Resource evaluation drilling being undertaken as part of feasibility study work at Asiamet Resources’ Beruang Kanan Main (BKM) Copper Project in Central Kalimantan, Indonesia continues to return wide intervals of higher grade near surface copper mineralisation. The results are further expanding the BK044 Zone.
There have been 67 holes for 6750 metres of diamond core drilling completed at BKM and one hole is in progress.
Asiamet has received results from 10 holes drilled in the northern part of the BKM deposit and a further 51 holes for 4250 metres are planned.
Better results are: 104 metres from 8 metres @ 0.83% copper, including 4 metres from 8 metres @ 1.93%, 7 metres from 21 metres @ 1.92%, 18 metres from 33 metres @ 1.31% and 5 metres from 106 metres @ 3.64%; 15 metres from 9 metres @ 0.66%, including 2 metres from 9 metres @ 2.41%; 74.5 metres from 29 metres @ 0.64%, including 17 metres from 69 metres @ 1.41% and 2 metres from 73 metres @ 7.23%; and 60 metres from 69 metres @ 0.51%.
Other good results are: 9 metres from 5 metres @ 1.35%, including 3 metres from 9 metres @ 3.18%; 52.25 metres from 26 metres @ 1.15%, including 4 metres from 30 metres @ 3.04%, 6 metres from 49 metres @ 1.59% and 15.25 metres from 63 metres @ 1.53%; and 105.5 metres from 0.5 metres @ 0.65%, including 24.5 metres from 5.5 metres @ 1.27%.
Asiamet’s chief executive officer Tony Manini said, “Asiamet is extremely pleased with these latest results from the feasibility study resource evaluation drilling at BKM.
“These are some of the best intersections we have seen to date at BKM with greater thicknesses of mineralisation than anticipated in several areas and excellent continuity of copper grade across the deposit.
“The drill out and upgrading of inferred resources to higher confidence measured and indicated resources is a major de-risking/value enhancing milestone as it is only these higher confidence resources which can be used in the economic evaluation and conversion to ore reserves.
“As such significantly increased valuation multiples are generally applied to measured and indicated resources and Asiamet is very well placed to convert a large part of its resource base to these higher confidence levels when an updated estimate is completed at the end of the current drill campaign.
“Overall the feasibility study on BKM is making excellent progress and with the recent capital raising now complete we are in a strong position to maintain the momentum at a time when the copper price is in the early stages of recovery.
“Asiamet is simultaneously advancing a number of technical and corporate initiatives and we expect 2017 to be a transformational year for the company.”
In December, through clients of Optiva Securities Ltd and existing shareholders, including certain insiders, the company received commitments to purchase shares for total gross proceeds of approximately £2 million.