18th Oct 2018 13:35
LONDON (Alliance News) - Asiamet Resources Ltd said Thursday it has intersected "broad copper intervals" at its Beutong porphyry project but will require further "limited" drilling at its Beruang Kanan project to complete a bankable feasibility study.
The miner reported assay results from hole BEU1450-01 at its 80%-owned Beuton project's west porphyry in Indonesia showing 596.6 metres at 0.5% copper equivalent from 153.4 metres.
Asiamet said "extensive" oxide gold mineralisation was also intersected, including 136.0 metres at 0.5 grams per ton gold from 2.0 metres.
The miner said its 2018 drill program at the project has proven "highly successful", which has increased the company's confidence of increasing the Beutong resource model. Asiamet also has identified targets with potential to "significantly" expand the size of the current deposit.
"The 2018 drilling program at Beutong has consistently met or exceeded expectations and provided greatly improved definition across the Beutong East and Beutong West porphyry deposits. The two systems remain open in multiple directions with recent drilling suggesting they may coalesce at depth," said Peter Bird, chief executive officer.
At the miner's 100%-owned Beruang Kanan copper project, also in Indonesia, it has decided to drill further in the pit area to "better assess geological and geotechnical components".
The drilling will allow Asiamet to evaluate additional resource tonnages, currently classified as inferred resources.
Bird said: "The company has given extensive consideration to the delivered study inputs and the impact of undertaking additional work at this late stage in the feasibility study; however the opportunity to capture substantial additional value while further de-risking the project is considered to potentially have material positive impacts on project financing outcomes."
The additional infill drilling, data assessment and rework of the mine design is expected to take four to six months. Asiamet believe it will "significantly" enhance the project's economics.
Shares in Asiamet Resources were down 16% at 8.33 pence each.
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