TIDMARS
RNS Number : 5943B
Asiamet Resources Limited
11 January 2018
For Immediate Release London AIM
January 11, 2018 Symbol: ARS
Asiamet Commences Resource Drilling at BKZ Following
Further High Grade Mineralisation at potential BKZ "Feeder
Structure"
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")
6(th) Generation Contract of Work ("CoW"), in Central Kalimantan,
Indonesia continues to intersect shallow, high grade base and
precious metal rich mineralisation. Highlights to date include:
-- BKZ deposit comprises high grade polymetallic Zn-Pb-Cu-Ag-Au
mineralisation underlain by copper-silver mineralisation that is
either massive sulphide or vein style. Mineralisation is confirmed
over a strike length of 300m and up to 110m in width. Thickness is
variably 5m to 40m.
-- Five holes have now intersected the high grade copper-silver
mineralisation that underlies the high grade polymetallic
Zn-Pb-Cu-Ag-Au mineralisation, confirming at least 150m strike
length and 50m in true thickness. Mineralisation remains open to
the south, east, west and down-dip.
-- New assays confirm further high grade copper-silver
mineralisation within the interpreted "Feeder Structure" underlying
the polymetallic mineralisation at BKZ, with up to 7.9% copper over
1-metre sample intervals.
-- Drilling at BKZ has been upgraded to "Delineation Drilling
Status comprising an estimated 3500m in 30 holes to provide
sufficient drill data density in order to define a maiden Resource
for the polymetallic mineralisation and the underlying
copper-silver mineralisation at BKZ.
Highlights of the latest batch of drill results received
include:
BKZ33550-01 5.0m at 4.4% zinc, 1.6% lead, 46g/t silver and 0.11g/t gold (from 44.0m)
38.0m at 1.26% copper, 9g/t silver, 0.13g/t gold (from
49.0m)
Including 3m at 1.59% copper, 14g/t silver, 0.22g/t gold (from
50.0m)
Including 21m at 1.78% copper, 11g/t silver, 0.14g/t gold (from
65.0m)
Includes 7m at 2.81% copper, 15g/t silver, 0.19g/t gold (from
65.0m)
Includes 4m at 2.71% copper, 12g/t silver, 0.14g/t gold (from
74.0m)
BKZ33500-01 12.0m at 4.0% zinc, 1.7% lead, 9g/t silver and 0.10g/t gold (from 54.5m)
To date, twenty holes (2133m metres in total) have been drilled
to test the upper zone of polymetallic massive sulphide and vein
style mineralisation and the lower zone of vein hosted copper -
silver mineralisation.
Drilling Details
The first scout hole on section line BKZ33550 was drilled
westward to confirm continuity of mineralisation between section
lines BKM33600 and BKM33550, where hole BKZ33600-02 (89.6m End of
Hole "EOH") intersected a broad zone of copper-silver
mineralisation from 59m depth hosted in quartz-sulphide veins
(refer ARS Press Release November 13, 2017). Hole BKZ33550-01
(116.7m EOH) was collared 50m south-southeast of BKM33600-02 and
intersected vein-style polymetallic mineralisation underlain by
high grade copper mineralisation contained within a dense stockwork
of quartz-sulphide and sulphide veins containing bornite,
chalcopyrite and pyrite (Figure 3). The hole was terminated due to
rock hardness and rig capacity, with the final 18.7m comprising
strongly silicified and oxidised rock. Assays confirm the oxidised
zone contains gold-silver mineralisation and the final 1.7m sample
assayed 0.32g/t gold and 31g/t Ag.
The first scout hole on section line BKZ33500 was drilled
westward to confirm continuity of mineralisation intersected on
section line BKM33550. Hole BKZ33500-01 (118.5m EOH) was collared
50m south-southeast of hole BKM33550-01 and intersected vein-style
polymetallic mineralisation underlain by multiple zones of moderate
grade copper mineralisation contained within a dense stockwork of
quartz-sulphide and sulphide veins containing chalcopyrite and
pyrite.
The first scout hole on section line BKZ33450 was drilled
westward to confirm continuity of mineralisation intersected on
section line BKM33500. Hole BKZ33450-01 (151.5m EOH) was collared
50m south of hole BKM33500-01, but failed to intersect the
significant zones of moderate to high grade copper mineralisation
that were intersected in drill holes BKZ33500-01 and BKZ33550-01.
Hole BKZ33450-01 intersected several microdiorite and diorite
porphyry dykes, up to 25m in width. This is the first drill hole
that intersected post mineral microdiorite and diorite porphyry
dykes, hence a structural model is required as the mineralisation
could be offset by post-mineral faults. This 3D structural and
geologic modelling work is ongoing, and drilling will continue to
enhance our knowledge of the mineralised system at BKZ.
Summary
Drilling at BKZ continues to yield positive results and the
additional drill holes have enhanced our understanding of the
dimensions of the two mineralised domains, the footprint of which
remains open in all directions. Drilling at BKZ has as such been
upgraded to "Delineation Drilling Status", comprising an estimated
3500m in 30 holes.
Delineation drilling will be carried out at a nominal drill grid
spacing of 25-metres by 50-meters, to provide sufficient drill data
density in order to define a maiden Resource for the polymetallic
mineralisation and the underlying copper-silver mineralisation at
BKZ. The infill drill program has commenced, and the rig is
currently positioned on section line BKZ33550.
A second rig will be mobilised to BKZ after the geotechnical
program which is currently underway at BKM Copper Project is
completed. Drilling is planned over the proposed pit areas and
sites of planned infrastructure. A number of holes will also be
drilled to monitor water levels around the proposed mine site and
open pits as part of larger on-going hydrogeology and hydrology
studies.
Further scout drilling at Beruang Kanan West ("BKW"), Beruang
Kanan South ("BKS") and BKM prospects has been deferred until the
BKM geotechnical/hydrogeology and BKZ Delineation programs have
been completed. To date, eleven holes (1026.6m metres in total)
have been drilled at BKW, to test the copper in soil anomalies and
as part of the condemnation drilling program to define a potential
site for the Heap Leach Pad at the western valley. At BKS, a total
seven scout drill holes have been completed, for 665.1 metres. At
BKM, a total eleven scout / condemnation drill holes have been
completed, for 999.4 metres. Assays are expected in during Q1.
The drill hole location plan maps and a table of full assay
results are provided in Figures 1 & 2 and Table 1
respectively.
Peter Bird, Asiamet's Chief Executive Officer commented:
"We are very pleased that ongoing drilling at BKZ continues to
yield highly positive results. These additional drill holes have
further enhanced our understanding of the dimensions and geometry
of the mineralised domains to the point where we have decided to
progress to the definition drilling stage and establish initial
JORC compliant Resources at both the polymetallic mineralisation
and the underlying copper-silver mineralisation at BKZ.
The footprint of mineralisation at BKZ remains open in all
directions and ongoing drilling will continue to concurrently
infill and expand the deposit. Initial scout drilling has also been
completed at BKS and BKW and we look forward to reporting results
from drilling on all prospects together with regular updates on the
BKM copper project BFS and drilling on our large Beutong Cu-Au
porphyry deposit as they become available.
Together with the corporate and project financing initiatives
underway it is indeed a busy and exciting time for Asiamet as the
Company advances towards its goal of becoming a copper producer at
a time when the copper market is forecast to be in deficit and
prices are rising."
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 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
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,
th e 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 From To Length Zinc Lead Silver Gold Copper
ID (%) (%) (g/t) (g/t) (%)
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33450-01 94.00 96.00 2.00 NSA NSA NSA 0.10 0.33
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33450-01 99.00 101.00 2.00 NSA NSA NSA 0.14 0.50
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33500-01 54.50 66.50 12.00 4.04 1.66 8.7 0.10 NSA
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33500-01 68.50 72.50 4.00 NSA NSA 10.9 0.16 0.60
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33500-01 75.50 80.50 5.00 NSA NSA 20.3 0.19 0.24
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33500-01 84.50 87.50 3.00 NSA NSA 12.5 0.35 0.65
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33500-01 105.50 117.50 12.00 NSA NSA 3.6 0.15 0.67
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33550-01 44.00 49.00 5.00 4.36 1.56 45.8 0.11 0.11
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33550-01 49.00 87.00 38.00 NSA NSA 9.1 0.13 1.26
------------- ------- ------- --------- ------- ------- --------- -------- ---------
Including 50.00 53.00 3.00 NSA NSA 13.7 0.22 1.59
------------- ------- ------- --------- ------- ------- --------- -------- ---------
Including 65.00 86.00 21.00 NSA NSA 10.8 0.14 1.78
------------- ------- ------- --------- ------- ------- --------- -------- ---------
Includes 65.00 72.00 7.00 NSA NSA 15.0 0.19 2.81
------------- ------- ------- --------- ------- ------- --------- -------- ---------
Includes 74.00 78.00 4.00 NSA NSA 12.0 0.14 2.71
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33550-01 90.00 98.00 8.00 NSA NSA 20.5 0.11 0.39
------------- ------- ------- --------- ------- ------- --------- -------- ---------
BKZ33550-01 98.00 116.70 18.70 NSA NSA 20.5 0.26 NSA
------------- ------- ------- --------- ------- ------- --------- -------- ---------
Notes: Grade intercepts are calculated as a weighted average
grade >=1.0% Zinc (uncut) for Polymetallic Zone. Grade
intercepts are calculated as a weighted average grade >=0.2%
Copper (uncut) for the Copper-Silver Zone. True widths are
interpreted to be between 80-100% of the reported lengths, unless
otherwise stated. Orientation of the mineralised domain is
estimated to have an azimuth of 340 degrees and a dip of -25
degrees to the northeast.
Figure 1: Location map showing strong zinc in soil geochemistry
over the BK district with prospects & drill collars. To view
the graphic, please open the link here
http://www.asiametresources.com/i/maps/Fig-1-Location-map-showing-zinc.jpg
Figure 2: Location map showing copper in soil geochemistry over
the BK district with prospects & drill collars. To view the
graphic, please open the link here
http://www.asiametresources.com/i/maps/Fig-2-Location-map-showing-copper.png
Figure 3: High grade copper mineralisation in BKZ33550-01. The
interval 74m - 77m (3m interval) is 3.0% Cu and 13g/t Ag To view
the graphic, please open the link here
http://www.asiametresources.com/i/maps/Fig-3-High-grade-copper-mineralisation.png
Glossary of Technical Terms
"anomaly or anomalous" something in mineral exploration
that geologists interpret
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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"g/t" grams per tonne; equivalent
to parts per million ('ppm').
---------------------------- ------------------------------------------
"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).
---------------------------- ------------------------------------------
"hypogene" Hypogene ore processes occur
deep below the earth's surface,
and form deposits of primary
minerals, such as chalcopyrite
and bornite.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"lbs" Pounds (measure of weight)
---------------------------- ------------------------------------------
"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,
meter-scale or in tens of
meters wide veins, lenses
or sheet-like bodies containing
sphalerite, galena, and /
or chalcopyrite etc.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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.
---------------------------- ------------------------------------------
"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 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" 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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