LONDON (Alliance News) - Asiamet Resources Ltd Tuesday said it has identified a second zone of higher-grade copper mineralization at the Beruang Kanan Main deposit in Indonesia after conducting recent drilling as part of its resource evaluation programme.
The newly identified zones are expected to have a "very positive impact on the Beruang Kanan Main project economics," Asiamet said in a statement. Asiamet was previously named Kalimantan Gold Corp Ltd.
Higher-grade copper mineralization has now been identified in two separate parts of the Beruang Kanan Main deposit, namely the northern BK044 Zone and the southern BK058 Zone.
Holes drilled on the BK044 zone intersected shallow, high-grade copper mineralization with the best results including 35.0 metres at 1.73% copper from 20 metres depth, which itself included 11 metres at 3.49% copper from 20 metres depth.
Another hole in the same zone produced results of 14 metres at 1.42% copper from 65 metres depth, including 6 metres at 2.53% copper from 72 metres depth. Asiamet said the results were in line with previously reported results from the north-west and south-west of the deposit.
"Drilling aimed at confirming continuity and expanding these higher-grade zones is ongoing and further results will be reported over the coming weeks," said the company.
Other results from the recent drilling included 55 metres at 0.58% copper from 2 metres depth, with that result also including 7 metres at 0.86% copper from 4 metres depth. Another result was 6 metres at 2.47% copper from 76 metres depth, including 1 metre at 12.5% copper from 76 metres depth.
Two additional holes have also been drilled nearby the existing drilled holes and the assay results for them are due shortly.
Overall, 66 holes and 5,605 metres of the planned 80 hole and 65,00 metre resource evaluation drilling programme have now been completed, Asiamet said. The programme will be completed by mid-September and an updated resource estimate is being prepared for release in late September or early October, it said.
Asiamet shares were down 1.5% to 1.70 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Asiamet Res (ARS)