RNS25 Jun 2018 08:08
Asiamet Lifts Beutong Copper-Gold Project Interest to 80%
Asiamet is pleased to announce that negotiations to simplify the exercise of its option agreement with PT Media Mining Resources covering the Beutong copper-gold project ("Beutong") have been completed and a single milestone payment of A$4.375million has been made to increase its effective ownership in PT Emas Mineral Mumi ("EMM") from 40% to 80% by acquiring the remaining 50% of Beutong Resources Pte Ltd. ("BRPL") that it does not already own. EMM, 80% owned by BRPL, wholly-owns the Beutong Copper-Gold Deposit in Nagan Raya Regency, Aceh, Indonesia. Beutong is held under a Mining Business License for Production Operations "IUP-OP" which provides for an initial 20 years of licence tenure which may be extended twice, each for a period of 10 years, totalling 40 years. This is the key licence required to advance the Beutong Project to the development stage.
Highlights:
· Equity interest in Beutong increases to 80% through exercise of the option and delivery of recent milestones including the key long-term production licence required to advance project to development stage
· Beutong is a large high-quality copper, gold, silver, molybdenum deposit outcropping at surface and remaining open laterally and at depth.
· Resources contain 2.4Mt (5.3BIb) copper, 2.1Moz gold and 20.6Moz silver on 100% basis (1.92Mt (4.24Blb) copper, 1.68Moz gold and 16.48Moz silver on an 80% attributable basis), reported in accordance with the requirements of the JORC Code (2012).
· Beutong very favourably located with regard to infrastructure and logistics. The project is adjacent to a sealed road and approximately 60km from a large power station and seaport
· Significant scope to expand the mineral inventory with recent drilling intersecting 456.0m at 1.06% CuEq. (0.93% Cu, 0.15g/t Au) from 10.0m extending mineralisation beyond current the current JORC Resource envelope and remaining open to depth and laterally.
· Recent assays suggest that a significant proportion of the Beutong East Porphyry copper mineralisation could potentially be processed by heap leach to produce cathode copper. Extensive metallurgical test work to further assess this potential is required.
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