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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.05 | 7.14% | 0.75 | 0.65 | 0.75 | 0.725 | 0.675 | 0.70 | 5,079,004 | 16:35:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 0 | -6.93M | -0.0027 | -2.59 | 18.16M |
TIDMARS
RNS Number : 4889E
Asiamet Resources Limited
18 October 2018
For Immediate Release London AIM 18 October 2018 Symbol: ARS
Asiamet Intersects Broad Copper Intervals at Beutong - Identifies Exciting Deep Drill Target
Asiamet Resources is pleased to report the latest assay results from drilling completed on its 80% owned, Beutong Cu-Au porphyry project in Indonesia.
Results from hole BEU1450-01 drilled at the Beutong West Porphyry ("BWP") include:
-- 596.6m at 0.53% CuEq from 153.4m -- Including 79.0m at 0.84% CuEq from 155m -- Including 54.5m at 0.73% CuEq from 245.5m -- Including 62m at 0.75% CuEq from 540m
Extensive oxide gold mineralization was also intersected from near surface above the copper mineralisation including 136.0m at 0.46 g/t Au from 2.0m. Potential of this shallow gold mineralisation atop the BWP will be assessed with further drilling.
The hole was terminated at a depth of 750 metres due to rig capacity with mineralisation remaining open at depth and laterally.
The 2018 drill program has proven highly successful with all seven holes (3,528 metres) drilled to date intersecting wide intervals of porphyry copper-gold-molybdenum mineralisation which has significantly increased confidence in the Beutong Resource model and identified targets with potential to significantly expand the size of the current deposit. Drill holes testing between the Beutong East Porphyry ("BEP") and the Beutong West Porphyry ("BWP") have confirmed broad zones of copper mineralisation extending to depth outside the current Resource Envelope and additional drilling is required to fully explore the potential in this area prior to updating the Resource.
As the drilling program has progressed and the potential for a coalescence of the BEP and BWP at depth has been recognised, further modelling of ground magnetic data has been completed and selected drill holes have been relogged. A strongly magnetic body has been modelled immediately beneath the central core of the system, overlapping with the base of the BEP. Previous work clearly identified a zoned system at Beutong with some of the holes in the BEP and BWP reporting increasingly elevated copper-gold +/- molybdenum grades with depth e.g. BEU0700-03 148m at 0.80% Cu, 0.15g/t Au, 98 ppm Mo from 146m and 110.7m at 0.76% Cu, 0.13g/t Au, 129ppm Mo.
Figure 1: Beutong deposit long section showing modelled copper mineralisation with the current Mineral Resource envelope (JORC 2012). To view the image, please click on the following link: http://www.asiametresources.com/assets/img/ars181018_7.jpeg
Figure 2: Beutong deposit long section showing modelled molybdenum mineralisation with the current Mineral Resource envelope (JORC 2012). To view the image, please click on the following link: http://www.asiametresources.com/assets/img/ars181018_8.jpeg
This apparent zonation in mineralisation, combined with presence of a highly mineralised chalcopyrite-bornite-magnetite clast within diatreme breccia proximal to the modelled large magnetic feature is considered highly significant and requires further testing with a series of deep holes. The deep, highly magnetic, potassic altered cores in some of the giant high grade porphyry copper-gold systems such as Newcrest's Wafi-Golpu (PNG) and Solgolds Cascabel (Equador) host the highest grade bornite-chalcopyrite mineralisation.
Peter Bird, Asiamet's Chief Executive Officer commented:
"The 2018 drilling program at Beutong has consistently met or exceeded expectations and provided greatly improved definition across the Beutong East and Beutong West porphyry deposits. The two systems remain open in multiple directions with recent drilling suggesting they may coalesce at depth.
Strong copper, gold and molybdenum grades and the presence of highly mineralised magnetite bearing breccia clasts proximal to a large magnetic feature modelled below current drilling are very exciting as such features are often associated with the high grade cores of world class porphyry systems such as Newcrest's Wafi-Golpu and Solgold's Cascabel.
As such Asiamet is evaluating various options including partnering to test this deeper potential and more rapidly progress the development of Beutong in the near term."
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.
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 3 8644 1300
Email: peter.bird@asiametresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
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
Berenberg
Matthew Armitt, Sara MacGrath
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.com
Liberum
Clayton Bush, Kane Collings
Telephone: +44 7773 322679
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: Beutong West Porphyry Drill Intercepts. To view the drill table please click on the following link: http://www.asiametresources.com/assets/img/ars181018_9.jpeg
Notes: Grade intercepts are calculated as a weighted average grade above 0.2% Copper (uncut). Broad intercepts calculated with up to 10m 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.
Glossary of Technical Terms
Hot Features
Premium
"anomaly something in mineral exploration that geologists interpret
or 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 Samples collected across a mineralised rock exposure.
sample" 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 A drilling method in which penetration is achieved through
drilling" 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 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).
------------------------------------------------------------------------
"g/t" grams per tonne; equivalent to parts per million ('ppm')
------------------------------------------------------------------------
"haematite" Haematite 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 Mineral
Resource" 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 Reserve.
------------------------------------------------------------------------
"Inferred An 'Inferred Mineral Resource' is that part of a Mineral
Resource" 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 Induced polarisation (IP) is a geophysical survey used
Polarisation to identify the electrical chargeability of subsurface
Geophysics" 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
etc.
------------------------------------------------------------------------
"Measured A 'Measured Mineral Resource' is that part of a Mineral
Resource" 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 A "Mineral Resource" is a concentration or occurrence
Resource" 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 A method of extracting minerals from the earth by excavating
mining" 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.
------------------------------------------------------------------------
"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 pre-feasibility
Economic study or feasibility study, which includes an economic
Assessment" 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, 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 approximately 2kg in size that are
rock chip typically collected from surface outcrops exposed along
samples" 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 rns@lseg.com or visit www.rns.com.
END
UPDEAEEPFDAPFFF
(END) Dow Jones Newswires
October 18, 2018 06:46 ET (10:46 GMT)
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