Return to News Categories

ALL NEWS SECTIONS:
MOST POPULAR SECTIONS:
Commentary and Educational Cattle - Hogs / Livestock News Currencies News Energy News Grain News Index News Interest Futures News Metals Futures News Reports: Crops, CFTC, etc Soft Commodities News

Futures and Commodity Market News

Asiamet Extends High Grade Copper Mineralisation Beneath BKZ Zn-Pb-Cu-Ag-Au Deposit

Nov 13, 2017 (EQS Group AG via COMTEX) --

Asiamet Resources Ltd. (ARS)
Asiamet Extends High Grade Copper Mineralisation Beneath BKZ Zn-Pb-Cu-Ag-Au Deposit

13-Nov-2017 / 09:38 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


For Immediate Release London AIM

13 November 2017 Symbol: ARS

Asiamet Extends High Grade Copper Mineralisation Beneath BKZ Zn-Pb-Cu-Ag-Au Deposit

Asiamet Resources Limited ("ARS" or the "Company") is pleased to report that ongoing exploration drilling at the BKZ Polymetallic ("BKZ") prospect located on its Kalimantan Surya Kencana ("KSK") 6th Generation Contract of Work ("CoW"), in Central Kalimantan, Indonesia continues to intersect, near surface high grade base and precious metal rich mineralisation. Highlights to date include:

  • BKZ contains massive sulphide or vein style mineralisation that is confirmed over a strike length of 225m, is up to 110m in east-west dimension and has a variable interpreted true thickness of 8m to 39m.

  • Three holes have intersected high grade copper mineralisation immediately beneath the high grade polymetallic Zn-Pb-Cu-Ag-Au mineralisation, confirming a strike length of at least 110m and a true thickness of up to 50m. Copper mineralisation remains open to the south, east, west and down-dip.

  • High grade copper-silver mineralisation is interpreted to occur within a primary feeder structure to the BKZ polymetallic mineralisation, with up to 11.8% copper and 415g/t silver reported over 1-metre sample intervals.

  • The copper mineralisation at BKZ is potentially controlled by the same major structure that controls the location of mineralisation at the BKM Copper Project to the south, and as such indicates potential for continuity of structurally controlled copper mineralisation over 800 metres of strike between BKZ and BKM.

Highlights of the latest batch of drill results received include:

BKZ33600-01 4.0m at 9.1% zinc, 4.0% lead, 60.4g/t silver and 0.21g/t gold (from
34.0m)

Including 2.0m at 15.6% zinc, 7.2% lead, 102.1g/t silver and 0.19g/t
gold (from 34.0m)

BKZ33600-02 4.0m at 2.6% zinc, 9.0g/t silver and 0.14g/t gold (from 31.0m)

5.3m at 5.4% zinc, 11.5g/t silver, 0.16g/t gold and 0.44% copper (from 35.7m)

Including 3.8m at 6.9% zinc, 14.4g/t silver, 0.19g/t gold and 0.57%
copper
(from 35.7m)

29.3m at 1.52% copper, 0.15g/t gold and 40.1g/t silver (from 59.0m)

Including 19.0m at 1.97% copper, 0.14g/t gold and 19.0g/t silver
(from 61.0m)

BKZ33600-03 8.0m at 1.30% copper and 6.0g/t silver (from 72.0m)

Including 4.0m at 2.48% copper and 10.3g/t silver (from 72.0m)

37.0m at 0.71% copper and 4.9g/t silver (from 88.0m)

Including 7.0m at 2.38% copper and 4.2g/t silver (from 117.0m)

Includes 1.0m at 11.8% copper and 19.5g/t silver (from 118.0m)

The BKZ scout drilling programme comprises a total of 14 holes for 1,354 metres of diamond core drilling. The scout drill rig is currently at Beruang Kanan West ("BKW") prospect, testing several coincident copper in soil, rock and chargeability anomalies.

The BKZ scout drilling programme comprises a total of 14 holes for 1,354 metres of diamond core drilling. The scout drill rig is currently at Beruang Kanan West ("BKW") prospect, testing several coincident copper in soil, rock and chargeability anomalies.

Drilling Summary

The first hole on section line BKZ33600 was drilled west at -55 degree dip to confirm continuity of mineralisation between section lines BKM33650. BKZ33600-01 (82.4m End of Hole "EOH") intersected a 4m wide zone of high grade polymetallic mineralisation from 34.0m depth hosted in quartz-sulphide veins to massive sphalerite (zinc), galena (lead), chalcopyrite (copper) and pyrite (Figure 2).

The second hole on section line BKZ33600 was collared on the same drill pad, drilling east at -70 degree dip. BKZ33600-02 (89.6m EOH) intersected an upper zone of polymetallic mineralisation from 31.0m depth hosted in quartz-sulphide veins to massive sphalerite (zinc), galena (lead), chalcopyrite (copper) and pyrite. The hole also drilled through a lower feeder zone of high grade copper-silver mineralisation from 59m depth (Figure 3). The high grade copper mineralisation is contained within a dense stockwork of quartz-sulphide and sulphide veins containing bornite, chalcopyrite and pyrite. Individual 1-metre intervals assayed up to 5.16% copper and 46g/t silver. The hole was terminated due to technical issues, and ended in mineralisation.

The third hole on section line BKZ33600 was collared on the same drill pad, drilling southeast at -55 degree dip. BKZ33600-03 (125.0m EOH) also intersected an upper zone of polymetallic mineralisation from 39.0m depth hosted in quartz-sulphide veins with sphalerite (zinc), galena (lead), chalcopyrite (copper) and pyrite. The hole also drilled through a broad zone of high grade copper-silver mineralisation starting at 72m depth and a second zone at 88m depth (Figure 3). The high grade copper mineralisation is contained within a high stockwork vein density of quartz-sulphide and sulphide veins containing bornite, chalcopyrite and pyrite. Individual 1-metre intervals assayed up to 11.8% copper and 19.5g/t silver. The hole was terminated due rig capacity, and ended in mineralisation.

Future Plans

Multiple intersections of high grade copper-silver mineralisation within a feeder structure at BKZ is very significant. This high grade copper-silver mineralisation remains open along strike to the south, east, west and at depth, and further drilling is required to determine its dimensions and continuity. Additional drill pads are being prepared south of the BKM33600 drill fan and the Company rig located at BKW will complete the current hole and then move back to BKZ. Exploratory drilling will continue to test the strike, width and downdip continuity of the interpreted feeder structure in the southern part of BKZ.

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

Peter Bird, Asiamet's Chief Executive Officer commented:

Asiamet is pleased to report that ongoing exploration in the BK district continues to make very significant progress. We have been very successful in both discovering new mineralisation and also advancing our understanding and drill targeting. Since recommencing exploration two months ago our strike rate has been exceptional. A major north-south basement structure has been identified which controls a district scale polymetallic mineral system and within which we have already defined a very significant copper deposit at BKM. Our scout drilling program has confirmed a suite of other prospects and mineral occurrences within the immediate infrastructure footprint of the proposed BKM copper development which need to be systematically evaluated. The BKZ mineralisation is one such area and as we have previously indicated, represents a potential stand-alone polymetallic project. The discovery of a copper feeder zone at BKZ with potential for considerable strike and depth extent has some exciting implications for the wider project and we are looking forward to reporting further exploration results over the coming weeks and months while the BKM feasibility study is being completed.

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.

HOLE ID

From

To

Length

Zinc

(%)

Lead

(%)

Silver

(g/t)

Gold

(g/t)

Copper

(%)

BKZ33600-01

28.00

29.00

1.00

1.34

0.31

NSA

NSA

NSA

BKZ33600-01

34.00

38.00

4.00

9.10

3.99

60.4

0.21

NSA

Including

34.00

Please read the End User Agreement.
By accessing this page, you agree to the terms and conditions of the End User Agreement.

News provided by COMTEX.

Lt Crude 56.68
Nat Gas 3.132
Corn 343
Cotton #2 69.35
Gold 1294.4
Copper 3.0715
Euro 1.18085
USD Index 93.575
SP500 E-mini 2575.75
DJIA E-mini 23316
close_icon
open_icon