Source - RNS
RNS Number : 0185L
Asiamet Resources Limited
16 April 2018
 

 

 

For Immediate Release                           London AIM

 

16 April 2018                                             Symbol: ARS

           

                                                               

 

 

Asiamet Intersects High Grade Copper Mineralisation at Beutong East Porphyry

 

 

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to report that its first diamond drill hole of the 2018 drill campaign at the Company's 40% owned Beutong East Porphyry Copper - Gold Project ("BEP") has intercepted near surface, high-grade copper mineralisation.  The BEP occurs within the greater Beutong intrusive complex, a large high-quality copper, gold, silver, molybdenum deposit that outcrops at surface and remains open in several directions including to depth. Current JORC compliant Resources contain 2.4Mt (5.3BIb) copper, 2.1Moz gold and 20.6Moz silver (100% basis).  The deposit is held under a Mining Business License for Production Operations "IUP-OP", located in Nagan Raya Regency, Aceh, Indonesia.

Highlights include:

·      BEU0900-06 64.9m at 1.00% Cu, 0.15g/t Au, 0.82g/t Ag and 112ppm Mo (from 7.0m),

·      including 14.9m at 1.17% Cu, 0.16g/t Au, 1.02g/t Ag and 120ppm Mo (from 57.0m)

·      Shallow intersection, with assay results confirming up to 1.6% copper over 2-metre sample intervals at BEP

·      Initial assays confirm that copper mineralisation in this hole at BEP is potentially leachable

·      Metallurgical test work will commence soon

This is the first hole of an extensive programme following up on previously conducted positive drilling which required follow up at BEP.  The first hole at BEP, BEU0900-06 (71.9m End of Hole "EOH") confirms high-grade copper-gold-molybdenum mineralisation near surface, with up to 1.6% copper intersected over 2-metre sample intervals. Mineralisation is hosted by a strongly phyllic altered diorite porphyry, comprising chalcocite, covellite, chalcopyrite and digenite as disseminations and in quartz vein stockworks.  Unfortunately, the hole had to be prematurely ended due to defective drill rods but ended in high-grade copper mineralisation with the final 2.9 metres interval assaying 1.2% copper and 0.18g/t gold and 203ppm molybdenum.

Assay results from the first drill hole indicate copper minerals in the BEP deposit are potentially amenable to heap leaching.  Phase 1 metallurgical test work will be carried out in order to determine the leachability of the copper species in the BEP, with proposed programmes comprising agitated leach and bottle roll tests, followed by column test work if warranted. This test work will provide the Company initial information to evaluate whether the heap leach SX-EW process is a suitable processing route for the BEP deposit.

A second short metallurgical hole was completed from the same collar, to obtain sufficient material for this Phase 1 test work, assays are pending.  The rig then was moved 75 metres north and is now drilling across the orebody to a proposed depth of 675 metres, targeting the area beyond the eastern limits of the current Resource envelope.  This third hole of the 2018 drilling programme is well underway and is currently at 205 metres depth.  A second rig will be mobilised in the coming weeks, PT Indodrill Indonesia ("Indodrill") has been awarded a contract to drill approximately 4,000 metres at Beutong utilising their skid-mounted ID1800 drill rig that is officially rated to 700m PQ, 1200m HQ and 1700m NQ core.

The drill hole location plan map and a table of full assay results are provided in Figures 1 and Table 1 respectively.

Peter Bird, Asiamet's Chief Executive Officer commented:

"We are excited that drill hole BEU0900-06 successfully reaffirmed high-grade near-surface mineralisation, and the first ever sequential assay data confirms soluble copper species within the BEP.  This initial data provides further justification to evaluate if a potential heap leach SX-EW process is the more suitable processing route to evaluate for the BEP deposit in the early stage of operation. 

 

The Company has strategically positioned itself with an attractive pipeline of copper growth projects in a rising copper market, and we expect strong news flow throughout 2018.  We will continue to explore and develop the porphyry and skarn projects at Beutong, including planned metallurgy and geotechnical activities and further extension/evaluation drilling of the known mineralised domains.  The Company also remains on track to complete the BKM bankable feasibility study mid-year, and further develop the BKZ Polymetallic project and other high priority drill targets within the KSK Contract of Work."

 

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: [email protected]asiametresources.com

 

Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: [email protected]asiametresources.com

 

FlowComms Limited

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: [email protected]
 

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Andrew Thomson / Stephen Allen

Telephone: +61 8 9480 2500

Email: [email protected] / [email protected] 

 

Liberum
Neil Elliot, Clayton Bush, Kane Collings                

Telephone: +44 7773 322679

Email: [email protected]

 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: [email protected]

 

 

 

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

 

Copper

(%)

 

Gold

(g/t)

 

Silver

(g/t)

 

Moly

(ppm)

BEU0900-06

7.0

71.9

64.9

1.00

0.15

0.82

112

Including

57

71.9

14.9

1.17

0.16

1.02

120

Notes: Grade intercepts are calculated as a weighted average grade 0.2% Copper (uncut) for the BEP.  True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated. Orientation of the BEP mineralised system is interpreted to have an azimuth of 250-260 degrees and is steeply dipping to the north-northwest.

 

Figure 1: Location map showing Beutong East and West Porphyries, Beutong Skarn and Drill Collars. To view the image, please click on the following link http://asiametresources.com/i/misc/April16-2018-Figure-1-Location-map-Beutong-East-and-West-Porphyries.jpg
 

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.

"digenite"

Digenite is a copper sulfide mineral with formula Cu9S5. Digenite is a black to dark blue opaque mineral.

"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 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).

"g/t"

grams per tonne; equivalent to parts per million ('ppm')

"hematite"

Hematite is the mineral form of iron(III) oxide (Fe2O3), one of several iron oxides.  Magnetite alteration is also typically associate with porphyry copper systems, at or close to the central core.

"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.

"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.

"Induced Polarisation Geophysics"

Induced polarisation (IP) 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.

"lbs"

Pounds (measure of weight)

"Mlbs"

Million pounds (measure of weight)

"magnetite"

Magnetite is main iron ore mineral, with chemical formula Fe3O4. Magnetite is ferromagnetic, and it is attracted to a magnet and can be magnetized to become a permanent magnet itself.

"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.

"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. 

"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.

"porphyry"

Porphyry copper deposits are copper +- gold +- molybdenum orebodies that are formed from hydrothermal fluids that originate from a voluminous magma chamber below the deposit itself.

"Preliminary Economic Assessment"

NI 43-101 defines a PEA as "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
 
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