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Tuesday, 19 September 2017

Asiamet Commences Drilling High Potential BK District Targets

     

Published: 08:00 CEST 19-09-2017 /GlobeNewswire /Source: Asiamet Resources Limited / : ARS /ISIN: BM04521V1038

Asiamet Commences Drilling High Potential BK District Targets

VANCOUVER, British Columbia, Sept. 19, 2017 (GLOBE NEWSWIRE) -- Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise that drilling has commenced testing the multiple high potential targets identified in the BK District.

Initial drilling is underway on the readily accessible BKZ prospect, a stand-alone high value polymetallic target, located less than 800 meters north of the Company's feasibility stage BKM Copper deposit.  A total five holes are planned and first assays are expected by end September. BKZ is the first of multiple copper and polymetallic Zn-Pb-Cu-Ag-Au targets to be drill tested over the coming months as feasibility studies are being completed at BKM. Access into drill targets at BKW and BKS is currently being prepared.

BK DISTRICT TARGETS

Priority drill targets in the BK district have been generated using a combination of geological mapping, rock/soil geochemical sampling and Induced Polarisation ("IP") geophysics. Drilling at BKM in the past 2-3 years has clearly shown mineralisation is commonly associated with highly elevated copper in soil geochemistry co-incident with a well-defined near surface IP geophysics (chargeability) response. IP geophysics highlights mineralisation at BKM and identifies nearby targets for drilling at BKW (Figure 1), BKS and proximal to BKM. Unfortunately, the historical IP geophysical data does not cover the main copper in soil anomaly at BKW, however the last section line clearly shows a strong chargeability anomaly developing and provides confidence that further copper mineralisation could be encountered when drilling commences in the core of the BKW area.

Figure 1: BKW vs. BKM IP Chargeability anomalies in section view, which show a similar style signature.
To view the graphic, please click 
here

BK DISTRICT RECENT MAPPING AND SAMPLING UPDATE

The Company recently completed mapping and sampling south of the proposed BKM open pit, as defined in the Preliminary Economic Assessment ("PEA"), to follow up a significant area of copper, zinc, lead, silver and gold mineralisation hosted in in sub-horizontal zones of massive sulphides (polymetallic) and a broad zone quartz stockwork veining (copper).

Sampling was conducted in the vicinity of two previous drill hole locations.  The first was BK52-01(300.0m End of Hole "EOH") which reported 14.9m @ 0.42% Zn and 0.14% Pb from 9m and 21m @ 0.23% copper from 87.2m (drilled in 2013) and where a rock chip sample collected from a large boulder nearby assayed 35.6% Zinc, 26.2% Lead, 2.94% Copper, 1.0g/t Gold and 3440g/t Silver (refer ARS Press Releases June 9, 2017).  Recently conducted mapping and sampling confirm:

  • Anomalous base and polymetallic mineralisation over an area measuring 350m by 200m.

  • High grade polymetallic mineralisation with individual 1m rock channel intervals assaying up to 1.12g/t Au, 254g/t Ag, 0.63% Cu, 4.53% Pb and 9.78% Zn.

  • Polymetallic mineralisation in this area displays similar characteristics to the BKZ polymetallic mineralisation and represents an attractive target located adjacent to the proposed BKM mine.

A second area of focus was in the vicinity of drill hole BK-12 (109.1m EOH), which intersected 48m @ 0.21% copper from 1.1m depth (drilled in 2011) and included 3m @ 2.25% Cu from 43.6m depth.  Geologists recently collected rock chip grab and rock chip channel samples from altered and mineralised outcrops and confirmed:

  • Anomalous base and polymetallic mineralisation over an area measuring 300m by 200m.

  • Chalcocite, covellite and chalcopyrite mineralisation occurs in quartz stockwork veins cutting brecciated volcanic rocks and siliciclastics, with individual grab samples yielding up to 0.98% Cu.  Two zones of continuous mineralisation in rock channel samples assayed 16m @ 0.60% Cu (including 2m @ 2.91% Cu).

  • Copper mineralisation in and around BK12 shows similar characteristics to the mineralisation in the southern part of the BKM deposit, and will be drill tested as part of the company's upcoming sterlilisation drilling for potential mine infrastructure.

These areas are shown on the project location map in Figure 2 and recent rock chip grab and channel sample assay results are summarised below in Table 1. Figure 3 shows polymetallic (left) and copper (right) mineralisation collected in the two areas noted above.

Table 1: Significant rock chip grab and channel sample results from recent mapping and sampling

Area

Style

Type

From

To

Length

Au
(g/t)

Ag
(g/t)

Cu 
(%)

Pb
(%)

Zn
(%)

BK52

Polymetallic

Channel

0

1

1

1.12

254

0.63

4.53

9.78

BK52

Polymetallic

Channel

0

3

3

0.21

39

0.73

0.06

1.23

BK52

Polymetallic

Channel

6

12

6

0.19

34

0.32

0.26

0.80

BK52

Polymetallic

Grab

 

 

 

0.17

13

0.04

0.71

1.71

BK-12

Copper

Channel

0

16

16

NSA

5

0.60

NSA

NSA

BK-12

Copper

Channel

Including

2

NSA

26

2.91

NSA

1.25

BK-12

Copper

Channel

0

6

6

NSA

NSA

0.22

NSA

NSA

Notes: Grade intercepts are calculated as a weighted average grade (uncut).  NSA-No Significant Assay
True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated.

Peter Bird, Asiamet's Chief Executive Officer commented:

Having recently returned from a visit to the BKM Project site I can reaffirm that the potential for additional copper and polymetallic mineralisation within the KSK Contract of Work appears exceptional. As illustrated in Figure 3 of this release there are multiple occurrences of outcropping high grade mineralisation located outside of the current defined Resource envelope. The operational team is moving quickly to test the grade and continuity of the copper mineralisation, which if successful could have an immediate positive impact on what are already favourable economics as defined in the PEA.

With the recent capital raise being very well subscribed our corporate focus is clear. Advance the BKM Feasibility study to completion, simultaneously evaluate adjacent prospects with the potential to enhance the BKM PEA defined base case project, and continue to expand and assess the major Beutong Porphyry Cu-Au Project located in Sumatra. 

As a result of our consistent strategy over the past three years Asiamet has established an enviable pipeline of advanced copper and high grade polymetallic (Zn-Pb-Cu-Ag-Au) exploration and development assets which are increasingly attracting broader market attention, as evidenced by the recent substantial investment in our Company by JP Morgan Asset Management. With a backdrop of rising gold and base metals prices and elevated project/exploration momentum the level of interest in Asiamet and its projects is rising strongly. We look forward to keeping all stakeholders updated as we simultaneously advance the BKM BFS and daylight the inherent value of our project pipeline through ongoing exploration and various corporate initiatives.

Qualified Person

Data disclosed in this press release have been reviewed and verified by ARS's qualified person, Stephen Hughes, P. Geo, Vice President Exploration of the Company and a Qualified Person within the meaning of NI 43-101 and for the purposes of the AIM Rules.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bird, Deputy Chairman and CEO

For further information, please contact: 

Peter Bird

Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: 
peter.bird@asiametresources.com

Tony Manini

Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: 
tony.manini@asiametresources.com

FlowComms Limited

Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: 
Sasha@flowcomms.com

Asiamet Resources Nominated Adviser

RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: 
Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com 

Optiva Securities Limited

Christian Dennis 
Telephone: +44 20 3137 1903
Email: 
Christian.Dennis@optivasecurities.com

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements.   Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices.  There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.  Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Figure 2: Location map showing copper in soil geochemistry over the Beruang Kanan project area, and the four main prospects BKM, BKW, BKS and BKZ.  The A-B section line through BKW - BKM shows the correlation with the IP geophysics chargeability anomalies shown in Figure 1
To view the graphic, please click 
here

Figure 3: Location map showing zinc in soil geochemistry over the Beruang Kanan project area, and the four main prospects BKM, BKW, BKS and BKZ.  The A-B section line through BKW - BKM shows the correlation with the IP geophysics chargeability anomalies shown in Figure 1
To view the graphic, please click 
here

Figure 4: (Left) BK52 area, massive sulphide Galena-Sphalerite mineralisation.  (Right) BK12 area, quartz chalcocite-covellite stockwork veins in outcrop
To view the graphic, please click 
here

Glossary of Technical Terms

"g/t"

grams per tonne; equivalent to parts per million ('ppm').

"Mineral Resource"

A "Mineral Resource" is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

"Inferred Resource"

An "Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

"Indicated Resource"

An "Indicated Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

"Measured Resource"

A "Measured Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

"CIM"

The reporting standard adopted for the reporting of the Mineral Resources is that defined by the terms and definitions given in the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral resources and Mineral Reserves (December 2005) as required by NI 43-101. The CIM Code is an internationally recognised reporting code as defined by the Combined Reserves International Reporting Standards Committee

"Preliminary Economic Assessment"

NI 43-101 defines a PEA as "a study, other than a pre-feasibility study or feasibility study, which includes an economic analysis of the potential viability of mineral resources"

"Induced Polarisation Geophysics"

Induced polarisation (IP) is a geophysical survey used to identify the electrical chargeability of subsurface materials, such as sulphides. The survey involves an electric current that is transmitted into the subsurface through two electrodes, and voltage is monitored through two other electrodes.

"Chargeability"

Chargeability is a physical property related to conductivity. Chargeability is used to characterise the formation and strength of the induced polarisation within a rock, under the influence of an electric field, suggesting sulphide mineralisation at depth

"outcrop"

A section of a rock formation or mineral vein that appears at the surface of the earth.  Geologists take direct observations and samples from outcrops, used in geologic analysis and creating geologic maps. In situ (in place) measurements are critical for proper analysis of the geology and mineralisation of the area under investigation.

"polymetallic"

three or more metals that may occur in magmatic, volcanogenic, or hydrothermal environments; common base and precious metals include copper, lead, zinc, silver and gold

"anomaly or anomalous"

something in mineral exploration that geologists interpret as deviating from what is standard, normal, or expected.

"mineralisation"

In geology, mineralisation is the deposition of economically important metals (copper, gold, lead, zin etc) that in some cases can be in sufficient quantity to form mineral ore bodies. 

"covellite"

Covellite is a copper sulfide mineral with the formula CuS. This indigo blue mineral is ubiquitous in some copper ores

"chalcocite"

Chalcocite is a copper sulfide mineral with the formula Cu2S, and is an important copper ore mineral. It is opaque and dark-gray to black with a metallic luster.

"bornite"

Bornite, also known as peacock ore, is a copper sulfide mineral with the formula Cu5FeS4

"chalcopyrite"

Chalcopyrite is a copper sulfide mineral with formula CuFeS2. It has a brassy to golden yellow color

"galena"

Galena is the natural mineral form of lead (II) sulfide, with formula PbS. It is the most important ore of lead and an important source of silver.  It has a silver color

"sphalerite"

Sphalerite is a zinc sulfide in crystalline form but almost always contains variable iron, with formula (Zn,Fe)S. It can have a yellowish to honey brown or black color

"hypogene"

Hypogene ore processes occur deep below the earth's surface, and form deposits of primary minerals, such as chalcopyrite and bornite. 

"supergene"

Supergene ore processes occur near surface, and form deposits of secondary minerals, such as malachite, azurite, chalcocite, covellite, digenite, etc. 

"breccia"

Breccia is a rock classification, comprises millimeter to meter-scale rock fragments cemented together in a matrix, there are many subclassifications of breccias.

"veins"

A vein is a sheet-like or anastomosing fracture that has been infilled with mineral ore (chalcopyrite, covellite etc) or mineral gangue (quartz, calcite etc) material, within a rock. Veins form when minerals carried by an aqueous solution within the rock mass are deposited through precipitation and infill or coat the fracture faces.

"volcanics"

Volcanic rock such as andesite or basalt that is formed from magma erupted from a volcano, or hot clastic material that erupts from a volcano and is deposited as volcaniclastic or pyroclastics

"sediments"

Sedimentary rocks formed by the accumulation of sediments. There are three types, Clastic, Chemical and Organic sedimentary rocks

"surface rock chip samples"

Rock chip samples approximately 2kg in size that are typically collected from surface outcrops exposed along rivers and mountain ridgelines

"azimuth"

the "compass direction" refers to a geographic bearing or azimuth as measured by a magnetic compass, in true or magnetic north

"diamond drilling"

A drilling method in which penetration is achieved through abrasive cutting by rotation of a diamond encrusted drill bit. This drilling method enables collection of tubes of intact rock (core) and when successful gives the best possible quality samples for description, sampling and analysis of an ore body or mineralised structure.

 

"grade"

The proportion of a mineral within a rock or other material. For copper mineralisation this is usually reported as % of copper per tonne of rock (g/t)


"assay"

The laboratory test conducted to determine the proportion of a mineral within a rock or other material. For copper, usually reported as percentage which is equivalent to percentage of the mineral (i.e. copper) per tonne of rock

"sequential assays"

Sequential copper analysis is a technique to semi-quantitatively define the zonations associated with some copper deposits. The method is based on the partial dissolution behavior displayed by the prevalent copper minerals to solutions containing sulfuric acid and sodium cyanide. Results from sequential analyses can theoretically determine the amounts of leachable oxide minerals, leachable secondary sulfide minerals, and primary copper minerals, respectively.

"dip"

A line directed down the steepest axis of a planar structure including a planar ore body or zone of mineralisation. The dip has a measurable direction and inclination from horizontal

"open pit mining"

A method of extracting minerals from the earth by excavating downwards from the surface such that the ore is extracted in the open air (as opposed to underground mining)

"intercept"

Refers to a sample or sequence of samples taken across the entire width or an ore body or mineralised zone. The intercept is described by the entire thickness and the average grade of mineralisation

"grab sample"

are samples of rock material collected from a small area, often just a few pieces or even a single piece of rock "grabbed" from a face, dump or outcrop or roughly 2-5kg. These are common types of rock samples collected when conducting mineral exploration. The sample usually consists of material that is taken to be representative of a specific type of rock or mineralisation.

"channel sample"

Samples collected across a mineralised rock exposure. The channel is typically orientated such that samples are collected perpendicular to the mineralised structure, if possible

"lbs"

Pounds (measure of weight)

"Mlbs"

Million pounds (measure of weight)

 





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Asiamet Resources Limited, 15782 Marine Dr Unit 1, WHITE ROCK, BRITISH COLUMBIA V4B 1E6, CANADA
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