LONDON (Alliance News) - Copper exploration company Asiamet Resources Ltd said Wednesday drilling at the Beruang Kanan Main copper deposit in Central Kalimantan, Indonesia, continues to display "excellent" high-grade copper mineralisation near-surface.
The company said a total of 33 holes for 3400 meters of diamond core drilling have now been completed, and three holes are currently in progress. A further 87 holes are planned to be drilled.
Asiamet highlighted one hole which delivered intersects of 31.0 metres at 1.57% copper, including 5.0 metres at 4.74% copper and 2.0 metres at 8.48% copper.
Another hole delivered 13.0 metres at 1.16% copper, including 3.0 metres at 2.27% copper and another 3.0 meters at 2.24% copper.
"Resource evaluation drilling at Beruang Kanan Main continues to meet or exceed our expectations. The grade and continuity of mineralisation appears to be very consistent, and we are seeing higher grade mineralisation shallower than anticipated," said Asiamet Chief Executive Tony Manini.
Shares in Asiamet were up 4.2% Wednesday at 2.50 pence.
By Lucy Heming; lucyheming@alliancenews.com
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Asiamet Res (ARS)