continuous Higher Grade Copper Mineralization at BKM





Asiamet Drilling Hits Continuous Higher Grade Copper Mineralization at BKM



White Rock, British Columbia (FSCwire) - Asiamet Resources Limited ("ARS" or the “Company”) is pleased to announce that Resource infill and extension drilling at the Beruang Kanan Main (“BKM”) copper deposit in Central Kalimantan, Indonesia continues to display excellent continuity of shallow high grade copper mineralization within the BK058 Zone.  

 

A total 33 holes for 3400 meters of diamond core drilling have now been completed and three holes are currently in progress. The results from five holes are reported below. Four holes were drilled in the southern part of the BKM deposit and one hole at the far north end.  A further 87 holes/7700 meters are planned.

 

Hole BKM31775-01 (141m End of hole ‘EOH’) was collared 25m north of BKM31750-02 (85.0m EOH) which intersected a broad zone of high grade near surface copper assaying 54 meters at 1.10% Cu (from 16.5 meters depth) including 16 meters at 1.67% Cu (from 17.5 meters) refer ARS Press Release May 13, 2015.  Assay results confirm the high grades within BK058 Zone and the continuity of the mineralization intersected in BKM31750-02.  Better results include:

 

BKM31775-01    31.0 meters at 1.57% Cu (from 12.0 meters)

 

  • Including 5.0 meters at 4.74% Cu (from 16.0 meters)

 

  • Includes 2.0 meters at 8.48% Cu (from 17.0 meters)

 

  • Including 2.0 meters at 2.76% Cu (from 22.0 meters)

 

  • Including 2.0 meters at 3.19% Cu (from 28.0 meters)

 

13.0 meters at 1.16% Cu (from 128.0 meters)

 

  • Including 3.0 meters at 2.27% Cu (from 128.0 meters)

 

  • Including 3.0 meters at 2.24% Cu (from 133.0 meters)

 

Drill hole BKM31755-01 (168m EOH) is a scissor hole to BKM31750-03 (75m EOH) which intersected high grade near surface copper mineralization, including 5.0 meters at 1.60% Cu (from 8.0 meters) and 8.0 meters at 1.16% Cu (from 15.0 meters), refer ARS Press Release June 11, 2015.  Assay results from drill hole BKM31755-01 confirm the style, width, and continuity of mineralization intersected previously and the high grade tenor of the BK058 Zone. Better results include:

 

BKM31755-01    55.1 meters at 0.74% Cu (from 7.9 meters)

 

  • Including 12.0 meters at 1.08% Cu (from 12.0 meters)

 

  • Including 14.0 meters at 1.10% Cu (from 49.0 meters)

 

Infill holes BKM31700-06 (91m EOH) and BKM31700-07 (74m EOH) were drilled west of the BK058 Zone and confirm continuous shallow, moderate grade covellite - chalcocite copper mineralization in quartz stockwork and pyrite veins.  Better results include:

 

BKM31700-06    19.0 meters at 0.81% Cu (from 3.0 meters)

 

  • Including 3.0 meters at 2.86% Cu (from 14.0 meters)

 

12.0 meters at 0.50% Cu (from 29.0 meters)

 

14.0 meters at 0.47% Cu (from 65.0 meters)

 

BKM31700-07    31.0 meters at 0.60% Cu (from 7.5 meters)

 

  • Including 2.0 meters at 2.98% Cu (from 28.5 meters)

 

Delineation drilling at BK058 Zone continues to confirm the thickness and continuity of near surface higher grade copper mineralization and it is anticipated that these results will further reduce the already low strip ratio of the potential open pit in the southern part of the BKM deposit.

 

Drilling in the northern part of the BKM deposit is focused on upgrading Resource confidence from Inferred to Indicated and Measured categories (NI43-101), and fully defining the northern limit of the mineralization.  Hole BKM32705-01 (90.1m EOH) was collared on the most northern section line and intersected a broad zone of moderate to high grade copper mineralization that extends 20 meters outside of the resource envelope.  The hole was terminated in strong copper mineralization at 90.1 meters after reaching the depth capacity of the Company’s RB drill rig, with the final 1.1-meter sample interval assaying 4.38% copper. Better results include:

 

BKM32705-01    36.1 meters at 0.64% Cu (from 54.0 meters)

 

  • Including 4.0 meters at 2.25% Cu (from 69.0 meters)

 

A drill hole location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively.

 

Tony Manini, Asiamet’s Chief Executive Officer commented:

 

“Resource evaluation drilling at BKM continues to meet or exceed our expectations. The grade and continuity of mineralization appears to be very consistent and we are seeing higher grade mineralization shallower than anticipated within the BK058 zone. A lower strip ratio zone like BK058, coupled with higher grades has the potential to lower operating costs early in the mine life and further enhance the already strong economics of the BKM project as outlined in the preliminary economic assessment. The feasibility study on BKM is ramping up with mine engineering and infrastructure studies about to commence in addition to the Resource drilling, metallurgy, geo-technical and environmental studies currently in progress. We anticipate a strong news flow over the coming months and look forward to progressively updating all stakeholders as the study activity ramps up and corporate initiatives are advanced towards key milestones”.  

 

Table 1: Recent drill intercepts.

 

 

HOLE ID

 

From

 

To

 

Length

 

Copper (%)

 

Cumulative Cu Mineralized Interval

BKM31700-06

3

22

19

0.81

52.0 Meters

Including

14

17

3

2.86

BKM31700-06

29

41

12

0.50

BKM31700-06

50

54

4

0.45

BKM31700-06

59

62

3

0.44

BKM31700-06

65

79

14

0.47

BKM31700-07

7.5

38.5

31

0.60

23.1 Meters

Including

28.5

30.5

2

2.98

BKM31755-01

7.9

63.0

55.1

0.74

75.1 Meters

Including

12.0

24.0

12.0

1.08

Including

49.0

63.0

14.0

1.10

BKM31755-01

78.0

80.0

2.0

0.44

BKM31755-00

97.0

113.0

16.0

0.58

BKM31755-01

119.0

121.0

2.0

0.50

BKM31775-01

12.0

43.0

31.0

1.57

77.0 Meters

Including

16.0

21.0

5.0

4.74

Includes

17.0

19.0

2.0

8.48

Including

22.0

24.0

2.0

2.76

Including

28.0

30.0

2.0

3.19

BKM31775-01

46.0

57.0

11.0

0.54

BKM31775-01

60.0

69.0

9.0

0.47

BKM31775-01

79.0

92.0

13.0

0.45

BKM31775-01

128.0

141.0

13.0

1.16

Including

128.0

131.0

3.0

2.27

Including

133.0

136.0

3.0

2.24

BKM32705-01

8.0

9.0

1.0

0.67

49.1 Meters

BKM32705-01

14.0

23.0

9.0

0.21

BKM32705-01

47.0

50.0

3.0

0.37

BKM32705-01

54.0

90.1

36.1

0.64

Including

69.0

73.0

4.0

2.25

Including

89.0

90.1

1.1

4.38

 

Notes: Grade intercepts are calculated as a weighted average grade ≥0.2% copper (uncut). 

True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated.

 

 

Figure 1: Location map showing section lines and drill collars

 

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

 

Tony Manini, Deputy Chairman and CEO

 

For further information, please contact:

-Ends-

Tony Manini


Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: [email protected]

 

FlowComms Limited

 

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: [email protected] / [email protected]
 

Asiamet Resources Nominated Adviser


RFC Ambrian Limited

Andrew Thomson / Oliver Morse

Telephone: +61 8 9480 2500

Email: [email protected] / [email protected]

 

VSA Capital Limited


Andrew Raca / Justin McKeegan

Telephone: +44 20 3005 5004 / +44 20 3005 5009

Email: [email protected]

 

Optiva Securities Limited


Christian Dennis

Telephone: +44 20 3137 1903

Email: [email protected]

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized 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.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Asiamet08172016.pdf

Source: Asiamet Resources Limited (TSX Venture:ARS, AIM:ARS)

To follow Asiamet Resources Limited on your favorite social media platform or financial websites, please click on the icons below.


 

Maximum News Dissemination by FSCwire. http://www.fscwire.com

 

Copyright © 2016 Filing Services Canada Inc.






Source: FSCwire (August 17, 2016 - 2:00 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice