Shares in Asiamet Resources Limited (LON:ARS, CVE:ARS) opened higher in London trading on the back of some encouraging drilling results.
Resource infill and extension drilling being completed as part of feasibility studies on the Beruang Kanan Main (BKM) copper deposit in Central Kalimantan, Indonesia continues to substantially de-risk the resource that underpins the project.
The dual-listed mining project developer said a total of 93 holes have now been drilled, while three more holes are currently being drilled.
The company intends to drill a further 25 holes as it works towards an updated resource estimate.
Asiamet said the drilling campaign confirms “excellent continuity” of high-grade copper mineralisation at the BK044 zone.
New copper mineralisation has been intersected outside of the current BKM resource envelope, indicating potential for further extensions to the resource.
“Drilling within the BKM resource envelope, and particularly the high grade BK044 zone, has delivered further excellent results,” said Peter Bird, Asiamet's chief executive.
“The goal of the campaign is to upgrade and expand the Mineral Resources at the BKM deposit and we are very pleased with the geometry of the mineralization and both the lateral and vertical continuity,” Bird added.
“Several additional strategic and high value targets outside of the current resource envelope are also being targeted for drill testing,” Bird said.
Shares in Asiamet were up 3.6% at 4.32p in the first 15 minutes of trading, having hit 4.4p at one point.