TIDMARS
RNS Number : 0983Z
Asiamet Resources Limited
29 August 2018
29 August 2018
Asiamet Drilling Expands Beutong West Copper Deposit
Asiamet Resources is pleased to report that drilling to test for
easterly extensions of the Beutong West Porphyry (BWP) has
successfully intersect strong copper mineralisation at depth well
beyond the 2014 Resource envelope.
Highlights from Drill Hole BEU1350-02
-- Drill hole BEU1350-02 intersected 118.0m at 0.71% CuEq (0.60%
Cu, 0.05g/t Au and 255ppm Mo) to the bottom of hole from 632.0m
within a broader interval of 398.0m at 0.46% CuEq (0.39% Cu,
0.04g/t Au) from 352.0m.
-- Strong copper mineralisation remains open to depth with the
final four-metres of the hole assaying high-grade mineralisation at
1.00% CuEq (0.82% Cu, 0.03g/t Au and 75ppm Mo) (Figure 2). The hole
was terminated in mineralisation at a depth of 750m due to rig
capacity.
-- The presence of strong molybdenum mineralisation in the
deeper parts of BEU1350-02 highlights potential for extensions of
the high-grade copper core to the Beutong system at depth and
suggests that the Beutong East and West Porphyries may join in this
area ( Figure 1).
Figure 1. Beutong deposit long section showing modelled copper
mineralisation overlain by the current Mineral Resource envelope
(JORC 2012). To view Figure 1, please click on the following link:
http://www.asiametresources.com/assets/img/fig1_mineresenv.jpg
Hole BEU1350-02 was drilled from an existing collar targeting an
untested zone between the BEP and BWP. The hole intersected a broad
zone of porphyry style mineralisation comprising covellite,
chalcocite and digenite.
Results from the 2018 drilling campaign to date have met
Asiamet's objectives of demonstrating continuity of the BEP and BWP
outside of the current Resource envelope and have highlighted
potential for further significant expansion of the Beutong
Resource. The presence of strong molybdenum mineralisation at depth
in BEU1350-02 also indicates potential for a deeper high-grade
copper core at BWP, as occurs in many of the larger Asia-Pacific
porphyry systems.
Peter Bird, Asiamet's Chief Executive Officer commented:
"This latest drill result highlights the potential for
significant further upside to the Beutong deposit(s) and confirms
our thoughts that the BEP and BWP may coalesce at depth. Our 2018
drilling program continues to extend mineralisation well beyond the
current Resource envelope and a significant uplift in the overall
deposit tonnage is expected as further rounds of drilling and
Resource modelling and estimation are completed. The ongoing
success of our 2018 drill program at Beutong continues to highlight
the unique nature of Asiamet's diversified portfolio with a near
term copper development and a suite of large and medium-scale
growth options.
We look forward to keeping all stakeholders updated as the
drilling and metallurgical test work programs at Beutong continue
over the coming 4 to 5 months."
Beutong Drilling Program
The Beutong intrusive complex is host to what is currently
interpreted to be two porphyry systems and a laterally and
vertically extensive (reaching tens of metres thick) skarn system,
each outcropping at surface. Mineralisation remains open in
multiple directions 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". Infrastructure is excellent,
with major roads and nearby grid power and a seaport.
The 2018 expansion and infill drilling program is focused on
testing two key areas, 1) the untested zone between the BEP and BWP
systems and 2) an eastern extension of the BEP. The program
comprises eight holes totalling approximately 4,000 metres of
diamond core drilling testing to 750 metres below surface. Six
holes are complete and one hole is in progress for a total of 3,218
metres to date.
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
Berenberg
Matthew Armitt, Sara MacGrath
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.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 West Porphyry Drill Intercepts.
HOLE ID From To Length Copper Gold Silver Moly CuEq
(%) (g/t) (g/t) (ppm) (%)
------------ ----- ---- ------- ------- ------ ------- ------ -----
BEU1350-02 352 750 398 0.39 0.04 0.57 160 0.46
------------ ----- ---- ------- ------- ------ ------- ------ -----
Including 632 750 118 0.60 0.05 0.98 255 0.71
------------ ----- ---- ------- ------- ------ ------- ------ -----
EOH 746 750 4 0.82 0.03 1.10 75 1.00
------------ ----- ---- ------- ------- ------ ------- ------ -----
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.
Figure 2: High grade copper mineralisation intersected at end of
drill hole BEU1350-02, with the final 4-metres assaying 0.82% Cu.
To view Figure 2, please click on the following link
http://www.asiametresources.com/assets/img/fig2highgradecopper.jpg
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 sulfide 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.
------------------------------------------------------------------------
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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
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