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Asiamet intersects a broad zone of copper mineralisation at Beutong Project

Results received from the 2018 drilling program at the Company's 40% owned Beutong Project;

Hole BEU0900-08 reported a broad interval of high-grade copper-gold mineralisation from near surface at the Beutong East Porphyry ("BEP") deposit.

  • This hole (drilled to 607.8m End of Hole "EOH") intersected pervasive copper and silver-gold-molybdenum mineralisation which continued for the full drilled interval to End of Hole (outside of several narrow breccia zones).
  • Mineralisation extends beyond the current JORC defined Resource envelope and remains open with the final 2.3 metre sample interval assaying 1.14% Cu.
  • Hole was terminated in mineralisation at 607.8m due to drill depth constraints (rig capacity).
  • Sequential assays for the initial 456m interval detailed below confirm potential for a significant proportion of leachable copper.
  • Potential for Beutong Resource expansion remains significant with ongoing drilling continuing to intersect porphyry style alteration and mineralisation beyond the Resource envelope.
  • Further drilling aims to both expand the boundaries of the copper, gold, silver and molybdenum mineralisation at the BEP and BWP deposits and test the area between the two deposits

 

The Beutong East and Beutong West Porphyry ("BWP") deposits are part of the larger Beutong intrusive complex, which comprises a large high-quality copper, gold, silver, molybdenum deposit that outcrops at surface and remains open both laterally and at depth.

JORC compliant Resources for Beutong contain 2.4Mt (5.3BIb) copper, 2.1Moz gold and 20.6Moz silver on a 100% basis (1.0Mt (2.1BIb) copper, 0.8Moz gold and 8.2Moz silver on a 40% attributable basis). The deposit is located in Nagan Raya Regency, Aceh, Indonesia and held under a Mining Business License for Production Operations "IUP-OP".  The deposit has excellent nearby infrastructure including major roads, grid power and a seaport.

Highlights of drill hole BEU0900-08 include:

  • 456.0m at 1.06% CuEq (0.93% Cu, 0.15g/t Au) from 10.0m

 

                    -  including 239.0m at 1.16% CuEq (1.03% Cu, 0.17g/t Au) from 76.5m

                    -  includes 26.0m at 1.34% CuEq (1.19% Cu, 0.21g/t Au) from 138.5m

                    -  includes 26.5m at 1.56% CuEq (1.41% Cu, 0.17g/t Au) from 194.5m

                    -  includes 16.0m at 1.39% CuEq (1.26% Cu, 0.16g/t Au) from 259.0m

                    -  includes 26.5m at 1.43% CuEq (1.26% Cu, 0.26g/t Au) from 289.0m

 

The current program of expansion and infill drilling at Beutong comprises approximately 8 holes totalling 4,000 metres of diamond core of which 3 holes totalling 767.5m have been completed to date.  Drilling aims to both expand the boundaries of the copper, gold, silver and molybdenum mineralisation at the BEP and BWP deposits and to test for continuation of mineralisation in the area between the two deposits.  Drilling will also provide representative samples of mineralised material to undertake detailed metallurgical test work including determining the leachability of the secondary copper sulphide mineral suite.

Hole BEU0900-08 (607.8m End of Hole "EOH") intersected pervasive copper and silver-gold-molybdenum mineralisation, which outside of several narrow breccia zones, continues for the full drilled interval to EOH.  Mineralisation is hosted in a strongly phyllic altered diorite porphyry, comprising chalcocite, covellite, chalcopyrite and digenite as disseminations and in quartz vein stockworks, with up to 2.49% copper intersected over individual 2-metre sample intervals from 194.5 metres.  The hole was terminated at 607.8m due to rig capacity, and ended in high grade copper mineralisation, with the final 2.30 metres interval assaying 1.14% copper.  Hole BEU0900-08 was drilled to assess the geometry of a high-grade central core at BEP and confirms that mineralisation extends beyond the current Resource envelope. 

The copper mineralogy of the BEP is quite similar to that of the Company's Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan. Sequential assay data for the broad intersection of 456.0m at 0.93% Copper confirms an average of 54% total soluble copper for this entire drill interval with total soluble copper ranging up to 79% in individual samples. These initial results suggest that a significant proportion of the BEP copper mineralisation could potentially be processed either by heap leach producing cathode copper. Extensive test work will be required to further assess this potential.

The potential for Resource expansion remains significant with ongoing drilling continuing to intersect porphyry style alteration and mineralisation beyond the Resource envelope.   

A drill hole location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively.

The Company has also completed a review of surface geochemical and drilling data of the Beutong Skarn deposit, which is situated 250m north of the BEP.  Soil and rock chip geochemical data indicates potential to expand the skarn mineralisation 500m east and 500m west of the current drilling, and these areas will be targeted in the next phase of drilling.

 

Peter Bird, Asiamet's Chief Executive Officer commented:

"Results received from the current round of drilling at Beutong East demonstrate both the robustness of the central mineralised core and the substantial Resource upside potential that remains to be delineated.  Mineralisation has already been extended well beyond the 2013 Resource envelope with exceptional continuity of plus 1% CuEq mineralisation reported from near surface to +400m and open to depth.  Beutong's large copper-gold Resource base, when coupled together with nearby infrastructure (road, power and seaport) and the potential to assess a copper leaching process, as demonstrated by the initial sequential copper assaying results, positions the project as an increasingly rare copper development opportunity.  This is at a time when the copper market is forecast to be moving into a substantial supply deficit and a stronger copper price environment.  Asiamet looks forward to keeping all stakeholders updated as the drilling and metallurgical test work programs continue over the coming 4 to 5 months."

 

Table 1: Beutong East Deposit - Recent drill intercepts.

 

HOLE ID

 

From

 

To

 

Length

 

Copper

(%)

 

Gold

(g/t)

 

Silver

(g/t)

 

Moly

(ppm)

 

CuEq

(%)

BEU0900-08

10.0

466.0

456.0

0.93

0.15

2.16

120

1.06

Including

76.5

315.5

239.0

1.03

0.17

1.75

115

1.16

Includes

138.5

164.5

26.0

1.19

0.21

2.11

93

1.34

Includes

194.5

221.0

26.5

1.41

0.17

2.54

149

1.56

Includes

259.0

275.0

16.0

1.26

0.16

2.29

123

1.39

Includes

289.0

315.5

26.5

1.26

0.26

2.67

70

1.43

BEU0900-08

505.5

519.5

14.0

0.62

0.13

1.11

62

0.71

BEU0900-08

549.5

583.5

34.0

0.37

0.05

0.90

77

0.42

BEU0900-08

591.5

607.8

16.3

0.59

0.05

3.95

121

0.67

Including

599.5

607.8

8.3

0.83

0.05

6.55

165

0.94 


Notes: Grade intercepts are calculated as a weighted average grade above 0.2% Copper (uncut) with up to 8m internal dilution. True widths of downhole interval lengths are estimated to be between 50-70% of the reported lengths, unless otherwise stated. Orientation of the Beutong mineralised complex is interpreted to have an azimuth of 250-260 degrees and is steeply dipping to the north-northwest.  Copper equivalent (CuEq) values have been calculated using the equation CuEq = Cu+(Mo ppm/10000 * 2.9412) + (Au g/t * 0.5204) + (Ag g/t * 0.0055) at a copper price of US$3.00/lb, a gold price of US$1300/ounce a silver price of US$16/ounce and a Molybdenum price of US$10/pound. Copper Equivalent (CuEq) is used for illustrative purposes and do not take into account copper or gold recoveries. 

 

Figure 1: Location map showing Beutong East and West Porphyries, Beutong Skarn and Drill Collars. To view the image, please click on the following link: http://www.asiametresources.com/assets/img/b1.JPG

 

 

 

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