LONDON (Alliance News) - Asiamet Resources Ltd Thursday said drilling at the Beruang Kanan Main copper deposit in Central Kalimantan, Indonesia, continues to intersect wide intervals of higher grade copper mineralisation as it released the latest assay results from its drilling campaign.
The miner has been drilling the deposit to increase confidence and expand the resource at Beraung Kanan. The company has recieved some assay results, but is waiting for the results from the final five holes so it can provide an updated resource estimate for the project.
The latest assay result from hole BKM32250-03 stood at 51.9 metres at 1.36% copper. This included 13.0 metres at 1.46% copper, 7.0 metres at 2.15% copper and 7.9 metres at 2.61% copper.
The latest assay result from hole BKM32500-01 stood at 44.0 metres at 0.91% copper, including 4.0 metres at 2.11% copper, 3.0 metres at 1.53% copper and 2.0 metres at 2.61% copper.
The latest assay result from hole BKM32500-02 stood at 76.0 metres at 0.81% copper, including 6.0 metres at 1.61% copper, 8.5 metres at 1.09% copper and 7.0 metres at 1.35% copper
"Upon receipt of assays for the last five Beruang Kanan holes, an update of the resource estimate will be completed. Metallurgical test work is ongoing and mining studies will commence shortly. Results will be progressively reported," it said in a statement.
Asiamet intends to complete a preliminary economic assessment on the project in due course and it said all drilling on the deposit has been completed for 2015. It has kept one drill rig to continue scout drilling in the south region of the deposit, where it is testing a broad-copper-in-soil anomaly.
"The preliminary economic assessment will define the initial financial and operating parameters for the BKM project and provide the basis for a decision to move into feasibility studies," said Chief Executive Tony Manini.
Asiamet shares were down 1.3% to 1.58 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Asiamet Res (ARS)