Asiamet Resources Limited Asiamet Bkm Copper Project - Positive Metallurgical Testwork Results

 
TIDMARS 
 
 
   -- Asiamet Resources Limited ("ARS", "Asiamet", or the "Company") recently 
      completed a 122 hole resource evaluation drilling program as part of the 
      BKM feasibility study.  As part of this work a series of holes were 
      drilled throughout the BKM deposit to collect representative samples of 
      various mineralisation types and grades for detailed metallurgical test 
      work. 
 
 
   --  A key element of the metallurgical test work is the column leach program 
      where representative composites of the various mineralised material types 
      are stacked and percolated with extractive solution for up to 270 days. 
       The results emanating from this work are a key component in the design 
      of the proposed heap leaching, solvent extraction and electro-winning 
      facilities. 
 
 
   -- Results from this metallurgical test work have been very positive to date, 
      and the columns are continuing to leach as anticipated. 
 
 
   -- The metallurgical testing program has been designed by the Asiamet team 
      together with its expert consultants; Graeme Miller of Miller 
      Metallurgical Services Pty Ltd and Duncan Hackman of Hackman & Associates 
      Pty Ltd ("H&A"). 
 
 
   Drill core from metallurgy drill holes (PQ and HQ sized) was shipped to 
CORE Laboratories in Brisbane, Australia under the direction of the 
ARS's Vice President of Exploration, Stephen Hughes.  Composites for 
testing were prepared based on material types and grade, the mining 
schedule as proposed in the Preliminary Economic Assessment ("PEA") and 
the copper mineralogy and zonation as defined by ARS geologists. 
Selected drill intercepts correspond to material types that would 
nominally be mined in the annual mine schedule from Years 1 through 8, 
as defined in the PEA.  This resulted in the preparation of six separate 
drill core composite samples being prepared by CORE.  Highlights of the 
program to date include: 
 
 
   -- A total of 20 columns are actively leaching, comprising 12 short, and 8 
      long columns, with two crush size fractions being tested for each 
      composite sample i.e. 12.5mm and 19mm 
 
 
   -- Short (2-metre) and Long (6-metre) column leach tests have been operating 
      for approximately 100 days of planned 180 day and 270 day programs 
      respectively i.e. 55% and 37% percent completed to date. 
 
 
   -- Based on the leachable copper head grade assays received to date: 
 
 
   o SHORT COLUMNS - leachable copper recoveries for the 12.5mm size 
fraction have exceeded 87%, and recoveries for the 19mm size fraction 
have exceeded 75% in some composites 
 
   o LONG COLUMNS - leachable copper recoveries for 12.5mm size fraction 
have exceeded 72%, and leachable copper recoveries for the 19mm size 
fraction have exceeded 73% in some composites 
 
 
   --  Positive results from the test work to date have supported the 
      initiation of additional metallurgical program activities 
 
 
   These results as reported are provided as an interim update of ARS's 
continuing metallurgical testing program.  The short column tests are 
expected to be finalised in July 2017 and the long column tests in 
October 2017, with the metallurgical data and conclusions progressively 
incorporated into the ongoing BKM feasibility study. 
 
   This test work forms the basis upon which the proposed leaching, solvent 
extraction and electro-winning facilities will be designed.  The 
detailed chemical characterisation of the tested composites will provide 
critical information on the leaching kinetics of the ore; the 
geo-mechanical and hydrodynamic behaviour of the heap leach; and the 
leach recovery targets for the operation.  Four different composites and 
the two predominant, single-material types from the BKM deposit are 
being evaluated in the leach column program. 
 
   The positive results achieved to date are supporting additional 
activities including:  refined diagnostic assay procedures, optical 
mineralogy assessments, and hydrodynamic testing.  These elements have 
been initiated in the past month. 
 
   The detailed program is thoroughly evaluating the metallurgical model 
developed as part of the PEA.  Copper recoveries in the early phase of 
the test work program are in line with expectations and confirm that the 
copper minerals in the BKM deposit are amenable to heap leaching.  The 
PEA mine plan was based on an average life-of-mine grade of 0.57% Total 
Copper (Cu(T) ) in the heap leach feed.  It was assumed, based on the 
sequential assay procedure used at the time, that the Leachable Copper 
(Cu(leachable) ) averaged 0.43%.  The leaching response curve used in 
the PEA assumed an 85% recovery of soluble copper in a 270 day leach 
cycle, and the goal of this test work is to confirm the initial 
assumptions interpreted from the PEA evaluations. 
 
   The leach column test work will continue to be advanced in the coming 
months, with completion of these activities anticipated in Q3 and Q4, 
2017 as planned.  Once interpretation of the results is complete the 
Asiamet team will be able to confirm the metallurgical performance of 
the BKM ore and update the project plans and metrics as appropriate. 
 
   Peter Bird, Asiamet's Chief Executive Officer commented: 
 
   "The detailed metallurgical program is a key element in de-risking, and 
proving up the economics, of the BKM project.  The goal of the 
metallurgical test-work is to confirm the initial assumptions 
interpreted in the PEA and allow us to establish appropriate design 
criteria for the proposed processing facilities as the project moves 
into the more detailed engineering and project planning stages.  The 
detailed evaluations being performed by our highly-experienced team 
provide a solid basis for the design and engineering work and are 
critical to ensuring that appropriate budget and schedule targets are 
set for the project construction phase to be outlined in the Feasibility 
Study." 
 
   To view the graphic, please click here 
http://ww4.fscwire.com/sites/default/files/NR/792/16701_ARSIMG1.jpg 
 
   Figure 1: (Left) BKM 6-metre Leach Columns at CORE Laboratories (Right) 
PLS (Pregnant Liquor Solution) from Leach Column Discharge (Showing 
copper dissolution via characteristic green colour) 
 
   Qualified Person 
 
   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. 
 
   ON BEHALF OF THE BOARD OF DIRECTORS 
 
   Peter Bird, Deputy Chairman and CEO 
 
   For further information, please contact: 
 
 
 
   -Ends- 
 
   Peter Bird 
 
   Deputy Chairman and CEO, Asiamet Resources Limited 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   Tony Manini 
 
   Executive Chairman, Asiamet Resources Limited 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   FlowComms Limited 
 
   Sasha Sethi 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
 
 
 
 
   Asiamet Resources Nominated Adviser 
 
   RFC Ambrian Limited 
 
   Andrew Thomson / Stephen Allen 
 
   Telephone: [phone] 
 
   Email: [e-mail] / [e-mail] 
 
   VSA Capital Limited 
 
   Andrew Raca / Justin McKeegan 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   Optiva Securities Limited 
 
   Christian Dennis 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   This news release contains forward-looking statements that are based on 
the Company's current expectations and estimates. Forward-looking 
statements are frequently characterised 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. 
 
   This announcement contains inside information as stipulated under the 
Market Abuse Regulations (EU) no. 596/2014 ("MAR"). 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Asiamet Resources Limited via Globenewswire 
 
 
  http://www.asiametresources.com 
 

(END) Dow Jones Newswires

May 22, 2017 02:00 ET (06:00 GMT)

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