January 17, 2017 - 2:00 AM EST
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Thick Copper Intersections Expand High Grade Zone at BKM




Thick Copper Intersections Expand High Grade Zone at BKM



White Rock, British Columbia (FSCwire) - Asiamet Resources Limited ("ARS" or the “Company”) is pleased to advise that Resource evaluation drilling being undertaken as part of the feasibility study at the Beruang Kanan Main (“BKM”) copper deposit in Central Kalimantan, Indonesia continues to report wide intervals of higher grade near surface copper mineralization which further expand the BK044 Zone.

 

A total 67 holes for 6750 meters of diamond core drilling have now been completed and one hole is currently in progress. The results from ten holes drilled in the northern part of the BKM deposit are reported below. A further 51 holes/4250 meters are planned.

 

Better results from the most recent drilling include:

 

BKM32600-03    104.0 meters at 0.83% Cu (from 8.00 meters)

 

  • Including 4.0 meters at 1.93% Cu (from 8.0 meters)

 

  • Including 7.0 meters at 1.92% Cu (from 21.0 meters)

 

  • Including 18.0 meters at 1.31% Cu (from 33.0 meters)

 

  • Including 5.0 meters at 3.64% Cu (from 106.0 meters)

 

BKM32600-04    15.0 meters at 0.66% Cu (from 9.00 meters)

 

  • Including 2.0 meters at 2.41% Cu (from 9.0 meters)

 

74.5 meters at 0.64% Cu (from 29.0 meters)

 

  • Including 17.0 meters at 1.41% Cu (from 69.0 meters)

 

  • Includes 2.0 meters at 7.23% Cu (from 73.0 meters)

 

BKM32455-01    60.0 meters at 0.51% Cu (from 69.0 meters)

 

BKM32200-06        9.0 meters at 1.35% Cu (from 5.00 meters)

 

  • Including 3.0 meters at 3.18% Cu (from 9.0 meters)

 

52.25 meters at 1.15% Cu (from 26.0 meters)

 

  • Including 4.0 meters at 3.04% Cu (from 30.0 meters)

 

  • Including 6.0 meters at 1.59% Cu (from 49.0 meters)

 

  • Including 15.25 meters at 1.53% Cu (from 63.0 meters)

 

BKM32165-01    105.5 meters at 0.65% Cu (from 0.5 meters)

 

  • Including 24.5 meters at 1.27% Cu (from 5.5 meters)

 

Infill holes BKM32600-03 (153.7m end of hole (“EOH”)) and BKM32600-04 (159.4m EOH) drilled on the north-eastern end of BK044 Zone intersected strong chalcocite/covellite mineralization just below the zone of oxidation in each drill hole, with individual one meter intervals returning up to 10.1% copper in BKM32600-04 and 4.8% copper in BKM32600-03. These results confirm wider than expected, near surface, moderate to high grade copper mineralization approximately 175 meters in width on the northern end of the BK044 zone.  

 

Geological logs for holes BKM32600-05 and BKM32600-06 drilled >100m west of BKM32600-03 reported significant intervals of near surface chalcocite/covellite mineralization in. Assays are pending.

 

Infill drill hole BKM32500-05 (66.0m EOH) drilled at the western margins of the BKM resource envelope intersected several zones of moderate grade copper mineralization consistent with the resource model.

 

Resource infill hole BKM32455-01 (151.7m EOH) drilled at the western edge of the BK044 Zone intersected a cumulative 106m interval (4 individual sections) of moderate grade copper mineralization hosted in centimeter to meter scale quartz and or pyrite veins. 

 

Quality control drill hole BKM32425-01 (80.4m EOH) was collared adjacent to a metallurgy hole BKM32400-02 (111.5m EOH) and drilled north to confirm the orientation of mineralization.   Chalcocite and covellite mineralization hosted in quartz stockwork and pyrite veins consistent with assay results in BK031, which returned 28.95m @ 0.61% Cu from 16.0m (refer ARS Press Releases October 29, 2012).

 

Two Resource infill holes BKM32400-03 (151.7m EOH) and BKM32400-04 (123.0m EOH) were drilled at the western edge of the BK044 Zone, where previous drilling identified an interpreted landslip.  Each hole confirmed continuous low to moderate copper mineralization.

 

BKM32200-06 (79.5m EOH) was collared adjacent to BKM32200-03 (111.0m EOH) and drilled east to confirm the orientation of mineralization and test the robustness of the BKM Resource model. Strong zones of chalcocite and covellite copper mineralization were intersected from near surface hosted in quartz stockwork and pyrite veins. BKM32200-07 was drilled outside the BK044 Zone and closes off the mineralization to the west as expected.  Drilling is now complete on this section with results confirming continuous mineralization up to 100m in true thickness over an east – west strike length of 125m.

 

BKM32165-01 (106.0m EOH), drilled as a quality control twin hole to BK048, which reported 15m @ 1.21% Cu from 4.5m and 80.5m @ 0.55% Cu from 31.5m (refer ARS Press Releases June 10, 2013), successfully confirmed the moderate and high grade copper mineralization in BK048.

 

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:

 

“Asiamet is extremely pleased with these latest results from the feasibility study Resource evaluation drilling at BKM. These are some of the best intersections we have seen to date at BKM with greater thicknesses of mineralization than anticipated in several areas and excellent continuity of copper grade across the deposit. The drill out and upgrading of Inferred Resources to higher confidence Measured and Indicated Resources is a major de-risking/value enhancing milestone as it is only these higher confidence Resources which can be used in the economic evaluation and conversion to Ore Reserves. As such significantly increased valuation multiples are generally applied to Measured and Indicated Resources and Asiamet is very well placed to convert a large part of its Resource base to these higher confidence levels when an updated Resource estimate is completed at the end of the current drill campaign.

 

Overall the feasibility study on BKM is making excellent progress and with the recent capital raising now complete we are in a strong position to maintain the momentum at a time when the copper price is in the early stages of recovery.

 

Asiamet is simultaneously advancing a number of technical and corporate initiatives and we expect 2017 to be a transformational year for the Company”

 

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.

 

Table 1: Recent drill intercepts.

 

HOLE ID

 

From

 

To

 

Length

 

Copper (%)

 

Cumulative Cu Mineralized Interval

BKM32165-01

0.50

106.00

105.50

0.65

105.5 Meters

Including

5.50

30.00

24.50

1.27

BKM32200-06

5.00

14.00

9.00

1.35

61.3 Meters

Including

9.00

12.00

3.00

3.18

BKM32200-06

26.00

78.25

52.25

1.15

Including

30.00

34.00

4.00

3.04

Including

49.00

55.00

6.00

1.59

Including

63.00

78.25

15.25

1.53

BKM32200-07

0.00

6.00

6.00

0.28

6.0 Meters

BKM32400-03

62.00

74.00

12.00

0.32

41.0 Meters

BKM32400-03

91.00

120.00

29.00

0.22

BKM32400-04

11.00

30.00

19.00

0.44

58.3 Meters

Including

20.00

22.95

2.95

1.57

BKM32400-04

61.00

70.00

9.00

0.38

BKM32400-04

75.00

77.00

2.00

1.16

BKM32400-04

84.00

89.00

5.00

0.75

BKM32400-04

100.00

111.00

11.00

0.25

BKM32400-04

116.00

128.30

12.30

0.32

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.

 

Table 1: Recent drill intercepts (continued)

 

HOLE ID

 

From

 

To

 

Length

 

Copper (%)

 

Cumulative Cu Mineralized Interval

BKM32425-01

30.50

53.00

22.50

0.51

22.5 Meters

BKM32455-01

2.00

12.00

10.00

0.33

106.0 Meters

BKM32455-01

21.00

38.00

17.00

0.37

BKM32455-01

47.00

66.00

19.00

0.44

BKM32455-01

69.00

129.00

60.00

0.51

BKM32500-05

11.00

22.00

11.00

0.27

40.2 Meters

BKM32500-05

26.00

32.00

6.00

0.43

BKM32500-05

36.00

39.20

3.20

0.77

BKM32500-05

45.00

65.00

20.00

0.63

BKM32600-03

8.00

112.00

104.00

0.83

123.0 Meters

Including

8.00

12.00

4.00

1.93

Including

21.00

28.00

7.00

1.92

Including

33.00

51.00

18.00

1.31

Including

106.00

111.00

5.00

3.64

BKM32600-03

123.00

142.00

19.00

0.25

BKM32600-04

9.00

24.00

15.00

0.66

89.5 Meters

Including

9.00

11.00

2.00

2.41

BKM32600-04

29.00

103.50

74.50

0.64

Including

69.00

86.00

17.00

1.41

Includes

73.00

75.00

2.00

7.23

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.

 

To view the graphic in its original size, please click here

 

Figure 1: Location map showing section lines and drill collars



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Asiamet01172017.pdf

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

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Source: FSCwire (January 17, 2017 - 2:00 AM EST)

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