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Asiamet Resources Limited Intersects 456m of Cu mineralisation at Beutong

14/06/2018 10:21am

UK Regulatory (RNS & others)


RNS Number : 3964R

Asiamet Resources Limited

14 June 2018

   For Immediate Release                                     London AIM 
   June 14, 2018                                                     Symbol: ARS 

Asiamet intersects a broad zone of copper mineralisation at Beutong Project

Results received from the 2018 drilling program at the Company's 40% owned Beutong Project;

Hole BEU0900-08 reported a broad interval of high-grade copper-gold mineralisation from near surface at the Beutong East Porphyry ("BEP") deposit.

-- This hole (drilled to 607.8m End of Hole "EOH") intersected pervasive copper and silver-gold-molybdenum mineralisation which continued for the full drilled interval to End of Hole (outside of several narrow breccia zones).

-- Mineralisation extends beyond the current JORC defined Resource envelope and remains open with the final 2.3 metre sample interval assaying 1.14% Cu.

-- Hole was terminated in mineralisation at 607.8m due to drill depth constraints (rig capacity).

-- Sequential assays for the initial 456m interval detailed below confirm potential for a significant proportion of leachable copper.

-- Potential for Beutong Resource expansion remains significant with ongoing drilling continuing to intersect porphyry style alteration and mineralisation beyond the Resource envelope.

-- Further drilling aims to both expand the boundaries of the copper, gold, silver and molybdenum mineralisation at the BEP and BWP deposits and test the area between the two deposits

The Beutong East and Beutong West Porphyry ("BWP") deposits are part of the larger Beutong intrusive complex, which comprises a large high-quality copper, gold, silver, molybdenum deposit that outcrops at surface and remains open both laterally and at depth.

JORC compliant Resources for Beutong contain 2.4Mt (5.3BIb) copper, 2.1Moz gold and 20.6Moz silver on a 100% basis (1.0Mt (2.1BIb) copper, 0.8Moz gold and 8.2Moz silver on a 40% attributable basis). The deposit is located in Nagan Raya Regency, Aceh, Indonesia and held under a Mining Business License for Production Operations "IUP-OP". The deposit has excellent nearby infrastructure including major roads, grid power and a seaport.

Highlights of drill hole BEU0900-08 include:

   --     456.0m at 1.06% CuEq (0.93% Cu, 0.15g/t Au) from 10.0m 

including 239.0m at 1.16% CuEq (1.03% Cu, 0.17g/t Au) from 76.5m

- includes 26.0m at 1.34% CuEq (1.19% Cu, 0.21g/t Au) from 138.5m

- includes 26.5m at 1.56% CuEq (1.41% Cu, 0.17g/t Au) from 194.5m

- includes 16.0m at 1.39% CuEq (1.26% Cu, 0.16g/t Au) from 259.0m

- includes 26.5m at 1.43% CuEq (1.26% Cu, 0.26g/t Au) from 289.0m

The current program of expansion and infill drilling at Beutong comprises approximately 8 holes totalling 4,000 metres of diamond core of which 3 holes totalling 767.5m have been completed to date. Drilling aims to both expand the boundaries of the copper, gold, silver and molybdenum mineralisation at the BEP and BWP deposits and to test for continuation of mineralisation in the area between the two deposits. Drilling will also provide representative samples of mineralised material to undertake detailed metallurgical test work including determining the leachability of the secondary copper sulphide mineral suite.

Hole BEU0900-08 (607.8m End of Hole "EOH") intersected pervasive copper and silver-gold-molybdenum mineralisation, which outside of several narrow breccia zones, continues for the full drilled interval to EOH. Mineralisation is hosted in a strongly phyllic altered diorite porphyry, comprising chalcocite, covellite, chalcopyrite and digenite as disseminations and in quartz vein stockworks, with up to 2.49% copper intersected over individual 2-metre sample intervals from 194.5 metres. The hole was terminated at 607.8m due to rig capacity, and ended in high grade copper mineralisation, with the final 2.30 metres interval assaying 1.14% copper. Hole BEU0900-08 was drilled to assess the geometry of a high-grade central core at BEP and confirms that mineralisation extends beyond the current Resource envelope.

The copper mineralogy of the BEP is quite similar to that of the Company's Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan. Sequential assay data for the broad intersection of 456.0m at 0.93% Copper confirms an average of 54% total soluble copper for this entire drill interval with total soluble copper ranging up to 79% in individual samples. These initial results suggest that a significant proportion of the BEP copper mineralisation could potentially be processed either by heap leach producing cathode copper. Extensive test work will be required to further assess this potential.

The potential for Resource expansion remains significant with ongoing drilling continuing to intersect porphyry style alteration and mineralisation beyond the Resource envelope.

A drill hole location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively.

The Company has also completed a review of surface geochemical and drilling data of the Beutong Skarn deposit, which is situated 250m north of the BEP. Soil and rock chip geochemical data indicates potential to expand the skarn mineralisation 500m east and 500m west of the current drilling, and these areas will be targeted in the next phase of drilling.

Peter Bird, Asiamet's Chief Executive Officer commented:

"Results received from the current round of drilling at Beutong East demonstrate both the robustness of the central mineralised core and the substantial Resource upside potential that remains to be delineated. Mineralisation has already been extended well beyond the 2013 Resource envelope with exceptional continuity of plus 1% CuEq mineralisation reported from near surface to +400m and open to depth. Beutong's large copper-gold Resource base, when coupled together with nearby infrastructure (road, power and seaport) and the potential to assess a copper leaching process, as demonstrated by the initial sequential copper assaying results, positions the project as an increasingly rare copper development opportunity. This is at a time when the copper market is forecast to be moving into a substantial supply deficit and a stronger copper price environment. Asiamet looks forward to keeping all stakeholders updated as the drilling and metallurgical test work programs continue over the coming 4 to 5 months."

Qualified Person

Data disclosed in this press release have been reviewed and verified by ARS's Qualified Person, Stephen Hughes, P. Geo, an advisor to the Company and a Competent Person within the meaning of JORC and for the purposes of the AIM Rules for Companies.


Peter Bird, Deputy Chairman and CEO

For further information, please contact:


Peter Bird

Deputy Chairman and CEO, Asiamet Resources Limited

Telephone: +61 3 8644 1300


Tony Manini

Executive Chairman, Asiamet Resources Limited

Telephone: +61 3 8644 1300


FlowComms Limited

Sasha Sethi

Telephone: +44 (0) 7891 677 441


Asiamet Resources Nominated Adviser

RFC Ambrian Limited

Andrew Thomson / Stephen Allen

Telephone: +61 8 9480 2500

Email: /


Neil Elliot, Clayton Bush, Kane Collings

Telephone: +44 7773 322679


Optiva Securities Limited

Christian Dennis

Telephone: +44 20 3137 1903


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: Beutong East Deposit - Recent drill intercepts.

    HOLE ID      From     To      Length     Copper     Gold      Silver     Moly      CuEq 
                                              (%)       (g/t)     (g/t)      (ppm)     (%) 
 BEU0900-08     10.0    466.0    456.0       0.93      0.15       2.16       120      1.06 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
  Including     76.5    315.5    239.0       1.03      0.17       1.75       115      1.16 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
    Includes   138.5    164.5     26.0       1.19      0.21       2.11       93       1.34 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
    Includes   194.5    221.0     26.5       1.41      0.17       2.54       149      1.56 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
    Includes   259.0    275.0     16.0       1.26      0.16       2.29       123      1.39 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
    Includes   289.0    315.5     26.5       1.26      0.26       2.67       70       1.43 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
 BEU0900-08    505.5    519.5     14.0       0.62      0.13       1.11       62       0.71 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
 BEU0900-08    549.5    583.5     34.0       0.37      0.05       0.90       77       0.42 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
 BEU0900-08    591.5    607.8     16.3       0.59      0.05       3.95       121      0.67 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 
  Including    599.5    607.8     8.3        0.83      0.05       6.55       165      0.94 
              -------  ------  ---------  ---------  --------  ---------  --------  ------- 

Notes: Grade intercepts are calculated as a weighted average grade above 0.2% Copper (uncut) with up to 8m internal dilution. True widths of downhole interval lengths are estimated to be between 50-70% of the reported lengths, unless otherwise stated. Orientation of the Beutong mineralised complex is interpreted to have an azimuth of 250-260 degrees and is steeply dipping to the north-northwest. Copper equivalent (CuEq) values have been calculated using the equation CuEq = Cu+(Mo ppm/10000 * 2.9412) + (Au g/t * 0.5204) + (Ag g/t * 0.0055) at a copper price of US$3.00/lb, a gold price of US$1300/ounce a silver price of US$16/ounce and a Molybdenum price of US$10/pound. Copper Equivalent (CuEq) is used for illustrative purposes and do not take into account copper or gold recoveries.

Figure 1: Location map showing Beutong East and West Porphyries, Beutong Skarn and Drill Collars. To view the image, please click on the following link:

Glossary of Technical Terms

 "anomaly or             something in mineral exploration that geologists interpret 
  anomalous"              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. 
 "digenite"              Digenite is a copper sulfide mineral with formula 
                          Cu9S5. Digenite is a black to dark blue opaque mineral. 
 "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. 
 "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 
 "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 
 "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). 
 "g/t"                   grams per tonne; equivalent to parts per million ('ppm') 
 "hematite"              Hematite is the mineral form of iron(III) oxide (Fe2O3), 
                          one of several iron oxides. Magnetite alteration is 
                          also typically associate with porphyry copper systems, 
                          at or close to the central core. 
 "hypogene"              Hypogene ore processes occur deep below the earth's 
                          surface, and form deposits of primary minerals, such 
                          as chalcopyrite and bornite. 
 "Indicated              An 'Indicated Mineral Resource' is that part of a 
  Resource"               Mineral Resource for which quantity, grade (or quality), 
                          densities, shape and physical characteristics are 
                          estimated with sufficient confidence to allow the 
                          application of Modifying Factors in sufficient detail 
                          to support mine planning and evaluation of the economic 
                          viability of the deposit. 
                          Geological evidence is derived from adequately detailed 
                          and reliable exploration, sampling and testing gathered 
                          through appropriate techniques from locations such 
                          as outcrops, trenches, pits, workings and drill holes, 
                          and is sufficient to assume geological and grade (or 
                          quality) continuity between points of observation 
                          where data and samples are gathered. 
                          An Indicated Mineral Resource has a lower level of 
                          confidence than that applying to a Measured Mineral 
                          Resource and may only be converted to a Probable Ore 
 "Inferred Resource"     An 'Inferred Mineral Resource' is that part of a Mineral 
                          Resource for which quantity and grade (or quality) 
                          are estimated on the basis of limited geological evidence 
                          and sampling. Geological evidence is sufficient to 
                          imply but not verify geological and grade (or quality) 
                          continuity. It is based on exploration, sampling and 
                          testing information gathered through appropriate techniques 
                          from locations such as outcrops, trenches, pits, workings 
                          and drill holes. 
                          An Inferred Mineral Resource has a lower level of 
                          confidence than that applying to an Indicated Mineral 
                          Resource and must not be converted to an Ore Reserve. 
                          It is reasonably expected that the majority of Inferred 
                          Mineral Resources could be upgraded to Indicated Mineral 
                          Resources with continued exploration. 
 "Induced Polarisation   Induced polarisation (IP) is a geophysical survey 
  Geophysics"             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. 
 "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. 
 JORC                    The Australasian Code for Reporting of Exploration 
                          Results, Mineral Resources and Ore Reserves ('the 
                          JORC Code') is a professional code of practice that 
                          sets minimum standards for Public Reporting of minerals 
                          Exploration Results, Mineral Resources and Ore Reserves. 
                          The JORC Code provides a mandatory system for the 
                          classification of minerals Exploration Results, Mineral 
                          Resources and Ore Reserves according to the levels 
                          of confidence in geological knowledge and technical 
                          and economic considerations in Public Reports. 
 "lbs"                   Pounds (measure of weight) 
 "Mlbs"                  Million pounds (measure of weight) 
 "magnetite"             Magnetite is main iron ore mineral, with chemical 
                          formula Fe3O4. Magnetite is ferromagnetic, and it 
                          is attracted to a magnet and can be magnetised to 
                          become a permanent magnet itself. 
 "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, metre-scale 
                          or in tens of metres wide veins, lenses or sheet-like 
                          bodies containing sphalerite, galena, and / or chalcopyrite 
 "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 estimated 
                          with confidence sufficient to allow the application 
                          of Modifying Factors to support detailed mine planning 
                          and final evaluation of the economic viability of 
                          the deposit. 
                          Geological evidence is derived from detailed and reliable 
                          exploration, sampling and testing gathered through 
                          appropriate techniques from locations such as outcrops, 
                          trenches, pits, workings and drill holes, and is sufficient 
                          to confirm geological and grade (or quality) continuity 
                          between points of observation where data and samples 
                          are gathered. 
                          A Measured Mineral Resource has a higher level of 
                          confidence than that applying to either an Indicated 
                          Mineral Resource or an Inferred Mineral Resource. 
                          It may be converted to a Proved Ore Reserve or under 
                          certain circumstances to a Probable Ore Reserve. 
 "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, zinc etc) that 
                          in some cases can be in sufficient quantity to form 
                          mineral ore bodies. 
 "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 
 "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. 
 "porphyry"              Porphyry copper deposits are copper +- gold +- molybdenum 
                          orebodies that are formed from hydrothermal fluids 
                          that originate from a voluminous magma chamber below 
                          the deposit itself. 
 "Preliminary            NI 43-101 defines a PEA as "a study, other than a 
  Economic Assessment"    pre-feasibility study or feasibility study, which 
                          includes an economic analysis of the potential viability 
                          of mineral Resources". 
 "propylitic             Propylitic alteration is the chemical alteration of 
  alteration"             minerals within a rock, caused by hydrothermal fluids. 
                          This style of alteration typically results in epidote-chlorite+-albite 
                          alteration and veining or fracture filling, commonly 
                          altering biotite or amphibole minerals within the 
                          rock groundmass. It typically occurs along with pyrite. 
 "sediments"             Sedimentary rocks formed by the accumulation of sediments. 
                          There are three types, Clastic, Chemical and Organic 
                          sedimentary rocks. 
 "sequential             Sequential copper analysis is a technique to semi-quantitatively 
  assays"                 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, 
 "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           Rock chip samples approximately 2kg in size that are 
  chip samples"           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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit



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