Last checked at 25 Jan 2019 07:14
25 January 2019
BFS Drilling progressing to schedule with strong results to date
Asiamet Resources Limited ("ARS" or the "Company") is pleased to report that the additional Resource evaluation drilling required to complete the bankable feasibility study being undertaken on the Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan, Indonesia is progressing to plan.
A total of 22 holes for 2,975 metres of diamond core drilling have been completed to date and drilling is continuing with a further 1,825 metres planned. Five drill rigs are being utilised in order to the complete all of the proposed drilling, including a number of additional geotechnical holes, in Q1 2019.
Results from the first four holes drilled in the southern part of the BKM deposit are reported below and a consistent flow of assay results is anticipated over the coming weeks.
Highlights include:
BKM31650-11 58.5 metres at 1.11% Cu (from 32.0 metres)
BKM31650-12 22.5 metres at 1.19% Cu (from 42.0 metres)
BKM31700-11 45.0 metres at 0.69% Cu (from 8.5 metres)
BKM31700-12 18.7 metres at 0.72% Cu (from 24.5 metres)
Results confirm continuity of mineralisation in the southern part of the BKM deposit consistent with the proposed pit shell, and are also consistent in tenor to previous moderate to strong results from this particular zone in the southern end of BKM.
Holes BKM31650-11 (140.0m end of hole ("EOH"), BKM 31650-12 (100.6m EOH), BKM31700-11 (110.0m EOH), BKM 31700-12 (90.1m EOH) were drilled in the southern area of the intended pit shell in order to evaluate the additional Inferred Resources sitting both inside and outside the pit shells with the objective of increasing Ore Reserves available for incorporation into the mine schedule.
Moderate to strong chalcocite-covellite mineralisation was intersected just below the zone of oxidation, with individual samples (1-metre intervals) returning up to 5.52% copper in a broad zone of strong copper mineralisation.
A Drill Hole Location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively. Figure 1 or the Drill Location Plan may be viewed at the following link:
https://www.asiametresources.com/assets/img/ars_1_160119.jpeg
Table 1 or the Table of Recent Drill Intercepts can be viewed below
Peter Bird, Asiamet's Chief Executive Officer commented:
"Following on from previous announcements, Asiamet is pleased to report that the limited programme of additional drilling required to enhance geological and geotechnical inputs into the BKM BFS open pit mine design is well advanced and initial results have been positive and in line with expectations.
Five drill rigs are now operational both within and around the perimeter of the proposed open pit shell and all drilling is anticipated to be completed in Q1 as planned.
This limited programme of infill drilling, data assessment and rework of the mine design aims to upgrade and capture additional Inferred Resource currently sitting both inside and on the edges of the current pit shells for assessment and incorporation into the mine plan.
A successful outcome from this work is expected to significantly enhance project economics and the robustness of the BKM BFS ahead of project financing.
With operational work continuing apace we expect to be consistently reporting further results as they come to hand over the coming weeks leading into completion of the BFS. In addition to the ongoing technical programme, various work streams relating to the Environmental Impact Assessment ("AMDAL") for BKM and forestry use permits are also being progressed along with due diligence investigations and commercial discussions with potential partners on both our main projects.
We look forward to providing further updates as they become available".
Qualified Person
Data disclosed in this press release have been reviewed and verified by ARS's qualified person, Stephen Hughes, P. Geo, an advisor to the Company and a Qualified Person within the meaning of NI 43-101 and for the purposes of the AIM Rules for Companies.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:
-Ends-
Peter BirdDeputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300Email: peter.bird@asiametresources.com
Tony ManiniExecutive Chairman, Asiamet Resources LimitedTelephone: +61 3 8644 1300Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com
Berenberg
Matthew Armitt / Detlir Elezi
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.commailto:
Liberum
Clayton Bush, Kane Collings
Telephone: +44 20 3100 2231
Email: mailto: Clayton.Bush@liberum.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Table 1: Recent drill intercepts
Hole ID | From (m) | To (m) | Length (m) | Cu (%) |
BKM31650-11 | 24.0 | 26.0 | 2.0 | 1.21 |
BKM31650-11 | 32.0 | 90.5 | 58.5 | 1.11 |
BKM31650-12 | 10.0 | 26.0 | 16.0 | 0.42 |
BKM31650-12 | 29.0 | 39.0 | 10.0 | 0.34 |
BKM31650-12 | 42.0 | 64.5 | 22.5 | 1.19 |
includes | 42.0 | 47.0 | 5.0 | 1.51 |
BKM31700-11 | 8.5 | 53.5 | 45.0 | 0.69 |
BKM31700-11 | 60.5 | 62.5 | 2.0 | 0.24 |
BKM31700-11 | 68.5 | 69.5 | 1.0 | 1.10 |
BKM31700-12 | 6.5 | 9.5 | 3.0 | 0.58 |
BKM31700-12 | 18.5 | 19.5 | 1.0 | 0.75 |
BKM31700-12 | 24.5 | 43.2 | 18.7 | 0.72 |
BKM31700-12 | 64.8 | 68.5 | 3.7 | 0.27 |
BKM31700-12 | 80.5 | 81.5 | 1.0 | 0.30 |
BKM31700-12 | 83.5 | 85.5 | 2.0 | 0.72 |