LONDON (Alliance News) - Asiamet Resources Ltd Thursday said it is making "excellent progress" by acquiring the key long lead items needed for the feasibility study covering the proposed development of the main zone within the Beruang Kanan prospect in Indonesia.
Asiamet is developing the main area of the prospect that lies within the KSK copper project and on Thursday appointed Mark Young as the study manager to lead the team conducting the feasibility study for the project.
Young has led project teams in numerous countries and commodities for "major mining companies" and for junior exploration and development firms. Over the past decade, he has been involved in greenfield mine developments, which involves revamping old and existing projects.
Young was involved in the major developments at potash assets in Canada and copper projects in Chile that are owned by multi-commodity giant BHP Billiton PLC alongside Rio Tinto PLC's iron ore operations in Australia. He was also involved in the Amaam coal project in Russia for Tigers Realm Coal.
Asiamet is currently conducting a resource infill drilling programme and an extension drilling programme on the asset in an attempt to upgrade the existing inferred mineral resource at the project, which currently stands at 49.7 million tonnes of ore graded at 0.6% copper - containing around 657.0 million pounds of the commodity.
Four drill rigs are being used and 1,585 metres have been drilled to date over 13 holes. Two large diameter core holes have also been completed to collect fresh bulk samples for metallurgical testwork.
Asiamet's plan is to conduct 9,000 metres of resource drilling over 100 holes alongside 2,000 metres over 15 holes of metallurgy drilling. The first assay results are expected "within the next week," the company said.
Asiamet has also contracted a number of the key consultants and service providers required to oversee the long lead time items of the feasibility study, with local Indonesian consultants, service providers and "manpower" being utilised "wherever possible".
Specifically, PT Indodrill Indonesia will drill the two large diameter core holes to collect the fresh bulk samples, PT Intertek Utama Services will conduct the other drilling and complete the environmental assays and Hackman & Associates will be responsible for designing the drill programmes and updating the mineral resource estimate.
Millermet and CORE Laboratories will conduct the metallurgical testwork and PT Lorax will take charge of environmental geoscience and hydrology work.
Asiamet shares were up 0.3% to 2.23 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Asiamet Res (ARS)