TIDMARS
RNS Number : 0261X
Asiamet Resources Limited
07 August 2018
For Immediate Release London AIM
August 7, 2018 Symbol: ARS
Asiamet Drilling Extends Beutong Copper Mineralisation
Asiamet Resources is pleased to report further excellent results
from the current infill and extension drilling program being
undertaken at the Company's 80% owned Beutong Project. Strong
mineralisation has been confirmed extending beyond the 2014
Resource envelope in all holes completed thus far.
At Beutong East Porphyry ("BEP"), drill hole BEU500-01 (510.0m
End of Hole "EOH") has confirmed a broad interval of high grade,
near surface copper-gold-molybdenum outside the current Resource
envelope.
Infill drilling confirmed moderate-grade porphyry
copper-gold-molybdenum mineralisation along the eastern end of the
Beutong West Porphyry ("BWP") with drill hole BEU1350-01 (750.6m
"EOH") highlighting the potential for mineralisation to extend
easterly into the gap between the BEP and BWP.
Copper mineralisation in both BEU500-01 and BEU1350-01 comprises
covellite, chalcocite and digenite with minor chalcopyrite,
demonstrating that the mineralised zones extend both laterally and
at depth. Both holes were terminated due to rig capacity.
Significant assay results include:
Beutong East Porphyry - BEU0500-01
-- 445.0m at 0.67% CuEq (0.54% Cu, 0.17g/t Au) from 7.0m
-- includes 159.0m at 0.96% CuEq (0.80% Cu, 0.22g/t Au) from 7.0m
-- includes 28.0m at 0.85% CuEq (0.72% Cu, 0.14g/t Au) from 192.0m
-- includes 21.0m at 0.73% CuEq (0.60% Cu, 0.11g/t Au) from 242.0m
-- includes 26.0m at 0.79% CuEq (0.62% Cu, 0.20g/t Au) from 414.0m
Beutong West Porphyry - BEU1350-01
-- 42.0m at 0.84% CuEq (0.76% Cu, 0.06g/t Au) from 108.0m
-- includes 22.0m at 1.33% CuEq (1.24% Cu, 0.07g/t Au) from 110.0m
-- 434.5m at 0.66% CuEq (0.55% Cu, 0.08g/t Au) from 254.0m
-- includes 22.0m at 1.11% CuEq (0.92% Cu, 0.19g/t Au) from 354.0m
-- includes 225.5m at 0.70% CuEq (0.60% Cu, 0.08g/t Au) from 398.0m
-- includes 49.5m at 0.91% CuEq (0.74% Cu, 0.12g/t Au) from 637.5m
Peter Bird, Asiamet's Chief Executive Officer commented:
"Results received from the current round of drilling at Beutong
East Porphyry demonstrate both the robustness of the central
mineralised core and the substantial Resource upside potential that
remains to be delineated. Mineralisation has already been extended
well beyond the 2014 Resource envelope with exceptional continuity
of plus 1% CuEq mineralisation reported from near surface to in
excess of 400 metres and remains open to depth. Beutong's large
copper-gold Resource base, when coupled together with excellent
nearby infrastructure (road, power and seaport) and the potential
to assess a copper leaching process, as demonstrated by the initial
sequential copper assaying results, positions the project as an
increasingly rare copper development opportunity. Asiamet looks
forward to keeping all stakeholders updated as the drilling and
metallurgical test work programs continue over the remainder of
2018."
Beutong Drilling Program
The BEP and BWP deposits are part of the larger Beutong
intrusive complex, which comprises a large high-quality copper,
gold, silver, molybdenum deposit that outcrops at surface and
remains open both 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). The deposit is located in
Nagan Raya Regency, Aceh, Indonesia and held under a Mining
Business License for Production Operations "IUP-OP". The deposit
has excellent nearby infrastructure including major roads, grid
power and a seaport.
The 2018 expansion and infill drilling program at Beutong
comprises 8 holes totalling approximately 4,000 metres of diamond
core. To date 5 holes have been completed and 1 hole is in
progress, totalling 2,739.7 metres. Drilling aims to both expand
the boundaries of the copper, gold, silver and molybdenum
mineralisation at the BEP and BWP deposits and also provide
representative samples of mineralised material to undertake
detailed metallurgical test work including determining the
leachability of the secondary copper sulphide mineral suite.
Hole BEU0500-01 was collared approximately 100 metres east of
the BEP resource envelope, and intersected broad zones of phyllic
altered diorite with well-developed porphyry stockwork veining
(Figure 1). Mineralisation comprises chalcocite, covellite and
digenite with lesser chalcopyrite at depth. Irregular zones of
shallow dipping diatreme breccia occur locally, which appear to
have been injected into the diorite. The hole was still in copper
mineralisation at 510 metres when terminated due to rig
capacity.
Hole BEU1350-01 was drilled along the eastern margin of the BWP.
The hole intersected oxidised diorite porphyry to a depth of 108
metres, followed downhole by phyllic altered diorite with moderate
to strong stockwork veining. Mineralisation comprises chalcocite,
covellite and digenite as disseminations, along fractures and in
veins. The hole was stopped at planned depth, ending in a post
mineral diorite dyke. This hole confirms broad zones of porphyry
style mineralisation and the next hole will test further east
towards the gap area between the BWP and BEP.
At BEP, the high-grade near surface intersection outside
existing Mineral Resources demonstrates potential for significant
future Resource growth, which remains open to the east and at
depth. The BWP drilling returned a broad zone of moderate-grade
copper-gold-molybdenum mineralisation confirming the model and
demonstrating the potential to increase the strike extent of drill
defined mineralisation in the gap between the BEP and BWP. Step out
drilling at the eastern margins of the BWP will test the gap area
in the coming months.
A drill hole location plan and a table of full assay results are
provided in Figure 1 and Table 1 respectively.
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 Competent Person within the meaning of
JORC 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 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 / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com /
Stephen.Allen@rfcambrian.com
Liberum
Neil Elliot, Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: Neil.Elliot@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: Beutong East Porphyry Drill Intercepts.
HOLE ID From To Length Copper Gold Silver Moly CuEq
(%) (g/t) (g/t) (ppm) (%)
BEU0500-01 7 452 445 0.54 0.17 1.33 113 0.67
----- --------- ---------
Including 7 166 159 0.80 0.22 1.48 111 0.96
------------ ----- --------- --------- -------
Including 192 220 28 0.72 0.14 1.23 171 0.85
------------ ----- --------- --------- -------
Including 242 263 21 0.60 0.11 2.28 209 0.73
------------ ----- --------- --------- -------
Including 414 440 26 0.62 0.20 2.24 178 0.79
------------ ----- --------- --------- -------
BEU0500-01 498 508 10 0.24 0.04 0.98 69 0.29
------------ ----- --------- --------- -------
Table 2: Beutong West Porphyry Drill Intercepts
HOLE ID From To Length Copper Gold Silver Moly CuEq
(%) (g/t) (g/t) (ppm) (%)
BEU1350-01 108.0 150.0 42.0 0.76 0.06 0.64 164 0.84
------ --------- ---------
Including 110.0 132.0 22.0 1.24 0.07 0.81 171 1.33
------------ ------ --------- --------- -------
BEU1350-01 168.0 184.0 16.0 0.85 0.11 0.53 89 0.94
------------ ------ --------- --------- -------
BEU1350-01 254.0 688.5 434.5 0.55 0.08 1.63 200 0.66
------------ ------ --------- --------- -------
Including 354.0 376.0 22.0 0.92 0.19 4.12 243 1.11
------------ ------ --------- --------- -------
Including 398.0 623.5 225.5 0.60 0.08 1.21 190 0.70
------------ ------ --------- --------- -------
Including 637.5 687.0 49.5 0.74 0.12 1.63 321 0.91
------------ ------ --------- --------- -------
Notes: Grade intercepts are calculated as a weighted average
grade above 0.2% Copper (uncut). Broad intercepts calculated with
up to 10m internal dilution. True widths of downhole interval
lengths are estimated to be between 50-70% of the reported lengths,
unless otherwise stated. Orientation of the Beutong mineralised
complex is interpreted to have an azimuth of 250-260 degrees and is
steeply dipping to the north-northwest. Copper equivalent (CuEq)
values have been calculated using the equation CuEq = Cu+(Mo
ppm/10000 * 2.9412) + (Au g/t * 0.5204) + (Ag g/t * 0.0055) at a
copper price of US$3.00/lb, a gold price of US$1300/ounce a silver
price of US$16/ounce and a Molybdenum price of US$10/pound. Copper
Equivalent (CuEq) is used for illustrative purposes and do not take
into account copper or gold recoveries. Intercepts reported at
Figure 1: Cross section showing the Mineral Resource Envelope in
black (the JORC Code 2012) and recently modelled copper
mineralisation as coloured shells. To view the image, please click
on the following link
http://www.asiametresources.com/assets/img/fig1_min_resource.png
Glossary of Technical Terms
"anomaly or something in mineral exploration that geologists interpret
anomalous" as deviating from what is standard, normal, or expected.
"assay" The laboratory test conducted to determine the proportion
of a mineral within a rock or other material. For
copper, usually reported as percentage which is equivalent
to percentage of the mineral (i.e. copper) per tonne
of rock.
------------------------------------------------------------------------
"azimuth" the "compass direction" refers to a geographic bearing
or azimuth as measured by a magnetic compass, in true
or magnetic north.
------------------------------------------------------------------------
"bornite" Bornite, also known as peacock ore, is a copper sulphide
mineral with the formula Cu5FeS4.
------------------------------------------------------------------------
"breccia" Breccia is a rock classification, comprises millimetre
to metre-scale rock fragments cemented together in
a matrix, there are many sub-classifications of breccias.
------------------------------------------------------------------------
"chalcocite" Chalcocite is a copper sulphide mineral with the formula
Cu2S and is an important copper ore mineral. It is
opaque and dark-gray to black with a metallic luster.
------------------------------------------------------------------------
"chalcopyrite" Chalcopyrite is a copper sulphide mineral with formula
CuFeS2. It has a brassy to golden yellow colour.
------------------------------------------------------------------------
"channel sample" Samples collected across a mineralised rock exposure.
The channel is typically orientated such that samples
are collected perpendicular to the mineralised structure,
if possible.
------------------------------------------------------------------------
"chargeability" Chargeability is a physical property related to conductivity.
Chargeability is used to characterise the formation
and strength of the induced polarisation within a
rock, under the influence of an electric field, suggesting
sulphide mineralisation at depth.
------------------------------------------------------------------------
"CIM" The reporting standard adopted for the reporting of
the Mineral Resources is that defined by the terms
and definitions given in the terminology, definitions
and guidelines given in the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) Standards on
Mineral Resources and Mineral Reserves (December 2005)
as required by NI 43-101. The CIM Code is an internationally
recognised reporting code as defined by the Combined
Reserves International Reporting Standards Committee.
------------------------------------------------------------------------
"covellite" Covellite is a copper sulphide mineral with the formula
CuS. This indigo blue mineral is ubiquitous in some
copper ores.
------------------------------------------------------------------------
"diamond drilling" A drilling method in which penetration is achieved
through abrasive cutting by rotation of a diamond
encrusted drill bit. This drilling method enables
collection of tubes of intact rock (core) and when
successful gives the best possible quality samples
for description, sampling and analysis of an ore body
or mineralised structure.
------------------------------------------------------------------------
"digenite" Digenite is a copper sulphide mineral with formula
Cu9S5. Digenite is a black to dark blue opaque mineral.
------------------------------------------------------------------------
"dip" A line directed down the steepest axis of a planar
structure including a planar ore body or zone of mineralisation.
The dip has a measurable direction and inclination
from horizontal.
------------------------------------------------------------------------
"galena" Galena is the natural mineral form of lead (II) sulphide,
with formula PbS. It is the most important ore of
lead and an important source of silver. It has a silver
colour.
------------------------------------------------------------------------
"grab sample" are samples of rock material collected from a small
area, often just a few pieces or even a single piece
of rock "grabbed" from a face, dump or outcrop or
roughly 2-5kg. These are common types of rock samples
collected when conducting mineral exploration. The
sample usually consists of material that is taken
to be representative of a specific type of rock or
mineralisation.
------------------------------------------------------------------------
"grade" The proportion of a mineral within a rock or other
material. For copper mineralisation this is usually
reported as % of copper per tonne of rock (g/t).
------------------------------------------------------------------------
"g/t" grams per tonne; equivalent to parts per million ('ppm')
------------------------------------------------------------------------
"hematite" Hematite is the mineral form of iron(III) oxide (Fe2O3),
one of several iron oxides. Magnetite alteration is
also typically associate with porphyry copper systems,
at or close to the central core.
------------------------------------------------------------------------
"hypogene" Hypogene ore processes occur deep below the earth's
surface, and form deposits of primary minerals, such
as chalcopyrite and bornite.
------------------------------------------------------------------------
"Indicated An 'Indicated Mineral Resource' is that part of a
Resource" Mineral Resource for which quantity, grade (or quality),
densities, shape and physical characteristics are
estimated with sufficient confidence to allow the
application of Modifying Factors in sufficient detail
to support mine planning and evaluation of the economic
viability of the deposit.
Geological evidence is derived from adequately detailed
and reliable exploration, sampling and testing gathered
through appropriate techniques from locations such
as outcrops, trenches, pits, workings and drill holes,
and is sufficient to assume geological and grade (or
quality) continuity between points of observation
where data and samples are gathered.
An Indicated Mineral Resource has a lower level of
confidence than that applying to a Measured Mineral
Resource and may only be converted to a Probable Ore
Reserve.
------------------------------------------------------------------------
"Inferred Resource" An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which quantity and grade (or quality)
are estimated on the basis of limited geological evidence
and sampling. Geological evidence is sufficient to
imply but not verify geological and grade (or quality)
continuity. It is based on exploration, sampling and
testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings
and drill holes.
An Inferred Mineral Resource has a lower level of
confidence than that applying to an Indicated Mineral
Resource and must not be converted to an Ore Reserve.
It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration.
------------------------------------------------------------------------
"Induced Polarisation Induced polarisation (IP) is a geophysical survey
Geophysics" used to identify the electrical chargeability of subsurface
materials, such as sulphides. The survey involves
an electric current that is transmitted into the subsurface
through two electrodes, and voltage is monitored through
two other electrodes.
------------------------------------------------------------------------
"intercept" Refers to a sample or sequence of samples taken across
the entire width or an ore body or mineralised zone.
The intercept is described by the entire thickness
and the average grade of mineralisation.
------------------------------------------------------------------------
JORC The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves ('the
JORC Code') is a professional code of practice that
sets minimum standards for Public Reporting of minerals
Exploration Results, Mineral Resources and Ore Reserves.
The JORC Code provides a mandatory system for the
classification of minerals Exploration Results, Mineral
Resources and Ore Reserves according to the levels
of confidence in geological knowledge and technical
and economic considerations in Public Reports.
------------------------------------------------------------------------
"lbs" Pounds (measure of weight)
------------------------------------------------------------------------
"Mlbs" Million pounds (measure of weight)
------------------------------------------------------------------------
"magnetite" Magnetite is main iron ore mineral, with chemical
formula Fe3O4. Magnetite is ferromagnetic, and it
is attracted to a magnet and can be magnetised to
become a permanent magnet itself.
------------------------------------------------------------------------
"massive" In a geological sense, refers to a zone of mineralisation
that is dominated by sulphide minerals. The sulphide-mineral-rich
material can occur in centimetre-scale, metre-scale
or in tens of metres wide veins, lenses or sheet-like
bodies containing sphalerite, galena, and / or chalcopyrite
etc.
------------------------------------------------------------------------
"Measured Resource" A 'Measured Mineral Resource' is that part of a Mineral
Resource for which quantity, grade (or quality), densities,
shape, and physical characteristics are estimated
with confidence sufficient to allow the application
of Modifying Factors to support detailed mine planning
and final evaluation of the economic viability of
the deposit.
Geological evidence is derived from detailed and reliable
exploration, sampling and testing gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes, and is sufficient
to confirm geological and grade (or quality) continuity
between points of observation where data and samples
are gathered.
A Measured Mineral Resource has a higher level of
confidence than that applying to either an Indicated
Mineral Resource or an Inferred Mineral Resource.
It may be converted to a Proved Ore Reserve or under
certain circumstances to a Probable Ore Reserve.
------------------------------------------------------------------------
"Mineral Resource" A "Mineral Resource" is a concentration or occurrence
of diamonds, natural solid inorganic material, or
natural solid fossilised organic material including
base and precious metals, coal, and industrial minerals
in or on the Earth's crust in such form and quantity
and of such a grade or quality that it has reasonable
prospects for economic extraction. The location, quantity,
grade, geological characteristics and continuity of
a Mineral Resource are known, estimated or interpreted
from specific geological evidence and knowledge.
------------------------------------------------------------------------
"mineralisation" In geology, mineralisation is the deposition of economically
important metals (copper, gold, lead, zinc etc) that
in some cases can be in sufficient quantity to form
mineral ore bodies.
------------------------------------------------------------------------
"open pit mining" A method of extracting minerals from the earth by
excavating downwards from the surface such that the
ore is extracted in the open air (as opposed to underground
mining).
------------------------------------------------------------------------
"outcrop" A section of a rock formation or mineral vein that
appears at the surface of the earth. Geologists take
direct observations and samples from outcrops, used
in geologic analysis and creating geologic maps. In
situ (in place) measurements are critical for proper
analysis of the geology and mineralisation of the
area under investigation.
------------------------------------------------------------------------
"polymetallic" three or more metals that may occur in magmatic, volcanogenic,
or hydrothermal environments; common base and precious
metals include copper, lead, zinc, silver and gold.
------------------------------------------------------------------------
"polymict" A geology term, often applied to breccias or conglomerates,
which identifies the composition as consisting of
fragments of several different rock types.
------------------------------------------------------------------------
"porphyry" Porphyry copper deposits are copper +- gold +- molybdenum
orebodies that are formed from hydrothermal fluids
that originate from a voluminous magma chamber below
the deposit itself.
------------------------------------------------------------------------
"Preliminary NI 43-101 defines a PEA as "a study, other than a
Economic Assessment" pre-feasibility study or feasibility study, which
includes an economic analysis of the potential viability
of mineral Resources".
------------------------------------------------------------------------
"propylitic Propylitic alteration is the chemical alteration of
alteration" minerals within a rock, caused by hydrothermal fluids.
This style of alteration typically results in epidote-chlorite+-albite
alteration and veining or fracture filling, commonly
altering biotite or amphibole minerals within the
rock groundmass. It typically occurs along with pyrite.
------------------------------------------------------------------------
"sediments" Sedimentary rocks formed by the accumulation of sediments.
There are three types, Clastic, Chemical and Organic
sedimentary rocks.
------------------------------------------------------------------------
"sequential Sequential copper analysis is a technique to semi-quantitatively
assays" define the zonations associated with some copper deposits.
The method is based on the partial dissolution behaviour
displayed by the prevalent copper minerals to solutions
containing sulphuric acid and sodium cyanide. Results
from sequential analyses can theoretically determine
the amounts of leachable oxide minerals, leachable
secondary sulphide minerals, and primary copper minerals,
respectively.
------------------------------------------------------------------------
"sphalerite" Sphalerite is a zinc sulphide in crystalline form
but almost always contains variable iron, with formula
(Zn,Fe)S. It can have a yellowish to honey brown or
black colour.
------------------------------------------------------------------------
"supergene" Supergene ore processes occur near surface, and form
deposits of secondary minerals, such as malachite,
azurite, chalcocite, covellite, digenite, etc.
------------------------------------------------------------------------
"surface rock Rock chip samples approximately 2kg in size that are
chip samples" typically collected from surface outcrops exposed
along rivers and mountain ridgelines.
------------------------------------------------------------------------
"veins" A vein is a sheet-like or anastomosing fracture that
has been infilled with mineral ore (chalcopyrite,
covellite etc) or mineral gangue (quartz, calcite
etc) material, within a rock. Veins form when minerals
carried by an aqueous solution within the rock mass
are deposited through precipitation and infill or
coat the fracture faces.
------------------------------------------------------------------------
"volcanics" Volcanic rock such as andesite or basalt that is formed
from magma erupted from a volcano, or hot clastic
material that erupts from a volcano and is deposited
as volcaniclastic or pyroclastics.
------------------------------------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLUBVVRWKAWRRR
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