Asiamet Resources has confirmed that, in respect of the mineral resource estimate for the Beruang Kanan Main deposit within the Company's 100% owned KSK Contract of Work in Kalimantan, resource confidence has been significantly upgraded.
The Company said contained copper in Measured and Indicated Resources increased by 207% in comparison to the October 21, 2015 BKM Mineral Resource estimate.
The BKM Copper deposit is now estimated to contain Measured and Indicated Resources of 49.2 million tonnes at 0.70% copper containing 711.3MIbs (322,600 tonnes) of copper at a 0.2% copper cut-off grade.
An additional 66Mlbs (30,000 tonnes) of contained copper (0.2% copper cut-off grade) was added to the BKM Resource inventory.
Beruang Kanan Main Resources are now estimated as:
- Measured Resources of 20.5 million tonnes at 0.7% Cu containing 325.7MIbs (147,700 tonnes) of copper at a 0.2% copper cut-off grade (refer Table 1). The October 21, 2015 BKM Mineral Resource estimate contained no Measured Resources.
- Indicated Resources of 28.7 million tonnes at 0.6% Cu containing385.6MIbs (174,900 tonnes) of copper at a 0.2% copper cut-off grade (refer Table 1). The October 21, 2015 BKM Mineral Resource estimate contained 15.0 million tonnes at 0.7% Cu containing 231MIbs (105,000 tonnes) of copper.
- Inferred Resources of 17.7 million tonnes at 0.6% Cu containing 241.0MIbs pounds (109,300 tonnes) of copper at a 0.2% copper cut-off grade (refer Table 1). The October 21, 2015 BKM Mineral Resource estimate contained 49.7 million tonnes at 0.6% Cu containing 657MIbs (298,000 tonnes) of copper.
73% of the copper contained in Resources is within the April 2016 BKM Preliminary Economic Assessment ("PEA") conceptual open pit mine design.
Asiamet Resources CEO Peter Bird commented:
"The outcomes from the Resource evaluation work completed on the BKM deposit over the past year have been outstanding. Copper grades and tonnages have proven to be very robust with a 207% increase in the higher confidence level Measured and Indicated Resources and approximately 30,000 tonnes of copper added to the overall copper inventory. Most importantly 75% of the contained copper is now in high confidence Resources and 73% sits inside the PEA pit design. As such the conversion to Mineral Reserves is anticipated to be strong when mining and metallurgical studies are completed in coming months. We are very pleased with the outcome of Resource work and expect it will provide a solid base to build upon an already very robust Preliminary Economic Assessment."
At 2:59pm: (LON:ARS) Asiamet Resources Limited share price was +0.3p at 5p