Asiamet Resources Limited ("ARS" or the "Company") has filed a NI 43-101 compliant technical report supporting the independently estimated updated mineral resource for the Beruang Kanan Main ("BKM") deposit within the Company's 100% owned KSK Contract of Work in Kalimantan, Indonesia as announced on October 21, 2015.
As announced on October 21, 2015, the highlights of the estimate are:
- Large increase in contained copper. 231MIbs (105,000 tonnes) of contained copper has been added as Indicated Resources and 35Mlbs (18,000 tonnes) of contained copper has been added as Inferred Resources.
- Resource confidence significantly upgraded. ARS's 2015 drill program has demonstrated good continuity of shallow near-surface copper mineralization and successfully upgraded a significant portion of the previous Inferred resource to the Indicated resource category. The previous September 26, 2014 BKM Mineral Resource estimate contained no Indicated Resources.
- Beruang Kanan Main Resources are now estimated as:
- Indicated Resources of 15.0 million tonnes at 0.7% Cu containing 231MIbs (105,000 tonnes) of copper at a 0.2% copper cut-off grade (refer Table 1). The September 26, 2014 BKM Mineral Resource estimate contained no Indicated Resources.
- Inferred Resources of 49.7 million tonnes at 0.6% Cu containing 657MIbs pounds (298,000 tonnes) of copper at a 0.2% copper cut-off grade (refer Table 1).
- Substantial Mineral Resource inventory at a 0.5% copper cut-off grade provides a solid basis for upcoming mining studies to be undertaken as part of the BKM preliminary economic assessment (PEA). The larger inventory of available Mineral Resource provides an opportunity to assess various options relating to plant throughput and/or increased mine life in the mining studies.
- Two discrete near surface higher grade zones identified in the 2015 drilling provide ARS with an opportunity to assess the potential for higher grade starter pit opportunities that can enhance project economics.
The report is titled "Beruang Kanan Main Zone, Kalimantan Indonesia: 2015 Resource Estimate Report", prepared by Duncan Hackman of Hackman and Associates Pty. Ltd. dated November 30, 2015.
Mineral Resource Estimate - Beruang Kanan Main Deposit - October 2015
Table 1 - Indicated and Inferred Mineral Resource (NI 43-101)
|Indicated Mineral Resources|
|Inferred Mineral Resources|
Mineral Resources for the Beruang Kanan mineralization have been estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. In the opinion of Duncan Hackman, the block model Resource estimate and Resource classification reported herein are a reasonable representation of the copper Mineral Resources found in the defined area of the Beruang Kanan Main mineralization. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserve. Computational discrepancies in the table and the body of the Release are the result of rounding.
KSK Contract of Work
The Beruang Kanan project is located within the KSK Contract of Work. The holder of the KSK Contract of Work is PT Kalimantan Surya Kencana ("KSK"). ARS holds 100% of the shares of Indokal Limited ("Indokal"). KSK is owned 75% by Indokal and 25% by PT Pancaran Cahaya Kahayan ("PCK"). Indokal owns 100% of PCK.
Duncan Hackman (B. App.Sc., MSc., MAIG) of Hackman & Associates Pty Ltd (Australia) is the independent Qualified Person within the meaning of NI 43-101 and the AIM Rules for Companies for the purposes of Mineral Resource estimates contained within this press release. Data disclosed in this press release have been reviewed and verified by ARS's qualified person, Stephen Hughes, P. Geo. a director of ARS and a Qualified Person within the meaning of NI 43-101 and the AIM Rules for Companies.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO