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Asiamet hails continuation of grade at Beruang Kanan Main

33 holes have now been completed and three holes are currently in progress

Drill
Assay results confirm the high grades within the BK058 zone and the continuity of the mineralisation intersected in BKM31750-02.

Asiamet Resources Limited (LON:ARS, CVE:ARS) continues to be encouraged by the results of in-fill drilling at its Beruang Kanan Main copper deposit in Central Kalimantan, Indonesia.

Delineation drilling at the BK058 zone continues to confirm the thickness and continuity of near surface higher grade copper mineralisation and it is anticipated that the latest results will further reduce the already low strip ratio of the potential open pit in the southern part of the BKM deposit, Asiamet said.

In all, 3,400 metres of drilling has been completed over 33 holes, while drilling is in progress on a further three holes. A further 7,700 metres of drilling is planned over 87 holes.

The company shared with investors the results from five holes, one of which was drilled at the far north end of the Beruang Kanan Main (BKM) deposit, while the others were drilled in the southern part of the BKM deposit.

Highlights include:

  • Hole BKM31775-01: 31.0 metres at 1.57% Cu (copper) and 13.0 metres at 1.16% Cu
  • BKM31755-00: 16.0 metres at 0.58% Cu
  • BKM31700-06: 19.0 metres at 0.81% Cu
  • BKM31700-07: 31.0 metres at 0.60% Cu
  • BKM32705-01: 36.1 metres at 0.64% Cu

"Resource evaluation drilling at BKM continues to meet or exceed our expectations,” declared Tony Manini, Asiamet’s chief executive officer.

“The grade and continuity of mineralisation appears to be very consistent and we are seeing higher grade mineralisation shallower than anticipated within the BK058 zone. A lower strip ratio zone like BK058, coupled with higher grades has the potential to lower operating costs early in the mine life and further enhance the already strong economics of the BKM project as outlined in the preliminary economic assessment,” he added.

“The feasibility study on BKM is ramping up with mine engineering and infrastructure studies about to commence in addition to the Resource drilling, metallurgy, geo-technical and environmental studies currently in progress. We anticipate a strong news flow over the coming months and look forward to progressively updating all stakeholders as the study activity ramps up and corporate initiatives are advanced towards key milestones," Manini said.

“ARS continues to report positive results from its current drilling programme supporting the potential for a low cost copper mine. We await further results in the near term, which we expect to further confirm our positive view,” said Oliver O’Donnell, a metals & mining analyst at VSA Capital Research.

O’Donnell says the shares are a speculative buy and has placed a 12-month target price on them of 6.2p. The shares currently trade at 2.4p, unchanged on the day.

--- adds broker comment and share price ---

Quick facts: Asiamet Resources

Price: 4.15 GBX

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