TIDMARS
RNS Number : 2668W
Asiamet Resources Limited
16 April 2019
16 April 2019
Strong Copper Results from Final BKM Feasibility Study
Drilling
Asiamet Resources Limited ("ARS" or the "Company") is pleased to
report the final assay results from an additional infill drilling
programme completed as part of the Bankable Feasibility Study
("BFS") for the Beruang Kanan Main ("BKM") copper deposit in
Central Kalimantan, Indonesia.
The infill drilling programme commenced in November 2018 with
the aim of optimising the mine design and improving the overall
economics and robustness of the BFS for the BKM heap-leach SX-EW
copper cathode project. A total of 37 Resource evaluation holes and
four geotechnical holes for 5,665 metres of diamond core drilling
were completed. All assays for the Resource evaluation drilling
have now been received.
Highlights from the most recent drilling include:
-- BKM31690-01 13.0 metres at 1.42% Cu from 12.0 metres depth
Includes 2.0 metres at 3.49% Cu from 12.0 metres depth
Including 1.00 metre at 5.25% from 17 metres
-- BKM32250-09 90 metres at 1.08% Cu from 43.5 metres
Including 25.00 metres at 2.37% Cu from 78.50 metres
-- BKM32200-09 10.65 metres at 1.09% Cu from 72.15m depth
Including 6.35 metres at 1.45% Cu from 72.15 metres depth
-- BKM32200-09 19.40 metres at 0.97% Cu from 85.6 metres depth
Including 3.00 metres at 1.36% Cu from 92 metres
Full assay results are provided in Table 1 and a drill hole
location plan is shown in figure 1 below
Resource Infill holes BKM32200-09 and BKM32250-09 were drilled
in the north central area of the current proposed open pit and
continued to intersect zones of moderate to strong chalcocite and
covellite copper mineralisation. BKM32250-09 was drilled to a depth
of 187.5m and ended in mineralisation.
Resource infill holes BKM31690-01, BKM31690-02, BKM31730-01 and
BKM31730-02 drilled in the southern part of the currently proposed
open pit intersected zones of moderate to strong covellite, bornite
and minor chalcopyrite copper mineralisation as anticipated.
Peter Bird, Asiamet Chief Executive Officer, commented:
"The results of the Resource evaluation drilling programme have
upgraded our level of confidence in the BKM Resource model and
indicate that copper mineralisation remains open to the South and
North-East area of the deposit. This additional infill drilling is
expected to lift confidence of targeted Inferred Resources sitting
inside the current pit shells to the Indicated Resource category
for use in optimising pit shells for mine planning purposes.
Detailed mine design and mining engineering studies coupled with
rigorous analysis of capital and operating costs are well advanced
with the aim of delivering an economically robust BFS for the BKM
project by the end of May 2019".
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 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, Detlir Elezi
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.com /
Detlir.Elezi@berenberg.com
Liberum
Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: 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 (%)
BKM31690-01 2.00 3.00 1.00 0.37
--------- ------- ----------- -------
BKM31690-01 5.00 10.00 5.00 0.30
--------- ------- ----------- -------
BKM31690-01 12.00 25.00 13.00 1.42
--------- ------- ----------- -------
includes 12.00 14.00 2.00 3.49
--------- ------- ----------- -------
Includes 17.00 18.00 1.00 5.25
--------- ------- ----------- -------
BKM31690-01 27.00 28.00 1.00 0.29
--------- ------- ----------- -------
BKM31690-01 29.00 30.00 1.00 0.36
--------- ------- ----------- -------
BKM31690-01 37.00 39.25 2.25 0.41
--------- ------- ----------- -------
BKM31690-01 52.50 53.50 1.00 0.29
--------- ------- ----------- -------
BKM31690-01 54.50 55.50 1.00 0.22
--------- ------- ----------- -------
BKM31690-01 61.50 62.50 1.00 0.47
--------- ------- ----------- -------
BKM31690-01 63.50 65.50 2.00 0.26
--------- ------- ----------- -------
BKM31690-01 72.50 79.50 7.00 0.22
--------- ------- ----------- -------
BKM31690-01 81.50 82.50 1.00 0.31
--------- ------- ----------- -------
BKM31690-02 1.00 4.00 3.00 1.09
--------- ------- ----------- -------
Includes 2.00 4.00 2.00 1.54
--------- ------- ----------- -------
BKM31690-02 5.00 6.00 1.00 0.26
--------- ------- ----------- -------
BKM31690-02 9.00 15.00 6.00 0.36
--------- ------- ----------- -------
BKM31690-02 27.00 31.00 4.00 0.62
--------- ------- ----------- -------
BKM31690-02 34.00 36.00 2.00 0.80
--------- ------- ----------- -------
BKM31690-02 38.00 46.65 8.65 0.44
--------- ------- ----------- -------
BKM31690-02 66.20 71.00 4.80 0.42
--------- ------- ----------- -------
BKM31690-02 99.00 100.00 1.00 0.20
--------- ------- ----------- -------
BKM32315-02 2.50 4.50 2.00 0.29
--------- ------- ----------- -------
BKM32315-02 6.50 13.50 7.00 0.74
--------- ------- ----------- -------
Includes 6.50 7.50 1.00 1.54
--------- ------- ----------- -------
BKM32315-02 16.50 20.50 4.00 0.92
--------- ------- ----------- -------
BKM32315-02 34.50 35.50 1.00 0.38
--------- ------- ----------- -------
BKM32315-02 51.00 53.00 2.00 2.01
--------- ------- ----------- -------
BKM32315-02 56.00 58.20 2.20 8.14
--------- ------- ----------- -------
BKM32315-02 71.50 72.50 1.00 0.47
--------- ------- ----------- -------
BKM32315-02 101.50 102.50 1.00 0.72
--------- ------- ----------- -------
BKM32315-02 118.50 119.50 1.00 0.71
--------- ------- ----------- -------
BKM32315-02 122.50 123.50 1.00 0.25
--------- ------- ----------- -------
BKM32315-02 126.50 132.50 6.00 0.38
--------- ------- ----------- -------
BKM32315-02 141.00 142.00 1.00 0.45
--------- ------- ----------- -------
BKM32315-02 143.00 146.00 3.00 0.22
--------- ------- ----------- -------
BKM32315-02 159.00 161.00 2.00 1.04
--------- ------- ----------- -------
BKM32200-09 7.00 66.10 59.10 0.63
--------- ------- ----------- -------
Includes 14.00 17.00 3.00 1.18
--------- ------- ----------- -------
Includes 36.00 38.20 2.20 2.58
--------- ------- ----------- -------
BKM32200-09 72.15 82.80 10.65 1.09
--------- ------- ----------- -------
Includes 72.15 78.50 6.35 1.45
--------- ------- ----------- -------
BKM32200-09 85.60 105.00 19.40 0.97
--------- ------- ----------- -------
Includes 86.75 89.00 2.25 1.63
--------- ------- ----------- -------
Includes 92.00 95.00 3.00 1.36
--------- ------- ----------- -------
Includes 100.00 102.00 2.00 1.62
--------- ------- ----------- -------
BKM32200-09 147.00 150.00 3.00 0.58
--------- ------- ----------- -------
BKM32200-09 158.00 174.00 16.00 0.60
--------- ------- ----------- -------
Includes 166.00 168.00 2.00 1.18
--------- ------- ----------- -------
BKM32200-09 184.00 193.00 9.00 0.61
--------- ------- ----------- -------
Includes 190.00 191.00 1.00 1.85
--------- ------- ----------- -------
BKM32250-09 0.10 5.50 5.40 1.20
--------- ------- ----------- -------
Includes 2.50 4.50 2.00 2.81
--------- ------- ----------- -------
BKM32250-09 7.50 12.50 5.00 1.09
--------- ------- ----------- -------
Includes 8.50 10.50 2.00 2.09
--------- ------- ----------- -------
BKM32250-09 15.50 28.50 13.00 0.53
--------- ------- ----------- -------
BKM32250-09 32.50 38.50 6.00 0.42
--------- ------- ----------- -------
BKM32250-09 41.50 42.50 1.00 0.51
--------- ------- ----------- -------
BKM32250-09 43.50 133.50 90.00 1.08
--------- ------- ----------- -------
Includes 50.50 52.50 2.00 1.98
--------- ------- ----------- -------
Includes 78.50 103.50 25.00 2.37
--------- ------- ----------- -------
Includes 120.50 122.50 2.00 1.83
--------- ------- ----------- -------
BKM32250-09 136.50 151.50 15.00 0.75
--------- ------- ----------- -------
Includes 143.50 145.50 2.00 1.77
--------- ------- ----------- -------
BKM32250-09 156.50 157.50 1.00 0.66
--------- ------- ----------- -------
BKM32250-09 171.50 187.50 16.00 0.59
--------- ------- ----------- -------
BKM31730-01 17.00 34.50 17.50 0.52
--------- ------- ----------- -------
Includes 19.00 21.00 2.00 1.87
--------- ------- ----------- -------
BKM31730-01 42.00 43.00 1.00 0.47
--------- ------- ----------- -------
BKM31730-01 46.00 56.00 10.00 0.30
--------- ------- ----------- -------
BKM31730-01 69.00 70.00 1.00 0.23
--------- ------- ----------- -------
BKM31730-01 75.00 84.00 9.00 0.31
--------- ------- ----------- -------
BKM31730-01 136.00 137.00 1.00 0.71
--------- ------- ----------- -------
BKM31730-02 22.80 24.00 1.20 0.20
--------- ------- ----------- -------
BKM31730-02 27.00 28.00 1.00 0.21
--------- ------- ----------- -------
BKM31730-02 39.50 47.50 8.00 0.69
--------- ------- ----------- -------
Includes 41.50 42.50 1.00 3.41
--------- ------- ----------- -------
BKM31730-02 53.50 57.50 4.00 0.25
--------- ------- ----------- -------
BKM31730-02 67.50 68.50 1.00 0.22
--------- ------- ----------- -------
Notes: Grade intercepts are calculated as a weighted average
grade >=0.2% copper (uncut).
True widths are interpreted to be between 80-100% of the
reported lengths, unless otherwise stated.
Figure 1: Map showing drilling location To view the image please
click on the following link:
https://www.asiametresources.com/assets/img/image001.jpg
Glossary of Technical Terms
"anomaly or something in mineral exploration that geologists
anomalous" interpret 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 Cu(5) FeS(4) .
-------------------------------------------------------------------
"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 Cu(2) S 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
CuFeS(2) . 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
Cu(9) S(5) . 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 (Fe(2)
O(3) ), 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, can
be estimated with a level of confidence sufficient
to allow the appropriate application of technical
and economic parameters, to support mine planning
and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration
and testing information gathered through appropriate
techniques from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be
reasonably assumed.
-------------------------------------------------------------------
"Inferred Resource" An "Inferred Mineral Resource" is that part of a
Mineral Resource for which quantity and grade or
quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed,
but not verified, geological and grade continuity.
The estimate is based on limited information and
sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits,
workings and drill holes.
-------------------------------------------------------------------
"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.
-------------------------------------------------------------------
"lbs" Pounds (measure of weight)
-------------------------------------------------------------------
"Mlbs" Million pounds (measure of weight)
-------------------------------------------------------------------
"magnetite" Magnetite is main iron ore mineral, with chemical
formula Fe(3) O4. 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 so well established
that they can be estimated with confidence sufficient
to allow the appropriate application of technical
and economic parameters, to support production planning
and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration,
sampling and testing information gathered through
appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are
spaced closely enough to confirm both geological
and grade continuity.
-------------------------------------------------------------------
"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, zin 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
alteration" of 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
chip samples" are 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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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
DRLLLFSDSIIELIA
(END) Dow Jones Newswires
April 16, 2019 02:00 ET (06:00 GMT)
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