Asiamet Resources Limited Asiamet Review Highlights Exploration Upside Around Bkm
February 23 2017 - 1:01AM
UK Regulatory
TIDMARS
Asiamet Resources Limited ("ARS" or the "Company") is pleased to
announce the results of a comprehensive review of all historical
exploration data collected within a 3 kilometer radius of the BKM
deposit in Central Kalimantan, Indonesia where the Company is currently
advancing feasibility studies for the development of a 25,000 tpa SX-EW
copper mine.
The review assessed the base and precious metal potential at each of the
Beruang Kanan West (BKW), Beruang Kanan South (BKS) and BKZ Polymetallic
Prospects (BKZ). Significant copper, zinc and associated base and
precious metal mineralization warranting near term drill testing is
present on each of the key prospect areas. These prospects are shown on
the project location map in Figure 1 and historic results for each
prospect area are summarized below.
BKS Copper Prospect
-- A well-defined high tenor copper in soil anomaly measuring 800m x 600m is
located less than 1km south of BKM and is coincident with copper
mineralized sheeted veins and a strong near surface IP geophysical
anomaly of similar intensity to the near surface signature at BKM.
-- Historic rock chip sampling reported highly anomalous gold, silver and
copper values, including a rock chip outcrop sample assaying 12.3% Cu,
18.2g/t Au and 41g/t Ag
-- Scout hole KBK-028 (151.3m EOH) drilled in 2007 reported:
-- 26.5m @ 0.43% Cu from 2.5m, (including 10.5m @ 0.88% Cu from 14.5m)
This hole also intersected near surface high grade gold mineralization
as follows:
-- 3m @ 11.5g/t Au from 11.5m, (including 1.5m @ 21.8g/t Au from 11.5m)
-- Three scout holes were drilled in 2015 totaling 194.8 meters. The first
drill hole BKM30350-01 intersected a barren dyke and was not assayed.
Drill holes BKM30500-01 and BKM30625-01 locally intersected moderate to
strong copper mineralization, including:
-- BKM30500-01
-- 10.0m @ 2.52% Cu from 19.5m depth
-- Includes 2m @ 7.45% Cu from 19.5m depth
-- 3.0m @ 1.45% Cu from 43.5m depth
-- 3.5m @ 1.04% Cu from 58.5m depth
-- BKM30625-01
-- 1.0m @ 3.83% Cu from 7.5m depth
-- 2.0m @ 0.67% Cu from 12.5m depth
BKW Copper Prospect
-- Multiple copper mineralized sheeted vein zones with wide spread
alteration similar to BKM are observed within a 2.5 sqkm area, including
exposures along the BKM access road. Three well defined copper in soil
anomalies occur coincident with these sheeted vein zones, the largest
measuring 1.7km x 1km.
-- Copper in soil anomalies are coincident with chargeability anomalies
identified in IP geophysical surveys. The most prominent chargeability
anomaly which replicates the BKM signature is greater than 1 km in strike
length.
-- Historic rock chip sampling of these sheeted vein zones yielded highly
anomalous copper values, with individual rock chip samples assaying up to
7.1% Cu.
-- No previous drilling on two anomalies noted above, and only one hole
drilled off the margin of a third extensive (1.7km by 1km) copper in soil
anomaly.
BKZ Polymetallic Prospect
-- Located less than 800m north of BKM a well-defined zinc-lead-copper in
soil anomaly measuring 400m by 200m occurs coincident with massive
sulphide-bearing outcrops.
-- Massive base metal sulphide-bearing outcrops are exposed along the main
creek with rock channel sampling returning exceptional high grade
polymetallic results including 11.5 meters @ 16.50% Zn, 6.16% Pb, 0.48%
Cu, 0.55g/t Au and 106g/t Ag.
-- A total of 12 line kilometers of IP and ground magnetic geophysical
surveys were completed and six scout holes were drilled in 1999 totaling
871 meters. Three holes (BKZ-1,2 and 3) tested the coincident soil/rock
geochemistry and IP chargeability anomaly.
-- Mineralization occurs within a zone of pervasive alteration, containing
barite, carbonate and gypsum after anhydrite. True thickness is estimated
at 50 meters, and mineralized outcrops indicate at least 100m of strike
extent. Significant drill intercepts are summarized in Table 1.
Table 1: Historic significant drill intercepts at BKZ Prospect
From Length Zinc Lead Copper Silver Gold
Hole ID (m) To (m) (m) (%) (%) (%) (g/t) (g/t)
BKZ-1 6.00 56.00 50.0 2.91 1.01 0.12 25.2 0.52
Including 6.00 14.00 8.0 9.47 4.87 0.26 96.5 0.56
BKZ-2 8.20 15.50 7.3 3.65 1.31 0.09 38.5 0.53
Including 8.20 10.20 2.0 8.75 3.29 0.12 56.0 0.80
BKZ-2 17.60 49.60 32.0 2.19 0.91 0.10 12.1 0.26
Including 19.60 21.60 2.0 9.20 3.39 0.19 41.0 0.65
Including 33.60 35.60 2.0 6.75 1.74 0.38 22.0 0.26
Including 39.60 41.60 2.0 2.93 5.34 0.05 18.0 0.24
BKZ-3 14.60 19.10 4.5 8.33 4.26 0.08 79.6 0.54
BKZ-3 20.95 58.95 38.0 3.13 1.02 NSA 12.7 0.26
Including 20.95 46.95 26.0 4.00 1.39 0.07 17.0 0.31
Notes: Grade intercepts are calculated as a weighted average grade
(uncut). NSA-No Significant Assay
True widths are interpreted to be between 80-100% of the reported
lengths, unless otherwise stated.
The BKW and BKS prospects display similar characteristics to the BKM
deposit and represent potentially highly attractive resource expansion
targets immediately adjacent to the proposed BKM mine. The BKZ prospect
represents a potential stand-alone high value polymetallic target.
An initial scout drill program is proposed for each area in Q2-Q3, 2017
to confirm the width and continuity of the mineralization. Any
potentially economic areas will be fast tracked to resource delineation
drilling as this may have a material impact on mine life and development
planning for the BKM project.
Stephen Hughes, Asiamet's Vice President - Exploration commented:
"Asiamet has always been very excited by the substantial exploration
potential in the wider BK area however it has been critical for the
Company to focus its efforts on progressing the development of the BKM
deposit over the past two years. As the feasibility study on BKM is now
in full swing and advancing to plan we have taken the opportunity to
re-assess and prioritize those targets with the potential to materially
impact the BKM mine life and development schedule. With elevated base
and precious metals extending over more than five square kilometers in
the soils and high grade mineralization reporting from a number of
discrete zones associated with favorable geology we are looking forward
to more fully testing these targets and demonstrating the wider Resource
potential of the BK area".
Qualified Person
Data disclosed in this press release have been reviewed and verified by
ARS's qualified person, Stephen Hughes, P. Geo, Vice President
Exploration of the Company and a Qualified Person within the meaning of
NI 43-101 and for the purposes of the AIM Rules.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:
-Ends-
Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: peter.bird@asiametresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: 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 / Oliver Morse
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on
the Company's current expectations and estimates. Forward-looking
statements are frequently characterized 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.
To view the graphic, please click here
http://fscwire.com/sites/default/files/NR/792/15274_AM1.png
Figure 1: Location map showing Beruang Kanan project area, and the four
main prospects BKM, BKW, BKS and BKZ
To view the graphic, please click here To view the graphic, please click here
http://fscwire.com/sites/default/files/NR/79 http://fscwire.com/sites/default/files/NR/79
2/15274_AM2.jpg 2/15274_AM3.jpg
Figure 2: (Left) Massive sulphide Galena-Sphalerite mineralization.
(Right) Galena-Sphalerite mineralization in quartz
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Asiamet Resources Limited via Globenewswire
http://www.asiametresources.com
(END) Dow Jones Newswires
February 23, 2017 02:01 ET (07:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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