Systematic mapping and rock chip sampling was recently completed by Asiamet Resources Limited
(“Asiamet” or the “Company”) in the northern part of the Beruang Kanan West (“BKW”) prospect in Central Kalimantan, Indonesia. BKW is located approximately 1km west of Asiamet’s core Beruang Kanan Main (“BKM”) Copper Project where bankable feasibility studies are well advanced. Results received to date at BKW confirm a copper in soil anomaly in the northern part of BKW is associated with a zone of quartz-chalcocite-bornite veins hosted in a polymict breccia (Figure 1). Highlights from this recent work include:
- A rock grab sample collected from a 30-cm wide quartz -sulphide vein cutting sericite altered breccia assayed 26.1% Copper and 57.1g/t Silver
- Approximately 200m west is a sericite altered breccia cut by quartz-bornite-chalcocite-pyrite veins, with individual rock chip grab samples assaying up to 4.1% Copper.
Discovery of these copper sulphide bearing outcrops within a zone of mineralised quartz veins covers 600m x 150m in the northern part of BKW and overlaps with a small portion of the broad copper in soil anomaly delineated at BKW. There were 147 rock chip grab samples collected and a summary of the significant assays from this program are detailed in Table 1. The true width and thickness of the high-grade copper mineralisation has not yet been determined and follow up mapping and sampling will be undertaken. The location and style of the BKW mineralisation is similar to that identified at BKM and represents a priority target for drill testing. The mapping area is shown on the project location map in (Figure 2).
Asiamet geologists will soon commence mapping and sampling the largest and strongest copper in soil anomaly at BKW measuring 1.7km x 1km, with the goal of defining near surface copper mineralisation for immediate drill testing.
Peter Bird, Asiamet’s Chief Executive Officer Commented
“Over the past three years the team at Asiamet have rapidly advanced a new copper discovery at BKM from early exploration through to feasibility stage. Looking forward we are now focused on completing the feasibility study with the objective of then moving this asset through to the development phase.
"As previously highlighted, the BKM discovery is not an isolated occurrence but rather the first prospect with defined Resources within a large, approximately 15sqkm area, of anomalous copper mineralisation in rocks and soils. These recent results from the northern part of BKW coupled with the fact that the mineralisation is similar in style to BKM highlights the significant potential for the discovery of additional copper mineralisation that exists in the greater BK area.
"This area and any others generated from ongoing mapping and sampling at BKW and Beruang Kanan South ('BKS') represent high priority drill targets for testing over the coming months. Any targets with potential to add mine life and enhance the already attractive economics (outlined in the PEA) of BKM will be rapidly advanced in order to achieve initial Resource status. We look forward to reporting the results of this exciting exploration work over the coming months.”
Table 1: Rock chip grab sample results from northern BKW surface sampling program
Interval Rock Sample
Location Sample Type No Cu (ppm) Ag (ppm) Pb (ppm) Zn (ppm)
BKM-NW Grab Outcrop 111107 20 0.60 797 2670
BKM-NW Grab Outcrop 111108 66 <0.5 31 4250
BKM-NW Grab Outcrop 111112 90 1.00 237 1450
BKM-NW Grab Outcrop 111123 32 9.40 3260 327
BKM-NW Grab Outcrop 111127 702 0.70 1580 863
BKM-NW Grab Outcrop 111149 8160 10.80 30 6070
BKW Grab Outcrop 111165 214 <0.5 386 1550
BKW Grab Outcrop 111169 193 1.10 156 1860
BKW Grab Outcrop 111175 70 0.70 394 1110
BKW Grab Outcrop 111177 48 0.70 344 5890
BKW Grab Outcrop 111181 2150 5.10 194 1120
BKW Grab Outcrop 111184 2140 2.20 174 58
BKW Grab Outcrop 111194 1390 <0.5 260 795
BKW Grab Outcrop 111224 63 <0.5 1440 3210
BKW Grab Outcrop 111231 40700 17.30 55 181
BKW Grab Outcrop 111232 13700 6.70 129 77
BKW Grab Outcrop 111233 1480 1.50 46 67
BKW Grab Outcrop 111238 261000 56.60 88 2220
BKW Grab Outcrop 111239 23800 7.00 41 191
BKW Grab Outcrop 111240 78 <0.5 178 1310
BKW Grab Outcrop 111246 276 <0.5 746 1440
BKW Grab Outcrop 111268 143 1.20 1690 674
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
Deputy Chairman and CEO
For further information, please contact:
Peter Bird, Deputy Chairman and CEO
Asiamet Resources Limited
Telephone: +61 3 8644 1300
Tony Manini, Executive Chairman
Asiamet Resources Limited
Telephone: +61 3 8644 1300
Telephone: +44 (0) 7891 677 441
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
Telephone: +44 20 3137 1903
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.
Figure 1: Rock chip grab samples from northern part of BKW assayed 26.1% Cu (Left) and 4.1% Cu (Right).
Figure 2: Location map showing Cu in Soils in the BK District. Coincident Cu in soil and rock chip anomalies occur at both BKW prospect and BKM copper deposit, with similar styles of copper mineralisation in both areas.