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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% | 0.90 | 0.85 | 0.95 | 0.925 | 0.90 | 0.925 | 493,062 | 11:00:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Metal Ores,nec | 0 | -6.93M | -0.0027 | -3.33 | 23.35M |
TIDMARS Asiamet Drilling Hits Continuous Higher Grade Copper Mineralization at BKM Asiamet Resources Limited ("ARS" or the "Company") is pleased to announce that Resource infill and extension drilling at the Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan, Indonesia continues to display excellent continuity of shallow high grade copper mineralization within the BK058 Zone. A total 33 holes for 3400 meters of diamond core drilling have now been completed and three holes are currently in progress. The results from five holes are reported below. Four holes were drilled in the southern part of the BKM deposit and one hole at the far north end. A further 87 holes/7700 meters are planned. Hole BKM31775-01 (141m End of hole 'EOH') was collared 25m north of BKM31750-02 (85.0m EOH) which intersected a broad zone of high grade near surface copper assaying 54 meters at 1.10% Cu (from 16.5 meters depth) including 16 meters at 1.67% Cu (from 17.5 meters) refer ARS Press Release May 13, 2015. Assay results confirm the high grades within BK058 Zone and the continuity of the mineralization intersected in BKM31750-02. Better results include: BKM31775-01 31.0 meters at 1.57% Cu (from 12.0 meters) -- Including 5.0 meters at 4.74% Cu (from 16.0 meters) -- Includes 2.0 meters at 8.48% Cu (from 17.0 meters) -- Including 2.0 meters at 2.76% Cu (from 22.0 meters) -- Including 2.0 meters at 3.19% Cu (from 28.0 meters) 13.0 meters at 1.16% Cu (from 128.0 meters) -- Including 3.0 meters at 2.27% Cu (from 128.0 meters) -- Including 3.0 meters at 2.24% Cu (from 133.0 meters) Drill hole BKM31755-01 (168m EOH) is a scissor hole to BKM31750-03 (75m EOH) which intersected high grade near surface copper mineralization, including 5.0 meters at 1.60% Cu (from 8.0 meters) and 8.0 meters at 1.16% Cu (from 15.0 meters), refer ARS Press Release June 11, 2015. Assay results from drill hole BKM31755-01 confirm the style, width, and continuity of mineralization intersected previously and the high grade tenor of the BK058 Zone. Better results include: BKM31755-01 55.1 meters at 0.74% Cu (from 7.9 meters) -- Including 12.0 meters at 1.08% Cu (from 12.0 meters) -- Including 14.0 meters at 1.10% Cu (from 49.0 meters) Infill holes BKM31700-06 (91m EOH) and BKM31700-07 (74m EOH) were drilled west of the BK058 Zone and confirm continuous shallow, moderate grade covellite - chalcocite copper mineralization in quartz stockwork and pyrite veins. Better results include: BKM31700-06 19.0 meters at 0.81% Cu (from 3.0 meters) -- Including 3.0 meters at 2.86% Cu (from 14.0 meters) 12.0 meters at 0.50% Cu (from 29.0 meters) 14.0 meters at 0.47% Cu (from 65.0 meters) BKM31700-07 31.0 meters at 0.60% Cu (from 7.5 meters) -- Including 2.0 meters at 2.98% Cu (from 28.5 meters) Delineation drilling at BK058 Zone continues to confirm the thickness and continuity of near surface higher grade copper mineralization and it is anticipated that these results will further reduce the already low strip ratio of the potential open pit in the southern part of the BKM deposit. Drilling in the northern part of the BKM deposit is focused on upgrading Resource confidence from Inferred to Indicated and Measured categories (NI43-101), and fully defining the northern limit of the mineralization. Hole BKM32705-01 (90.1m EOH) was collared on the most northern section line and intersected a broad zone of moderate to high grade copper mineralization that extends 20 meters outside of the resource envelope. The hole was terminated in strong copper mineralization at 90.1 meters after reaching the depth capacity of the Company's RB drill rig, with the final 1.1-meter sample interval assaying 4.38% copper. Better results include: BKM32705-01 36.1 meters at 0.64% Cu (from 54.0 meters) -- Including 4.0 meters at 2.25% Cu (from 69.0 meters) A drill hole location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively. Tony Manini, Asiamet's Chief Executive Officer commented: "Resource evaluation drilling at BKM continues to meet or exceed our expectations. The grade and continuity of mineralization appears to be very consistent and we are seeing higher grade mineralization shallower than anticipated within the BK058 zone. A lower strip ratio zone like BK058, coupled with higher grades has the potential to lower operating costs early in the mine life and further enhance the already strong economics of the BKM project as outlined in the preliminary economic assessment. The feasibility study on BKM is ramping up with mine engineering and infrastructure studies about to commence in addition to the Resource drilling, metallurgy, geo-technical and environmental studies currently in progress. We anticipate a strong news flow over the coming months and look forward to progressively updating all stakeholders as the study activity ramps up and corporate initiatives are advanced towards key milestones". Table 1: Recent drill intercepts. HOLE ID From To Length Copper (%) Cumulative Cu Mineralized Interval BKM31700-06 3 22 19 0.81 52.0 Meters Including 14 17 3 2.86 BKM31700-06 29 41 12 0.50 BKM31700-06 50 54 4 0.45 BKM31700-06 59 62 3 0.44 BKM31700-06 65 79 14 0.47 BKM31700-07 7.5 38.5 31 0.60 23.1 Meters Including 28.5 30.5 2 2.98 BKM31755-01 7.9 63.0 55.1 0.74 75.1 Meters Including 12.0 24.0 12.0 1.08 Including 49.0 63.0 14.0 1.10 BKM31755-01 78.0 80.0 2.0 0.44 BKM31755-00 97.0 113.0 16.0 0.58 BKM31755-01 119.0 121.0 2.0 0.50 BKM31775-01 12.0 43.0 31.0 1.57 77.0 Meters Including 16.0 21.0 5.0 4.74 Includes 17.0 19.0 2.0 8.48 Including 22.0 24.0 2.0 2.76 Including 28.0 30.0 2.0 3.19 BKM31775-01 46.0 57.0 11.0 0.54 BKM31775-01 60.0 69.0 9.0 0.47 BKM31775-01 79.0 92.0 13.0 0.45 BKM31775-01 128.0 141.0 13.0 1.16 Including 128.0 131.0 3.0 2.27 Including 133.0 136.0 3.0 2.24 BKM32705-01 8.0 9.0 1.0 0.67 49.1 Meters BKM32705-01 14.0 23.0 9.0 0.21 BKM32705-01 47.0 50.0 3.0 0.37 BKM32705-01 54.0 90.1 36.1 0.64 Including 69.0 73.0 4.0 2.25 Including 89.0 90.1 1.1 4.38 Notes: Grade intercepts are calculated as a weighted average grade greater than or equal to 0.2% copper (uncut). True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated. To view the graphic,please click here http://fscwire.com/sites/default/files/NR/792/12597_ARS.png Figure 1: Location map showing section lines and drill collars 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 Tony Manini, Deputy Chairman and CEO For further information, please contact: -Ends- Tony Manini Deputy Chairman and CEO, 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 / Mehrdad@flowcomms.com Asiamet Resources Nominated Adviser RFC Ambrian Limited Andrew Thomson / Oliver Morse Telephone: +61 8 9480 2500 Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com VSA Capital Limited Andrew Raca / Justin McKeegan Telephone: +44 20 3005 5004 / +44 20 3005 5009 Email: araca@vsacapital.com Optiva Securities Limited Christian Dennis Telephone: +44 20 3137 1903 Email: Christian.Dennis@optivasecurities.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized 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 is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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 HUG#2035562 http://www.asiametresources.com
(END) Dow Jones Newswires
August 17, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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