Asiamet Resources Ltd. Review Highlights Exploration Upside Around BKM

23.02.2017  |  FSCwire

White Rock - Asiamet Resources Ltd. ("ARS" or the “Company”) is pleased to announce the results of a comprehensive review of all historical exploration data collected within a 3 kilometer radius of the BKM deposit in Central Kalimantan, Indonesia where the Company is currently advancing feasibility studies for the development of a 25,000 tpa SX-EW copper mine.

The review assessed the base and precious metal potential at each of the Beruang Kanan West (BKW), Beruang Kanan South (BKS) and BKZ Polymetallic Prospects (BKZ). Significant copper, zinc and associated base and precious metal mineralization warranting near term drill testing is present on each of the key prospect areas. These prospects are shown on the project location map in Figure 1 and historic results for each prospect area are summarized below.

BKS Copper Prospect

• A well-defined high tenor copper in soil anomaly measuring 800m x 600m is located less than 1km south of BKM and is coincident with copper mineralized sheeted veins and a strong near surface IP geophysical anomaly of similar intensity to the near surface signature at BKM.

• Historic rock chip sampling reported highly anomalous gold, silver and copper values, including a rock chip outcrop sample assaying 12.3% Cu, 18.2g/t Au and 41g/t Ag 

• Scout hole KBK-028 (151.3m EOH) drilled in 2007 reported:

•  26.5m @ 0.43% Cu from 2.5m, (including 10.5m @ 0.88% Cu from 14.5m) 

This hole also intersected near surface high grade gold mineralization as follows:

•   3m @ 11.5g/t Au from 11.5m, (including 1.5m @ 21.8g/t Au from 11.5m)

• Three scout holes were drilled in 2015 totaling 194.8 meters. The first drill hole BKM30350-01 intersected a barren dyke and was not assayed.  Drill holes BKM30500-01 and BKM30625-01 locally intersected moderate to strong copper mineralization, including:

º  BKM30500-01

•  10.0m @ 2.52% Cu from 19.5m depth

•  Includes 2m @ 7.45% Cu from 19.5m depth

•  3.0m @ 1.45% Cu from 43.5m depth

•  3.5m @ 1.04% Cu from 58.5m depth

º  BKM30625-01

•  1.0m @ 3.83% Cu from 7.5m depth

•  2.0m @ 0.67% Cu from 12.5m depth

BKW Copper Prospect

• Multiple copper mineralized sheeted vein zones with wide spread alteration similar to BKM are observed within a 2.5 sqkm area, including exposures along the BKM access road. Three well defined copper in soil anomalies occur coincident with these sheeted vein zones, the largest measuring 1.7km x 1km. 

• Copper in soil anomalies are coincident with chargeability anomalies identified in IP geophysical surveys.  The most prominent chargeability anomaly which replicates the BKM signature is greater than 1 km in strike length.

• Historic rock chip sampling of these sheeted vein zones yielded highly anomalous copper values, with individual rock chip samples assaying up to 7.1% Cu. 

• No previous drilling on two anomalies noted above, and only one hole drilled off the margin of a third extensive (1.7km by 1km) copper in soil anomaly.  

BKZ Polymetallic Prospect

• Located less than 800m north of BKM a well-defined zinc-lead-copper in soil anomaly measuring 400m by 200m occurs coincident with massive sulphide-bearing outcrops.

• Massive base metal sulphide-bearing outcrops are exposed along the main creek with rock channel sampling returning exceptional high grade polymetallic results including 11.5 meters @ 16.50% Zn, 6.16% Pb, 0.48% Cu, 0.55g/t Au and 106g/t Ag. 

• A total of 12 line kilometers of IP and ground magnetic geophysical surveys were completed and six scout holes were drilled in 1999 totaling 871 meters. Three holes (BKZ-1,2 and 3) tested the coincident soil/rock geochemistry and IP chargeability anomaly. 

• Mineralization occurs within a zone of pervasive alteration, containing barite, carbonate and gypsum after anhydrite. True thickness is estimated at 50 meters, and mineralized outcrops indicate at least 100m of strike extent.  Significant drill intercepts are summarized in Table 1.

Table 1: Historic significant drill intercepts at BKZ Prospect

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

The BKW and BKS prospects display similar characteristics to the BKM deposit and represent potentially highly attractive resource expansion targets immediately adjacent to the proposed BKM mine. The BKZ prospect represents a potential stand-alone high value polymetallic target.

An initial scout drill program is proposed for each area in Q2-Q3, 2017 to confirm the width and continuity of the mineralization. Any potentially economic areas will be fast tracked to resource delineation drilling as this may have a material impact on mine life and development planning for the BKM project.

Stephen Hughes, Asiamet’s Vice President - Exploration commented:

“Asiamet has always been very excited by the substantial exploration potential in the wider BK area however it has been critical for the Company to focus its efforts on progressing the development of the BKM deposit over the past two years. As the feasibility study on BKM is now in full swing and advancing to plan we have taken the opportunity to re-assess and prioritize those targets with the potential to materially impact the BKM mine life and development schedule. With elevated base and precious metals extending over more than five square kilometers in the soils and high grade mineralization reporting from a number of discrete zones associated with favorable geology we are looking forward to more fully testing these targets and demonstrating the wider Resource potential of the BK area”.  

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 Ltd.
Telephone: +61 3 8644 1300
Email: peter.bird@asiametresources.com

Tony Manini

Executive Chairman, 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
 

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

To view the graphic in its original size, please click here

Figure 1: Location map showing Beruang Kanan project area, and the four main prospects BKM, BKW, BKS and BKZ

To view the graphic in its original size, please click here                   To view the graphic in its original size, please click here

Figure 2: (Left) Massive sulphide Galena-Sphalerite mineralization.  (Right) Galena-Sphalerite mineralization in quartz