TIDMARS
RNS Number : 7790Z
Asiamet Resources Limited
19 December 2017
For Immediate Release London AIM
19 December 2017 Symbol: ARS
BKM Copper Project - Positive Metallurgical Test-work
Results
Asiamet Resources Limited ("ARS") is pleased to report positive
results from column leach test-work being undertaken as part of the
Bankable Feasibility Study on the Beruang Kanan Main ("BKM") copper
deposit. The metallurgical results received to date are in line
with previous expectations as outlined in the BKM Preliminary
Economic Assessment (as announced on 5(th) April 2016). These
results will form the basis for the key inputs into the detailed
design criteria for the leaching, solvent extraction and
electro-winning facilities. Key highlights include:
-- Following a 200-day leach cycle that applied a typical acidic
leach solution to the short columns (2m), the majority of the
soluble copper as determined by sequential copper analysis was
recovered (see summary ranges of results in the following bullet
point). The amount of soluble copper present in the residual
material (post-leaching) for most columns was less than 0.1%
Cu(sol) ,
-- Soluble copper recoveries, for the preferred crush size
(P80=12.5mm), ranged from 73% to 89% (%Cu(sol) ) with recoveries
for the composites representing a significant proportion of the
orebody being in the 80% to 85% Cu(sol) range.
-- Rates of copper extraction from the short columns suggest
optimal soluble copper recovery can be achieved with favourable
acid consumption characteristics i.e. little or no acid being
consumed. This is highly positive from both a transport &
logistics and project economics perspective.
-- Preliminary interpretations indicate that the leaching
performance of the long columns (6m) appear consistent with the
performance of the short columns.
-- Following a 270-day leach cycle, residual material from the
long columns has been sent for assaying. Assay results for the long
columns are expected to be available for analysis early in the New
Year.
Background
Asiamet completed a 122-hole Resource evaluation drilling
programme, as part of the BKM Feasibility Study. The results of
this Resource evaluation were announced on 28 June 2017, with a
supporting technical report filed on 15 August 2017. During this
programme, a number of holes were specifically drilled throughout
the BKM deposit to collect representative samples of various
material types and grades for detailed metallurgical test-work.
From these samples, six composites were prepared and a total of
20 columns, comprising 12 short columns (2-metre) and 8 long
columns (6-metre), were prepared and operated at the CORE Resources
laboratory, in Brisbane, Australia. Each composite was tested at
two crush sizes (i.e. P80 of 12.5 mm and P80 of 19 mm). Preparatory
work ensured the columns were loaded with appropriately
agglomerated material and set with suitable bulk density
conditions.
After a 200-day leach cycle for the short columns, applying a
typical acidic leach solution, the majority of the leachable copper
was recovered. The columns were subsequently de-commissioned and
the residual material sent for assaying.
All assays have been received for the residual material from the
12 short columns. The detailed diagnostic analytical procedures,
including sequential copper assays developed for the BKM
mineralisation, have allowed for head grades to be verified through
mass-balance calculations for each column. These calculations have
been utilised to evaluate recoveries of total copper (%Cu(Tot) )
and soluble copper (%Cu(sol) ) for each column. Table 1 summarises
the results for each of the 12 short columns.
Copper recoveries from the short column test-work programme are
in-line with expectations of the BKM Preliminary Economic
Assessment ("PEA") as announced on 5(th) April 2016 (85% recovery
of the leachable copper) and confirm that the copper minerals in
the BKM deposit are amenable to heap leaching. The rates of
extraction from the columns suggest optimal soluble copper recovery
can be achieved with 3 to 4 kilolitres of solution per tonne of ore
under leach. Under these conditions the acid consumption
characteristics of the ore appear favourable, with little or no
acid being consumed.
The soluble copper present in the residual (post-leaching)
material was less than 0.1% Cu(sol) for most of the short columns.
The sequential copper analysis indicates that the remaining soluble
copper within the residual material is predominantly present as
slow-leaching covellite, with a higher occurrence in the coarser
(+6.75 mm) size fractions.
Based on the leach column performance to-date and supported by
preliminary geotechnical and hydrodynamic studies being undertaken
currently (HydroGeoSense metallurgical test-work programme), the
mined ore fed to the heap leach pads will adopt the finer crush
size (P80=12.5 mm) as the design criteria for the BKM Copper
Project.
Ongoing Metallurgical Testing
The long columns (6-metre) operating at the CORE Resources
laboratory were de-commissioned during November, after a 270-day
leach cycle. The residual material has been sent for assaying,
utilising the same procedures and protocols that were used for the
short columns material. The assay results for the 6-metre columns
are expected to be available for analysis early in the New Year.
Reporting for this round of metallurgical test-work will follow
shortly thereafter. Preliminary interpretations indicate that the
leaching performance of the long columns appear consistent with the
performance of the short columns.
The leach column test-work provides key design criteria for the
leaching, solvent extraction and electro-winning facilities that
will be designed as part of the BKM Feasibility Study. An
additional round of column test-work will be undertaken, with
selected samples already collected from the BKM copper deposit.
This further test-work will allow the study team to optimise and
refine the metallurgical performance characteristics for the BKM
Copper Project. It is expected that the leach columns will be
loaded with the selected composites early in the 2018. These
columns will run beyond the timeline for the BKM Feasibility Study
and form part of the post Feasibility Study detailed engineering
design.
The detailed chemical characterisation from the leaching
test-work programme when combined with the hydrodynamic testing
programme, which is being conducted at the world-leading
HydroGeoSense ("HGS") facility in Arizona, will provide critical
information to support the development of the BKM Feasibility Study
and to establish the leach recovery targets for the operation.
Metallurgy data generated from both programmes will allow the
project team to develop a robust and optimised set of design
criteria for the heap-leach pads and overall process engineering
work.
Peter Bird, Asiamet's Chief Executive Officer commented:
"It is very pleasing to see that the results from the ongoing
detailed column leach test-work confirm and support the recoveries
and acid consumption predictions from the BKM PEA. This information
will be coupled with the outcomes of the hydrodynamic testing
currently in progress and nearing completion, to provide key inputs
to the design criteria for the proposed leaching, solvent
extraction and electro-winning facilities at BKM. The significant
amount of quality data generated from this metallurgical programme
together with our detailed resource models provides a very solid
basis for the mining and process engineering now underway.
The BKM Bankable Feasibility Study ("BFS") continues to progress
to plan, with concurrent work ongoing in the social and
environmental, commercial/financial and technical disciplines. We
look forward to reporting the results of the long column leaching
and hydrodynamic test-work shortly, along with outputs from the
other BFS work streams and our exciting ongoing exploration
activities as they come to hand."
Qualified Person
Data disclosed in this press release have been reviewed and
verified by Mr David Readett, of Mworx Pty Ltd, who is a Chartered
Professional Metallurgical Engineer (CP(Met)) and a Fellow of the
Australian Institute of Mining and Metallurgy (AusIMM). Mr Readett
has sufficient experience which is relevant to the style of
mineralisation and processing methods under consideration and to
the activity which he is undertaking to qualify as a Competent
Person 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: Short Column Leaching Recovery Summary
Column Crush Recalculated Recalculated Total Soluble
ID Size Head Head Soluble Cu Recovered Cu
(P80) (%Cu(Tot) (%Cu(Sol) (%) Recovered
) ) (%)
------- -------- ------------- -------------- -------------- -----------
1 12.5mm 0.48 0.37 68.8 88.5
------- -------- ------------- -------------- -------------- -----------
2 19mm 0.51 0.39 62.0 81.5
------- -------- ------------- -------------- -------------- -----------
3 12.5mm 0.58 0.36 49.3 79.4
------- -------- ------------- -------------- -------------- -----------
4 19mm 0.54 0.33 45.4 72.9
------- -------- ------------- -------------- -------------- -----------
5 12.5mm 0.66 0.53 70.2 86.4
------- -------- ------------- -------------- -------------- -----------
6 19mm 0.57 0.46 58.6 73.8
------- -------- ------------- -------------- -------------- -----------
7 12.5mm 0.75 0.54 55.7 76.9
------- -------- ------------- -------------- -------------- -----------
8 19mm 0.69 0.51 51.6 69.8
------- -------- ------------- -------------- -------------- -----------
9 12.5mm 0.75 0.60 65.5 82.1
------- -------- ------------- -------------- -------------- -----------
10 19mm 0.76 0.58 55.6 72.4
------- -------- ------------- -------------- -------------- -----------
11 12.5mm 0.38 0.33 62.4 73.3
------- -------- ------------- -------------- -------------- -----------
12 19mm 0.35 0.30 57.2 66.8
------- -------- ------------- -------------- -------------- -----------
Notes: All columns were 150 mm in diameter, and 2000 mm in
height.
Glossary of Technical Terms
"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
---------------------------- ------------------------------------------
"g/t" grams per tonne; equivalent
to parts per million ('ppm').
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"lbs" Pounds (measure of weight)
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"anomaly or anomalous" something in mineral exploration
that geologists interpret
as deviating from what is
standard, normal, or expected.
---------------------------- ------------------------------------------
The laboratory test conducted
"assay" 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
subclassifications 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 color
---------------------------- ------------------------------------------
"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
---------------------------- ------------------------------------------
"column test" A hydrometallurgical testing
program to define the basic
criteria, such as recovery
and acid consumption, for
a commercial heap leach system
design
---------------------------- ------------------------------------------
"covellite" Covellite is a copper sulphide
mineral with the formula CuS.
This indigo blue mineral is
ubiquitous in some copper
ores
---------------------------- ------------------------------------------
"Cu(sol) " Soluble copper content of
the rock (expressed in %)
---------------------------- ------------------------------------------
"Cu(Tot) " Total copper content of the
rock (expressed in %) regardless
of solubility
---------------------------- ------------------------------------------
"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
---------------------------- ------------------------------------------
"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 color
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"P80" Refers to the particle size
at which 80% of the material
will pass through when screened
---------------------------- ------------------------------------------
"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 behavior
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.
---------------------------- ------------------------------------------
"soluble copper" The fraction of total copper
which is acid-soluble (sometimes
used as a proxy for oxide
copper content) and so potentially
recoverable by heap leaching
---------------------------- ------------------------------------------
"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 color
---------------------------- ------------------------------------------
"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
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