VANCOUVER, British Columbia, Nov. 16, 2015 (GLOBE NEWSWIRE) -- Asiamet Resources Limited ("ARS" or the "Company") is pleased to announce that initial wide spaced scout drilling at the Beruang Kanan South ("BKS") prospect in Central Kalimantan, Indonesia has intersected shallow high grade copper mineralization. The BKS prospect is approximately one kilometer to the south of the BKM deposit where Asiamet recently reported a substantial increase in N43-101 compliant copper Resources (refer ARS 21 Oct 2015 news release). These results confirm excellent potential to delineate additional copper mineralization close to the BKM deposit.
Holes were targeted on a strong, broad 800 x 900 meter copper in soil anomaly where rock chip samples assaying up to 17.6% Cu were collected, and where previous scout drilling intersected copper mineralization with associated high gold grades including 10.5m @ 0.9% Cu, from 14.5m depth and 3m @ 11.52g/t Au, (including 1.5m @ 21.7g/t Au) from 11.5m depth, in hole KBK28 (refer ARS 13 April 2015 news release).
In total, 4 holes for 278.5 meters were completed in the recent scout drilling program with assay results confirming high grade copper mineralization in two of the four holes drilled. As seen at BKM, strong covellite copper mineralisation occurs near surface with chalcopyrite deeper in the system. Better results include:
BKM30500-01 10.0 meters at 2.52% Cu (from 19.5 meters depth)
§ Including 2 meters at 7.45% Cu (from 19.5 meters)
BKM30500-01 3.0 meters at 1.45% Cu (from 43.5 meters depth)
BKM30500-01 3.5 meters at 1.04% Cu (from 58.5 meters depth)
BKM30625-01 1.0 meters at 3.83% Cu (from 7.5 meters depth)
BKM30625-01 2.0 meters at 0.67% Cu (from 12.5 meters depth)
A drill hole location plan and a table of significant assay results are provided in Figure 1 and Table 1 respectively. An updated list of drill hole details is provided in Table 2.
Scout drilling at BKS has now been completed. Historical data from both the BK area and the wider KSK COW is currently being assessed to delineate additional high potential targets for future drilling.
Tony Manini, Asiamet's Chief Executive Officer, commented:
"With receipt of these highly promising results from wide spaced scout drilling at BKS, Asiamet has met its objectives for the current program. The combination of solid first pass drill results associated with widespread copper in soils and some very high grade copper rock chip results clearly demonstrates excellent potential for adding further tonnages of higher grade copper mineralization close to the BKM deposit. We look forward to providing stakeholders with a strong ongoing news flow as the preliminary economic assessment for BKM gets underway, mining licences for Beutong and Jelai are secured and several corporate initiatives aimed at further building shareholder value are advanced"
Table 1: Recent drill intercepts.
|
HOLE ID |
From |
To |
Length |
Copper (%) |
Cumulative Cu Mineralized Interval |
| BKM30500-01 | 19.5 | 29.5 | 10.0 | 2.52 | 16.5 Meters |
| BKM30500-01 | 43.5 | 46.5 | 3.0 | 1.45 | |
| BKM30500-01 | 58.5 | 62.0 | 3.5 | 1.04 | |
| BKM30625-01 | 7.5 | 8.5 | 1.0 | 3.83 | 3.0 Meters |
| BKM30625-01 | 12.5 | 14.5 | 2.0 | 0.67 | |
| BKM30350-01 | No Significant Assays | ||||
| BKM31150-01 | No Significant Assays | ||||
Notes: Grade intercepts are calculated as a weighted average grade ≥0.3% copper (uncut).
True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated.
Figure 1: Location map highlighting four completed drill holes at BKS
To view Figure 1, click onto the link below or copy and paste into your browser
http://www.fscwire.com/sites/default/files/NR/792/8721_AsiametFig1Nov162015.jpg
Table 2: Updated Drill Hole Details
| Hole ID | Easting | Northing | RL | Depth | Azi | Dip | Status | Assays |
| BKM30350-01 | 769127 | 9930350 | 429.5 | 73.9 | 270 | -60 | Completed | Final Assays Received |
| BKM30500-01 | 769066 | 9930500 | 475.5 | 63.9 | 270 | -60 | Completed | Final Assays Received |
| BKM30625-01 | 768971 | 9930625 | 492.3 | 68.5 | 270 | -60 | Completed | Final Assays Received |
| BKM31150-01 | 769538 | 9931150 | 362.2 | 72.2 | 270 | -60 | Completed | Final Assays Received |
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
Tony Manini, Deputy Chairman and CEO
For further information please contact:
-Ends-
Tony Manini
Deputy Chairman and CEO, Asiamet Resources LimitedTelephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi/ Mehrdad Yousefi
Telephone: +44 (0) 7704 974784
Email: Sasha@flowcomms.com / Mehrdad@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized 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.