VANCOUVER, BC / ACCESSWIRE / August 26, 2015 / Asiamet Resources Limited ("ARS") is pleased to announce that recent drilling as part of the Resource evaluation program in progress on its flagship Beruang Kanan copper project in Central Kalimantan, Indonesia has identified a high grade copper zone within the current resource envelope that has the potential to significantly enhance project economics.
Hole BKM31850-02 (69.6m end of hole ("EOH")) on section line 31850 intersected very shallow high grade copper mineralization similar to that reported approximately 125m south in hole BK058 i.e. 64.9m at 1.24% Cu, including 9 meters at 7.35% Cu, from 11.7 meters (refer Press Release August 22, 2013). Better results include:
BKM31850-02 - 11.0 meters at 2.96% Cu, (from 6 meters depth) - Including 2.0 meters at 9.26% Cu (from 6.0 meters)
Follow up drilling is now underway in the immediate area of these intersections to increase drill density and improve resource confidence. The high grade, shallow copper mineralisation with limited overburden waste outlined on section lines BKM31850 and BKM31750 provides the opportunity to enhance project economics through the potential development of a very low strip ratio, high grade starter pit early in the project life.
In total, 53 holes and 4424.5 meters of the planned 80 hole/ 6500 meter resource evaluation drilling program have been completed and three holes are currently in progress. Drilling is complete on section lines BKM31550, 31650, 31750, 31950, 32050, 32200 and 32450, and drilling is in progress on section lines BKM31800, 31850, 32150 and 32350.
Final assay results were received for an additional 1444.6 meters in twenty drill holes aimed at increasing confidence and expanding the BKM Resource. A drill hole location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively. A list of drill hole details is provided in Table 2.
All holes drilled to date on section line BKM32550 intersected copper mineralization. Significantly, the continuity of strong near-surface mineralization previously reported in historical drill holes BK02 (93m @ 0.75% Cu, including 24m @ 0.92% Cu and 15m @ 1.73% Cu) and BK03 (79m @ 0.89% Cu, including 22m @ 1.25% Cu and 39m @ 0.99% Cu) has been confirmed in drill holes BKM32550-03 (125.8m end of hole ("EOH")) and BKM32550-04, drilled 100m and 200m east of the BK02 and BK03 collars, respectively. Drill hole BKM32550-03 reported a wide interval of copper mineralization in two individual intersections and drill hole BKM32550-04 (125.3m EOH) reported three individual intersections of moderate to high grade copper mineralization. Better results include:
BKM32550-03 - 53.20 meters at 0.73% Cu, (from 6.0 meters depth) - Including 29.20 meters at 1.02% Cu (from 30.0 meters)
BKM32550-04 - 42.40 meters at 1.00% Cu, (from 1.6 meters depth) - Including 5.9 meters at 1.55% Cu (from 1.60 meters) - Including 14.0 meters at 1.45% Cu (from 9.50 meters)
Assay results received for drill holes on section lines BKM32550 and BKM31850 confirm the moderate to high grade copper mineralization previously outlined in wide spaced drilling.
As drilling rates have exceeded expectations, all of the planned BKM infill and expansion drilling planned for 2015 is expected to be completed by mid-September, almost two months ahead of schedule. Rather than a two stage Resource estimate update as originally planned, all results will now be incorporated into a single update which is expected to be completed in late September or early October. Scout drilling of the BKS, BKW and BKZ targets will be undertaken with a single drill rig during September.
Tony Manini, Kalimantan Gold's Chief Executive Officer commented:
"Asiamet is successfully delivering on its plan and achieving the milestones set for itself in 2015. The identification of a discrete zone of shallow, high grade copper mineralization within the current BKM Resource envelope presents an excellent opportunity to assess the potential for developing a very low strip ratio, high grade starter pit early in the project life which would be expected to significantly enhance project economics. We look forward to reporting further results from ongoing evaluation drilling of this zone over the coming weeks."
Figure 1: BKM Copper Deposit - Location map showing section lines and drill collars To view the image, please click here
Qualified Person
All data, as disclosed in this press release, has been reviewed and verified by 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.
About Asiamet Resources Limited (formerly Kalimantan Gold Corporation Limited)
Asiamet Resources Limited is a junior exploration company listed on both the TSX Venture Exchange in Canada and on the AIM in London. The Company has three exploration projects in Indonesia: The KSK CoW gold, copper and polymetallic prospects in Central Kalimantan; The Beutong porphyry copper-gold-molybdenum project in Aceh and the Jelai epithermal gold project in East Kalimantan. Both the KSK CoW and the Beutong project contain N43-101 compliant Mineral Resources. For further information please visit www.asiametresources.com
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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.
