LONDON (Alliance News) - Asiamet Resources Ltd on Monday said it is "extremely" well positioned after it expanded its resource at the Beutong project in Indonesia.
In the measured category, Asiamet has 34 million tonnes of ore at grades of 0.7% copper, 0.13 grammes of gold per tonne of ore, and 1.68 grammes of silver per tonne.
There are 56 million indicated tonnes at Beutong at 0.6% copper, 0.12 grammes of gold per tonne, and 2.07 grammes of silver per tone.
Asiamet's inferred resource is 419 million tonnes at 0.5% copper, 0.13 grammes of gold per tonne, and 1.14 grammes of silver per tone.
Overall, the contained metal is just under 2.0 million tonnes of copper, 1.7 million ounces of gold, and 16.7 million ounces of silver.
"Junior companies with large, well-located development stage copper inventories such as Asiamet are rare and extremely well positioned to benefit from widely forecast stronger copper prices. Beutong is a large high-quality copper-gold deposit well served with existing nearby infrastructure on a granted production licence," said Peter Bird, Asiamet's chief executive.
"The 2018 drilling program has improved our geological understanding of the deposit and this updated mineral resource estimate in accordance with JORC 2012 provides strong support for the integrity, size, scale and upside potential of the project."
"Future drilling campaigns will be directed to expanding the resource, testing the potential for a high-grade core at depth, and exploring early stage development options for the project," he added.
Shares were 3.8% higher on Monday at a price of 6.85 pence each.
Asiamet Res (ARS)