Asiamet drilling confirms high grade copper zone at BKM
Thursday, October 8 2015 - 11:18 AM WIB
AIM and TSX-V-listed firm Asiamet Resources Limited (ARS) announced on Thursday further high grade assays have been received for resource evaluation drilling at the Beruang Kanan Main (BKM) copper deposit in Central Kalimantan. Drilling within the BK044 zone continues to intersect wide intervals of higher grade copper mineralization.
Assay results were received for an additional five holes drilled to increase confidence and expand the BKM Resource. Results for the final five holes are expected shortly and an updated Resource estimate for BKM will follow shortly thereafter, the firm said.
The company has now received complete assays for BKM32250-03 (101.9m end of hole (EOH)). Assay results for the upper section of this hole were reported previously (refer Press Release September 29, 2015) and included 22.0 meters at 2.76% Cu, (from 22 meters depth). Further high grade mineralization was intersected from 50 meters to EOH, with the final 7.9 meters assaying 2.61% Cu and terminating in 0.9 meter at 2.25% Cu. Better results from this hole include:
BKM32250-03 51.9 meters at 1.36% Cu, (from 50 meters depth)
? Including 13.0 meters at 1.46% Cu (from 64 meters)
? Including 7.0 meters at 2.15% Cu (from 85 meters)
? Including 7.9 meters at 2.61% Cu (from 94 meters)
Approximately 250 meters north of BKM32250-03, drill holes BKM32500-01 (116.7m EOH) and BKM2500-02 (120.9m EOH) both intersected shallow, high grade copper mineralization of similar style and grade. Better results include:
BKM32500-01 44.0 meters at 0.91% Cu, (from 25 meters depth)
? Including 4 meters at 2.11% Cu (from 25.0 meters)
? Including 3 meters at 1.53% Cu (from 35.0 meters)
? Including 2 meters at 2.61% Cu (from 41.0 meters)
BKM32500-02 76.0 meters at 0.81% Cu, (from 3.0 meters depth)
? Including 6.0 meters at 1.61% Cu (from 3.0 meters)
? Including 8.5 meters at 1.09% Cu (from 50.0 meters)
? Including 7.0 meters at 1.35% Cu (from 67.0 meters)
Drilling at BKM is complete for 2015 and assays have been received for 66 of 71 holes drilled. One drill rig remains active at Beruang Kanan South (BKS), where scout drilling is testing a broad copper in soil anomaly. Upon receipt of assays for the last five BKM holes, an update of the Resource Estimate will be completed. Metallurgical test work is ongoing and mining studies will commence shortly. Results will be progressively reported.
Asiamet intends to complete a preliminary economic assessment (PEA) pursuant to the requirements of Canadian National Instrument 43-101 and is evaluating tenders for the commissioning of the PEA on the BKM copper deposit.
Tony Manini, Asiamet's Chief Executive Officer commented: "The flow of excellent results from Asiamet's 2015 drilling program at BKM continues to highlight the potential for a near term mine development with robust economics. In particular, the delineation of two discrete shallow, higher grade zones is very promising. Following receipt of final assays and reporting of the Resource update for BKM the Company's focus will move to the critically important heap leach test work and mining studies, feeding into the PEA. The PEA will define the initial financial and operating parameters for the BKM project and provide the basis for a decision to move into feasibility studies. This is an exciting time for Asiamet and we look forward to providing investors with regular updates as each component of the PEA is compiled in the coming months"
Editing by Johannes Simbolon