Asiamet: Drilling program at BKM copper deposit ‘progressing extremely well’

Canada’s Asiamet Resources Limited (ARS) said that additional Resource evaluation drilling as part of the Bankable Feasibility Study (BFS) on the Beruang Kanan Main (BKM) copper deposit in Indonesia’s Central Kalimantan Province continues to intersect broad intervals of copper mineralization with discrete high grade intervals, at both the Northern and Southern area with individual samples (1-meter intervals) assaying up to 3.99% copper.

The company said in a statement on Tuesday that a total 35 holes for 4,898 meters of diamond core drilling have now been completed with five holes including four geotechnical holes are currently in progress. The geotechnical holes are being drilled along the proposed western pit wall to more fully assess the rock properties and structural characteristics in this area with a view to re-evaluating the current pit design and enhancing overall project economics.

Highlights from the most recent drilling include:
BKM32540-01 34.75 meters at 0.94% Cu from 1.25m depth
• Including 3.00 meters at 1.58% Cu from 12.00m depth

74.80 meters at 0.43% Cu from 57.20m depth
• Including 2.00 meters at 1.50% Cu from 123.00m depth
• Including 2.00 meters at 1.68% Cu from 128.00m depth

 

BKM32490-01 12.50 meters at 1.26% Cu from 17.00m depth
16.00 meters at 0.57% Cu from 45.50m depth
33.00 meters at 0.61% Cu from 75.00m depth
90.00 meters at 0.98% Cu from 111m depth
• Including 23.00m at 1.56% Cu from 153.00m depth

 

BKM31500-02 49.50 meters at 0.55% Cu from 51m depth
• Including 8.0 meters at 1.44% Cu from 60.00m depth

BKM31500-04 24.00 meters at 0.46% Cu from 76.5m depth

Holes BKM31500-02, BKM31500-03, BKM41500-04, BKM31500-05, BKM31550-07, BKM31600-07 were drilled in the southern and south-western part of the proposed pit shell area, while holes BKM32490-01 and BKM32540-01 were drilled in the northern and central north-eastern area.

Asiament said drilling results from BKM31500-02 and BKM31500-04 at the southern end of the proposed pit design open the possibility that that copper mineralization may extend south of the existing resource.

 

Results from BKM32490-01 and BKM32540-01 drilled to 201.00 meters and 150.10 meters respectively, confirmed near-surface high-grade mineralization associated with strong quartz-chalcocite-covellite veining.

Peter Bird, Asiamet Chief Executive Officer commented: "Along with these most recent results, Asiamet is pleased to report the drilling program to enhance geological and geotechnical inputs into the BKM BFS open pit mine design has been progressing extremely well. In line with expectations, wide intervals of shallow high-grade mineralization have reported in the north of the planned pit shell while moderate intervals of medium grade copper mineralization have been intersected in the south. Mineralization continues from surface to depth in the northern part of the proposed pit and infill drilling highlighted potential for modest extensions around the southern margin of the deposit.

Data collected from this limited drilling combined with a rework of the pit design aims to upgrade and capture Inferred Resources currently sitting inside and on the edges of the pit shells 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 a great deal of the drilling program now complete, we expect to be reporting further results as they are received and ultimately feeding into the BFS for its completion. In addition to the ongoing technical program, other environmental and corporate work streams are also being advanced at pace and we look forward to providing further updates as they become available."

Editing by Reiner Simanjuntak