(Alliance News) - Asiamet Resources Ltd shares surged on Friday after it announced the discovery of "exceptional" grades of gold and silver at its BKZ deposit in Central Kelimantan, Indonesia.
The White Rock, Canada-headquartered exploration and development company reported "stunning" findings including 99 metres at 2.42 grams per tonne of gold, 542 grams of silver, and 5.0% lead.
This is in addition to the previous findings of high-grade copper and zinc-lead-silver-copper-gold mineralisation at the site. All mineralisation at the BKZ site to date is "shallow and high value", which means it can probably be captured in a single large open pit, according to Asiamet.
Asiamet's share price jumped 16% to 2.87 pence in London on Friday morning.
Asiamet is "very confident that ongoing drilling is continuing to significantly expand the mineral inventory and economic value of the Kalimantan Surya Kencana licence," the company said.
Tony Manini, Asiamet's executive chair, commented: "Discovering such high-grade deposits close to surface is a very rare occurrence and opportunity. With the substantial increase in geological knowledge gained from this program the company is very confident of further expanding known mineralisation and discovering additional new deposits immediately adjacent to the proposed copper mine development at BKM."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Asiamet Res (ARS)