29th Aug 2018 13:30
LONDON (Alliance News) - Asiamet Resources Ltd said Wednesday it has intersected copper mineralisation beyond its previous expectations at its Beutong West porphyry mine in Indonesia.
The mining company has been conducting drill tests for easterly extensions of Beutong West and detected that strong mineralization remains open to a depth of at least 750 metres at 1.0% copper equivalent based on its BEU1350-02 drill hole.
Furthermore, Asiamet said the strong presence of molybdenum mineralisation in the deeper parts of BEU1350-02 highlight the potential for the copper core to join both the company's Beutong East and Beutong West projects at depth.
"This latest drill result highlights the potential for significant further upside to the Beutong deposits and confirms our thoughts that the Beutong East Porphyry and Beutong West Porphyry may coalesce at depth," said Asiamet Chief Executive Peter Bird.
"Our 2018 drilling program continues to extend mineralisation well beyond the current resource envelope and a significant uplift in the overall deposit tonnage is expected as further rounds of drilling and resource modelling and estimation are completed," Bird added.
Shares in Asiamet were up 3.4% at 9.15 pence on Wednesday.
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