26th Nov 2019 11:46
(Alliance News) - Asiamet Resources Ltd outlined on Tuesday a new exploration programme at the BKM copper project on Kalimantan, Indonesia.
Melbourne-based Asiamet has recently been focused on delivering a feasibility study for BKM, which was released in June, showing a 51.5 million tonne resource containing 303,000 tonnes of copper, proven and probable.
The company now has other targets which it believes could extend the life of mine beyond the initial nine years and also add further copper to the resource.
The first target if the 'Link Zone', Asiamet said, targeting the BKZ massive sulphide, which Asiamet believes could be part of the same system as existing BKM resources.
Another target is BK West, some 800 metres to the west-north-west of BKM. Asiamet said the area has copper sulphides which remain untested.
It is also target the 'Root Zone', extending BKM at depth, as well as the near-surface oxide potential at BK South, which is one kilometre south of the BKM resource. Historic drilling found grades as high as 2.15% copper.
Asiamet said it has lodged all required documentation to get permits for the drilling work, and hopes to begin moving drilling equipment in the next few weeks.
Chief Executive Peter Bird said: "Our technical team has defined an exploration programme to systematically explore the area surrounding our current resources at the BKM copper project. We are currently waiting receipt of the exploration permit and once received, we anticipate drilling these four targets areas located in close proximity to the existing resources at BKM this year.
"Our previous exploration work suggest there are a number of walk-up targets in the area, a number of which are oxide dominant which allows for processing via heap-leach and solvent extraction electro winning."
"Any discoveries that are defined proximal to the current BKM resource have a commercial advantage when compared with more regional discoveries as they can leverage off proposed infrastructure, logistics and technical expertise that will be already established around the BKM mine," Bird added.
Asiamet shares were 3.6% lower on Tuesday in London at a price of 2.70 pence each.
By George Collard; [email protected]
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