Asiamet Drilling Confirms High Grade Copper Zone at BKM
ACCESS Newswire
VANCOUVER, BC / ACCESSWIRE / October 8, 2015 / Asiamet Resources Limited ("ARS") is pleased to report further high grade assays have been received for resource evaluation drilling at the Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan, Indonesia. Drilling within the BK044 zone continues to intersect wide intervals of higher grade copper mineralization (refer Figure 1).
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 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)
A drill hole location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively. An updated list of drill hole details is provided in Table 2.
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"
Table 1: Recent drill intercepts.
Notes: Grade intercepts are calculated as a weighted average grade ≥0.3% copper (uncut). True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated.
Figure 1: Location map showing section lines and drill collars
Data disclosed in this press release have been reviewed and verified by ARS's qualified person, Stephen Hughes, P. Geo, Vice President Exploration of the Company and a Qualified Person within the meaning of NI 43-101 and for the purposes of the AIM Rules.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized 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.
