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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asiamet Resources Limited | LSE:ARS | London | Ordinary Share | BM04521V1038 | COM SHS USD0.01 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.725 | 0.70 | 0.75 | 0.725 | 0.725 | 0.725 | 276,000 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 0 | -6.93M | -0.0027 | -2.67 | 18.68M |
TIDMARS
RNS Number : 8184X
Asiamet Resources Limited
29 November 2017
For Immediate Release London AIM 29 November 2017 Symbol: ARS
Asiamet Completes Metallurgy Drill Holes, Intersects 115.5m at 1% Cu at BK44 Zone
Metallurgy drill holes at BKM Copper Project ("BKM") have intersected near surface high-grade copper mineralisation at BK44 and BK58 Zones. These results further increase the Company's confidence in the BKM resource and support a potential strategy in the ongoing Feasibility Study to develop the first stage of mining in higher grade, higher recovery copper mineralisation.
The 2017 drilling for the metallurgical test work has been finalised, a total of nine holes for 764 metres of diamond core drilling were completed (Figure 1).
Result highlights from eight of the nine holes are reported below.
BKM32230-01 115.5m at 1.01% Copper (from 2 metres) and hole terminated in 2.56% Cu
Including 13.0m at 1.81% Copper (from 25.0 metres)
Including 8.0m at 1.97% Copper (from 47.0 metres)
Including 17.0m at 1.24% Copper (from 86.0 metres)
Including 9.0m at 1.89% Copper (from 108.5 metres)
BKM31720-01 3.0m at 1.42% Copper (from 9.0 metres)
8.0m at 2.15% Copper (from 15.0 metres)
BKM31780-01 59.0m at 0.68% Copper (from 4.0 metres)
Including 14.0m at 0.85% Copper (from 5.0 metres)
Including 8.0m at 1.18% Copper (from 39.0 metres)
BKM32080-01 4.0m at 1.42% Copper (from 1.0 metres)
8.0m at 0.77% Copper (from 22.0 metres)
14.0m at 0.70% Copper (from 42.0 metres)
5.0m at 0.66% Copper (from 63.0 metres)
BKM32425-02 24.3m at 0.82% Copper (from 1.7 metres)
Including 9.0m at 1.42% Copper (from 9.0 metres)
BKM32485-01 41.5m at 0.74% Copper (from 25.0 metres)
Including 9.5m at 1.84% Copper (from 46.0 metres)
BKM32580-01 10.0m at 1.28% Copper (from 5.0 metres)
Including 7.0m at 1.71% Copper (from 8.0 metres)
10.0m at 0.95% Copper (from 70.0 metres)
The goal of this round of metallurgy test work was to obtain drill core samples from different zones of copper mineral species that have been defined. Sequential assay interpretation indicates that blends or mixes of copper mineral species vary laterally and vertically across the deposit, however form broad and substantial spatially consistent zones. The copper mineral species zones defined at BKM include:
1) Chalcocite dominant, 2) Chalcocite - covellite dominant, 3) Covellite, bornite and chalcopyrite mixed assemblage and 4) Chalcopyrite dominant.
The most prevalent copper mineral species zone is chalcocite - covellite dominant, which occurs in both the BK44 and BK58 Zones. The 2017 metallurgy test work programme is being designed to establish the expected Heap-Leach recoverable Cu parameters from the copper mineral species zones that can potentially provide the majority of production for the Feasibility Study Mine Plan.
The areas targeted for a potential high-grade starter pit include the southern area of BK44 Zone and near surface high grade copper mineralisation at BK58 Zone. Drill hole BKM32230-01 (117.5m End of Hole "EOH") tested a broad zone with chalcocite-covellite as the dominant copper species, and this hole returned exceptional results. This hole intersected a broad intersection of strongly silicified volcanic rock from the collar to end of hole, with strong chalcocite and lesser covellite mineralisation (Figure 2). This hole was terminated at 117.5m due to the rig capacity, and the final 9 metres assayed 1.89% Cu. At BK58 Zone, BKM31720-01 (91.0m EOH) intersected strong near surface copper mineralisation, including a 6-metre wide quartz - chalcocite - covellite vein (Figure 2).
The current metallurgical test work programme and continuing optimisation activities are being overseen by David Readett from MWorx, the lead metallurgical consultant for the BKM Feasibility Study. The column leach tests which have been running at CORE laboratories in Brisbane since January 2017 are nearing completion with both the short (2 metre) and long (6 metre) columns currently progressing through the scheduled closure process. Results in relation to the short columns are anticipated in early December and early January for the long columns.
Peter Bird, Asiamet's Chief Executive Officer commented:
"These strong metallurgical drill results validate our previous Resource definition work and hence provide strong encouragement from a future mine planning and execution perspective. For the first three to four years of operation at BKM it is critical to ensure a strong production and cash flow profile for the proposed mining operation. This final phase of metallurgical test work builds upon the results of the previous test work currently being finalised and specifically targets the highest grade, highest solubility and likely highest recovery mineralisation from the BK44 and BK58 zones. The potential to mine and schedule this material early in the mine life is expected to strongly impact project economics and enhance cash flows during the early years of capital payback. The Feasibility Study work continues to advance very well and we look forward to reporting the column leach programme results as they are finalised."
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: +61 43 887 1995
Email: peter.bird@asiametresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 43 887 1995
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
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").
Table 1: Recent drill intercepts.
Hot Features
Premium
HOLE End From To Length Copper
ID of (m) (m) (m) (%)
Hole
(m)
------------- ------ ------ ------ ------- -------
BKM31650-10 115.0 5.0 7.0 2.0 0.28
------------- ------ ------ ------ ------- -------
BKM31650-10 21.0 41.5 20.5 0.47
------------- ------ ------ ------ ------- -------
BKM31650-10 50.5 71.5 21.0 0.44
------------- ------ ------ ------ ------- -------
BKM31650-10 73.5 79.5 6.0 0.24
------------- ------ ------ ------ ------- -------
BKM31650-10 82.5 91.5 9.0 0.28
------------- ------ ------ ------ ------- -------
BKM31650-10 95.5 103.5 8.0 0.40
------------- ------ ------ ------ ------- -------
BKM31720-01 91.0 4.0 7.0 3.0 0.23
------------- ------ ------ ------ ------- -------
BKM31720-01 9.0 12.0 3.0 1.42
------------- ------ ------ ------ ------- -------
BKM31720-01 15.0 23.0 8.0 2.15
------------- ------ ------ ------ ------- -------
Including 16.0 22.0 6.0 2.73
------------- ------ ------ ------ ------- -------
BKM31720-01 26.0 32.0 6.0 0.65
------------- ------ ------ ------ ------- -------
BKM31720-01 38.0 43.0 5.0 0.24
------------- ------ ------ ------ ------- -------
BKM31720-01 49.0 65.0 16.0 0.66
------------- ------ ------ ------ ------- -------
BKM31720-01 69.0 89.0 20.0 0.53
------------- ------ ------ ------ ------- -------
BKM31780-01 81.0 4.0 63.0 59.0 0.68
------------- ------ ------ ------ ------- ------- Including 5.0 19.0 14.0 0.85 ------------- ------ ------ ------ ------- ------- Including 39.0 47.0 8.0 1.18 ------------- ------ ------ ------ ------- ------- BKM31780-01 67.0 69.0 2.0 0.37 ------------- ------ ------ ------ ------- ------- BKM32080-01 85.0 1.0 5.0 4.0 1.42 ------------- ------ ------ ------ ------- ------- BKM32080-01 14.0 83.0 69.0 0.48 ------------- ------ ------ ------ ------- ------- Including 22.0 30.0 8.0 0.77 ------------- ------ ------ ------ ------- ------- Including 42.0 56.0 14.0 0.70 ------------- ------ ------ ------ ------- ------- Including 63.0 68.0 5.0 0.66 ------------- ------ ------ ------ ------- ------- BKM32230-01 117.5 2.0 117.5 115.5 1.01 ------------- ------ ------ ------ ------- ------- Including 25.0 38.0 13.0 1.81 ------------- ------ ------ ------ ------- ------- Including 47.0 55.0 8.0 1.97 ------------- ------ ------ ------ ------- ------- Including 86.0 103.0 17.0 1.24 ------------- ------ ------ ------ ------- ------- Including 108.5 117.5 9.0 1.89 ------------- ------ ------ ------ ------- ------- BKM32425-02 40.0 1.7 26.0 24.3 0.82 ------------- ------ ------ ------ ------- ------- Including 9.0 18.0 9.0 1.42 ------------- ------ ------ ------ ------- ------- BKM32480-01 71.1 Assays Pending ------------- ------ -------------------------------- BKM32485-01 72.6 12.5 15.0 2.5 0.29 ------------- ------ ------ ------ ------- ------- BKM32485-01 25.0 66.5 41.5 0.74 ------------- ------ ------ ------ ------- ------- Including 46.0 55.5 9.5 1.84 ------------- ------ ------ ------ ------- ------- BKM32485-01 70.5 72.6 2.1 0.73 ------------- ------ ------ ------ ------- ------- BKM32580-01 90.8 5.0 15.0 10.0 1.28 ------------- ------ ------ ------ ------- ------- Including 8.0 15.0 7.0 1.71 ------------- ------ ------ ------ ------- ------- BKM32580-01 25.0 35.0 10.0 0.43 ------------- ------ ------ ------ ------- ------- BKM32580-01 43.0 90.8 47.8 0.51 ------------- ------ ------ ------ ------- ------- Including 70.0 80.0 10.0 0.95 ------------- ------ ------ ------ ------- -------
Notes: Grade intercepts are calculated as a weighted average grade >=0.2% copper (uncut).
True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated.
Figure 1: Location map showing strong 2017 metallurgy drill hole collars. To view the graphic, please open the link here http://www.asiametresources.com/i/maps/2017-11-29-figure-1.jpg
Figure 2: (Top) High grade chalcocite - covellite mineralisation in BKM32230-01. The weighted average grade for the interval 114.5 - 117.5 metres is 1.98% Cu. To view the graphic, please open the link here http://www.asiametresources.com/i/maps/2017-11-29-figure-2-top.jpg (Bottom) High grade chalcocite - covellite mineralisation in BKM31720-01. The weighted average grade for the interval 16 - 22 metres is 2.73% Cu. To view the graphic, please open the link here http://www.asiametresources.com/i/maps/2017-11-29-figure-2-bottom.jpg
Glossary of Technical Terms
"anomaly or anomalous" something in mineral exploration
that geologists interpret
as deviating from what is
standard, normal, or expected.
---------------------------- ------------------------------------------
"assay" The laboratory test conducted
to determine the proportion
of a mineral within a rock
or other material. For copper,
usually reported as percentage
which is equivalent to percentage
of the mineral (i.e. copper)
per tonne of rock.
---------------------------- ------------------------------------------
"azimuth" the "compass direction" refers
to a geographic bearing or
azimuth as measured by a magnetic
compass, in true or magnetic
north.
---------------------------- ------------------------------------------
"bornite" Bornite, also known as peacock
ore, is a copper sulphide
mineral with the formula Cu5FeS4.
---------------------------- ------------------------------------------
"breccia" Breccia is a rock classification,
comprises millimetre to metre-scale
rock fragments cemented together
in a matrix, there are many
sub-classifications of breccias.
---------------------------- ------------------------------------------
"chalcocite" Chalcocite is a copper sulphide
mineral with the formula Cu2S,
and is an important copper
ore mineral. It is opaque
and dark-gray to black with
a metallic luster.
---------------------------- ------------------------------------------
"chalcopyrite" Chalcopyrite is a copper sulphide
mineral with formula CuFeS2.
It has a brassy to golden
yellow colour.
---------------------------- ------------------------------------------
"channel sample" Samples collected across a
mineralised rock exposure.
The channel is typically orientated
such that samples are collected
perpendicular to the mineralised
structure, if possible.
---------------------------- ------------------------------------------
"chargeability" Chargeability is a physical
property related to conductivity.
Chargeability is used to characterise
the formation and strength
of the induced polarisation
within a rock, under the influence
of an electric field, suggesting
sulphide mineralisation at
depth.
---------------------------- ------------------------------------------
"CIM" The reporting standard adopted
for the reporting of the Mineral
Resources is that defined
by the terms and definitions
given in the terminology,
definitions and guidelines
given in the Canadian Institute
of Mining, Metallurgy and
Petroleum (CIM) Standards
on Mineral resources and Mineral
Reserves (December 2005) as
required by NI 43-101. The
CIM Code is an internationally
recognised reporting code
as defined by the Combined
Reserves International Reporting
Standards Committee.
---------------------------- ------------------------------------------
"covellite" Covellite is a copper sulphide
mineral with the formula CuS.
This indigo blue mineral is
ubiquitous in some copper
ores.
---------------------------- ------------------------------------------
"diamond drilling" A drilling method in which
penetration is achieved through
abrasive cutting by rotation
of a diamond encrusted drill
bit. This drilling method
enables collection of tubes
of intact rock (core) and
when successful gives the
best possible quality samples
for description, sampling
and analysis of an ore body
or mineralised structure.
---------------------------- ------------------------------------------
"dip" A line directed down the steepest
axis of a planar structure
including a planar ore body
or zone of mineralisation.
The dip has a measurable direction
and inclination from horizontal.
---------------------------- ------------------------------------------
"g/t" grams per tonne; equivalent
to parts per million ('ppm').
---------------------------- ------------------------------------------
"galena" Galena is the natural mineral
form of lead (II) sulphide,
with formula PbS. It is the
most important ore of lead
and an important source of
silver. It has a silver colour.
---------------------------- ------------------------------------------
"grab sample" are samples of rock material
collected from a small area,
often just a few pieces or
even a single piece of rock
"grabbed" from a face, dump
or outcrop or roughly 2-5kg.
These are common types of
rock samples collected when
conducting mineral exploration.
The sample usually consists
of material that is taken
to be representative of a
specific type of rock or mineralisation.
---------------------------- ------------------------------------------
"grade" The proportion of a mineral
within a rock or other material.
For copper mineralisation
this is usually reported as
% of copper per tonne of rock
(g/t).
---------------------------- ------------------------------------------
"hypogene" Hypogene ore processes occur
deep below the earth's surface,
and form deposits of primary
minerals, such as chalcopyrite
and bornite.
---------------------------- ------------------------------------------
"Indicated Resource" An "Indicated Mineral Resource"
is that part of a Mineral
Resource for which quantity,
grade or quality, densities,
shape and physical characteristics,
can be estimated with a level
of confidence sufficient to
allow the appropriate application
of technical and economic
parameters, to support mine
planning and evaluation of
the economic viability of
the deposit. The estimate
is based on detailed and reliable
exploration and testing information
gathered through appropriate
techniques from locations
such as outcrops, trenches,
pits, workings and drill holes
that are spaced closely enough
for geological and grade continuity
to be reasonably assumed.
---------------------------- ------------------------------------------
"Induced Polarisation Induced polarisation (IP)
Geophysics" is a geophysical survey used
to identify the electrical
chargeability of subsurface
materials, such as sulphides.
The survey involves an electric
current that is transmitted
into the subsurface through
two electrodes, and voltage
is monitored through two other
electrodes.
---------------------------- ------------------------------------------
"Inferred Resource" An "Inferred Mineral Resource"
is that part of a Mineral
Resource for which quantity
and grade or quality can be
estimated on the basis of
geological evidence and limited
sampling and reasonably assumed,
but not verified, geological
and grade continuity. The
estimate is based on limited
information and sampling gathered
through appropriate techniques
from locations such as outcrops,
trenches, pits, workings and
drill holes.
---------------------------- ------------------------------------------
"Intercept" Refers to a sample or sequence
of samples taken across the
entire width or an ore body
or mineralised zone. The intercept
is described by the entire
thickness and the average
grade of mineralisation.
---------------------------- ------------------------------------------
"lbs" Pounds (measure of weight)
---------------------------- ------------------------------------------
"massive" In a geological sense, refers
to a zone of mineralisation
that is dominated by sulphide
minerals. The sulphide-mineral-rich
material can occur in centimetre-scale,
meter-scale or in tens of
meters wide veins, lenses
or sheet-like bodies containing
sphalerite, galena, and /
or chalcopyrite etc.
---------------------------- ------------------------------------------
"Measured Resource" A "Measured Mineral Resource"
is that part of a Mineral
Resource for which quantity,
grade or quality, densities,
shape, and physical characteristics
are so well established that
they can be estimated with
confidence sufficient to allow
the appropriate application
of technical and economic
parameters, to support production
planning and evaluation of
the economic viability of
the deposit. The estimate
is based on detailed and reliable
exploration, sampling and
testing information gathered
through appropriate techniques
from locations such as outcrops,
trenches, pits, workings and
drill holes that are spaced
closely enough to confirm
both geological and grade
continuity.
---------------------------- ------------------------------------------
"Mineral Resource" A "Mineral Resource" is a
concentration or occurrence
of diamonds, natural solid
inorganic material, or natural
solid fossilised organic material
including base and precious
metals, coal, and industrial
minerals in or on the Earth's
crust in such form and quantity
and of such a grade or quality
that it has reasonable prospects
for economic extraction. The
location, quantity, grade,
geological characteristics
and continuity of a Mineral
Resource are known, estimated
or interpreted from specific
geological evidence and knowledge.
---------------------------- ------------------------------------------
"Mineralisation" In geology, mineralisation
is the deposition of economically
important metals (copper,
gold, lead, zin etc) that
in some cases can be in sufficient
quantity to form mineral ore
bodies.
---------------------------- ------------------------------------------
"mlbs" Million pounds (measure of
weight)
---------------------------- ------------------------------------------
"open pit mining" A method of extracting minerals
from the earth by excavating
downwards from the surface
such that the ore is extracted
in the open air (as opposed
to underground mining).
---------------------------- ------------------------------------------
"outcrop" A section of a rock formation
or mineral vein that appears
at the surface of the earth.
Geologists take direct observations
and samples from outcrops,
used in geologic analysis
and creating geologic maps.
In situ (in place) measurements
are critical for proper analysis
of the geology and mineralisation
of the area under investigation.
---------------------------- ------------------------------------------
"polymetallic" Three or more metals that
may occur in magmatic, volcanogenic,
or hydrothermal environments;
common base and precious metals
include copper, lead, zinc,
silver and gold.
---------------------------- ------------------------------------------
"polymict" A geology term, often applied
to breccias or conglomerates,
which identifies the composition
as consisting of fragments
of several different rock
types.
---------------------------- ------------------------------------------
"Preliminary Economic NI 43-101 defines a PEA as
Assessment" "a study, other than a pre-feasibility
study or feasibility study,
which includes an economic
analysis of the potential
viability of mineral resources".
---------------------------- ------------------------------------------
"sediments" Sedimentary rocks formed by
the accumulation of sediments.
There are three types, Clastic,
Chemical and Organic sedimentary
rocks.
---------------------------- ------------------------------------------
"sequential assays" Sequential copper analysis
is a technique to semi-quantitatively
define the zonations associated
with some copper deposits.
The method is based on the
partial dissolution behaviour
displayed by the prevalent
copper minerals to solutions
containing sulphuric acid
and sodium cyanide. Results
from sequential analyses can
theoretically determine the
amounts of leachable oxide
minerals, leachable secondary
sulphide minerals, and primary
copper minerals, respectively.
---------------------------- ------------------------------------------
"sphalerite" Sphalerite is a zinc sulphide
in crystalline form but almost
always contains variable iron,
with formula (Zn,Fe)S. It
can have a yellowish to honey
brown or black colour.
---------------------------- ------------------------------------------
"supergene" Supergene ore processes occur
near surface, and form deposits
of secondary minerals, such
as malachite, azurite, chalcocite,
covellite, digenite, etc.
---------------------------- ------------------------------------------
"surface rock chip samples" Rock chip samples approximately
2kg in size that are typically
collected from surface outcrops
exposed along rivers and mountain
ridgelines.
---------------------------- ------------------------------------------
"veins" A vein is a sheet-like or
anastomosing fracture that
has been infilled with mineral
ore (chalcopyrite, covellite
etc) or mineral gangue (quartz,
calcite etc) material, within
a rock. Veins form when minerals
carried by an aqueous solution
within the rock mass are deposited
through precipitation and
infill or coat the fracture
faces.
---------------------------- ------------------------------------------
"volcanics" Volcanic rock such as andesite
or basalt that is formed from
magma erupted from a volcano,
or hot clastic material that
erupts from a volcano and
is deposited as volcaniclastic
or pyroclastics.
---------------------------- ------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLIFLRLELAFID
(END) Dow Jones Newswires
November 29, 2017 02:01 ET (07:01 GMT)
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