TIDMARS
RNS Number : 1110O
Asiamet Resources Limited
25 January 2019
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 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.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 Cu (%)
(m)
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
--------- ------- ------- -------
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END
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