Further Shallow High Grade Copper Intersections Confirm BK058 Zone Potential

Vancouver, British Columbia (FSCwire) - Asiamet Resources Ltd. ("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 intersect shallow high grade copper mineralization within the BK058 Zone.  

30 holes for 3100 meters of diamond core drilling have now been completed and three holes are currently in progress. Results from four holes (BKM31750-10, BKM31800-05, BKM31800-06 and BKM31700-05) are reported below. A further 90 holes and 8000 meters are planned.

All holes with the exception of BKM31800-06 (85.4m End of hole ‘EOH’), intersected shallow high grade covellite – chalcocite copper mineralization in quartz stockwork and pyrite veins hosted within silicified and highly altered volcaniclastics and breccias.  Hole BKM31750-10 drilled to test for deeper extensions of 2015 drill hole BKM31750-04 (10.3 meters at 0.74% copper from 65m to bottom of hole refer ARS Press Release June 11, 2015) intersected 5 intervals of moderate to strong copper and extended the depth of mineralization by a further 17 meters. 

Better results include:

BKM31750-10  5.2 meters at 1.08% Cu (from 2.3 meters)

• Including 2.2 meters at 2.18% Cu (from 2.3 meters)

15.0 meters at 0.78% Cu (from 22.5 meters)

23.0 meters at 1.24% Cu (from 41.5 meters)

• Including 14.0 meters at 1.58% Cu (from 43.5 meters)

25.0 meters at 0.86% Cu (from 67.5 meters)

• Including 5.0 meters at 2.75% Cu (from 67.5 meters)

Infill drill hole BKM31800-05 (119m EOH) intersected two intervals of moderate to strong copper mineralization, comprising quartz – covellite – chalcocite veins up to 50cm in width and assaying up to 6.81% copper over one meter. Better results include:

BKM31800-05  29.0 meters at 1.17% Cu (from 33.5 meters)

• Including 7.0 meters at 2.92% Cu (from 50.5 meters)

The excellent thickness and continuity of near surface high grade 1-3% copper mineralization intersected in feasibility study drilling to date further strengthens the key fundamentals of the BKM project. The delineation of these discrete zones of continuous, shallow, high grade mineralization that are easily accessible for early mining has the potential to lower operating costs and further enhance project economics.  

In line with expectations Hole BKM31700-05, an infill hole drilled 50m west of BKM31700-04, intersected shallow moderate grade covellite-chalcocite copper mineralization assaying 20.1 meters at 0.68% Cu from 11.9 meters. Hole BKM31800-06 intersected mostly barren post mineral diorite porphyry dyke however low grade copper mineralization was confirmed outside the resource envelope at the contact with altered and brecciated volcaniclastic host rocks.

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:

“Asiamet is very pleased with the progress being made on the feasibility study to date. All the longer lead time studies are underway and all resource definition drilling completed in the higher grade BK058 zone thus far has intersected strong near surface copper mineralization with excellent continuity and thickness. These discrete easily accessible higher grade zones with potential for lower strip ratio mining and lower operating costs early in the project life continue to confirm BKM as an outstanding copper development opportunity. We look forward to reporting further results from ongoing drilling and test work as the feasibility study momentum continues.”

Table 1: Recent drill intercepts.

Notes: Grade intercepts are calculated as a weighted average grade ≥0.2% copper (uncut). 

True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated.

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 Ltd.
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

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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.

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