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Asiamet Resources shares rise as it kicks off new drill programme at Beutong copper-gold project

"Asiamet is very pleased to advise the commencement of drilling on its large-scale Beutong porphyry copper-gold project,” said chief executive Peter Bird

Asiamet shares gained 6.5%

Asiamet Resources Ltd (LON:ARS) shares advanced 6.5% as it kicked off a new drill programme at the Beutong copper-gold project in Indonesia.

The explorer has a 40% stake in the project, though it is in the process of increasing that to 80%, and the new programme aims to test the deposit at depth as well as investigate potential extensions to the deposit.

READ: Liberum calls Asiamet Resources the "best kept secret in copper" as it starts with 'buy'

Additionally, the company highlighted that metallurgical test work will assess the potential for a large-scale heap leach operation.

"Asiamet is very pleased to advise the commencement of drilling on its large-scale Beutong porphyry copper-gold project,” said Peter Bird, Asiamet chief executive.

“We have been looking forward to the opportunity to daylight the intrinsic value of this asset since it was acquired in 2015 and having recently secured long-term tenure we are now well placed to re-activate drilling and development activities at a time when copper prices are rising and advanced, large scale projects with excellent nearby infrastructure are scarce. “

Bird added: “As the scale and grade of the Beutong deposit becomes more widely recognised we would expect to see a significantly enhanced level of interest in the Company and its activities.

“We look forward to reporting the results of the drilling and metallurgical programmes at Beutong, along with results from Feasibility studies at BKM and further exploration at BKZ and other prospects in the BK district."

In a separate statement, Asiamet also announced the appointment of Liberum Capital as its corporate broker.

The group said "Liberum will work in conjunction with the Company's existing broker Optiva Securities and other key advisors in respect of various ongoing projects the company is undertaking as part of a definitive value driven strategy."

In lunchtime trading, Asiamet shares were up 9.9% at 12.25p.

 -- Adds news on new corporate broker; updates share price --

Quick facts: Asiamet Resources

Price: 1.075 GBX

Market: AIM
Market Cap: £9.97 m

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Asiamet Resources confident of resource boost at 'big beast' Beutong

Peter Bird, chief executive of Asiamet Resources Limited (LON:ARS), tells Proactive's Andrew Scott they've seen further 'excellent' results from the current infill and extension drilling program being undertaken at the company's 80%-owned Beutong copper project in Indonesia. Bird says...

on 8/8/18

2 min read