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Encouraging progress at BKM sends Asiamet shares surging

A further 8,000 metres of drilling over 90 holes is planned.

Drilling rig
BKM is an outstanding copper development opportunity, CEO Tony Manini believes

Asiamet Resources Limited (LON:ARS, CVE:ARS) declared itself pleased with the resource infill and extension drilling at the Beruang Kanan Main copper deposit in Central Kalimantan.

The Indonesia-focused copper project developer said drilling continues to intersect shallow high grade copper mineralisation within the BK058 zone. 

In all, 30 holes of diamond core drilling have now been completed, while three holes are currently in progress.

The company released results of the drilling of four holes (BKM31750-10, BKM31800-05, BKM31800-06 and BKM31700-05), highlights of which are reported below.

  • BKM31750-10: intercepted 5.2 metres at 1.08% copper (Cu), including 2.2 metres at 2.18% Cu and 23 metres at 1.24%
  • BKM31800-05: intercepted 29.0 metres at 1.17% Cu, including 7.0 metres at 2.92% Cu
  • BKM31800-06: intercepted 7.0 metres at 0.24% Cu
  • BKM31700-05: intercepted 20.1 metres at 0.68% Cu and three metres at 0.45% Cu

"Asiamet is very pleased with the progress being made on the feasibility study to date. All the longer lead time studies are underway and all resource definition drilling completed in the higher grade BK058 zone thus far has intersected strong near surface copper mineralization with excellent continuity and thickness,” revealed Tony Manini, Asiamet’s chief executive officer.

“These discrete easily accessible higher grade zones with potential for lower strip ratio mining and lower operating costs early in the project life continue to confirm BKM as an outstanding copper development opportunity,” he added.

The shares rose 8.5% to 2.74p on the news.

Quick facts: Asiamet Resources

Price: 4.15 GBX

AIM:ARS
Market: AIM
Market Cap: £61.18 m
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