For Immediate Release London AIM
October 18, 2017 Symbol: ARS
Asiamet Intersects 30m of 8.3% Zinc at BKZ and Extends High Grade Polymetallic Discovery
Asiamet Resources Limited ("ARS" or the "Company") is pleased to report that follow up scout drilling at the BKZ Polymetallic ("BKZ") prospect located on its Kalimantan Surya Kencana ("KSK") 6th Generation Contract of Work ("CoW"), in Central Kalimantan, Indonesia continues to intersect further intervals of thick, near-surface high-grade base and precious metal-rich mineralisation. Highlights to date include:
- All eight holes (790 metres ("m")) drilled to test depth extensions of a massive sulphide zone which outcrops over an area of 150m x 100m have intersected mineralisation and the deposit remains open laterally and at depth.
- Assay results reported in this release now confirm at least 100m of continuity to the thick, high-grade polymetallic mineralisation.
- BKZ is located very close (approx. 800m north) to the Company's feasibility stage BKM Copper Project ("BKM") and within 150m of the main access road leading to BKM.
Highlights of the latest batch of drill results received include:
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BKZ33700-03
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30.0m at 8.3% zinc, 3.3% lead, 39g/t silver and 0.51g/t gold (from 14m)
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Including 13.0m at 12.5% zinc, 4.7% lead, 56g/t silver, 0.58g/t gold (from 15m)
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Including 3.0m at 13.2% zinc, 6.6% lead, 30g/t Silver, 0.26g/t gold (from 39m)
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BKZ33750-01
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8.3m at 4.0% zinc, 1.9% lead, 42g/t silver and 0.19g/t gold (from 1.3m)
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1.0m at 12.7% zinc, 4.2% lead and 27g/t silver (from 48.5m)
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Extensive further drilling is still required to determine the ultimate size and geometry of the mineralisation and advance the discovery to an initial Resource.
Peter Bird, Asiamet's Chief Executive Officer commented:
"We are extremely pleased to report that ongoing scout drilling at the BKZ polymetallic discovery adjacent to our core feasibility stage BKM copper project, continues to deliver outstanding results and further progresses our parallel objective of unlocking the substantial upside potential we believe lies within the highly prospective but very under-explored KSK Contract of Work.
The high-grade polymetallic mineralisation we have seen in drilling at BKZ to date is of similar grades to those reported at some of the highest quality base metals mines globally. The potential to share some of the infrastructure proposed for the development of the BKM copper project provides the Company with an exceptional value adding opportunity at BKZ and other nearby prospects such as BK South and BK West.
Although it is early in the exploration stage at BKZ, results are first-rate and beyond expectations. At this point, we continue the step-out drilling to expand the mineralisation in all directions which we hope will continue to intersect potentially near-surface high-value mineralised material at which point we may be encouraged to take a decision to advancing exploration work at BKZ to the delineation of a maiden Resource.
We look forward to reporting the results of additional drilling shortly, together with further updates on the progress of the BKM feasibility study which continues at pace."
Drilling Summary
The third hole on section line BKZ33700 (101.3m End of Hole "EOH") was drilled to establish continuity of mineralisation between hole BKZ33700-02 (113.9m EOH), which intersected 39m at 7.3% zinc, 2.3% lead, 33g/t silver and 0.33g/t gold from 41m (refer ARS Press Releases October 3, 2017) and outcropping mineralisation approximately 20m further to the west. BKZ33700-03 intersected a broad zone of quartz-sulphide mineralisation from 14m depth comprising quartz-sulphide veins to massive sphalerite (zinc), galena (lead), chalcopyrite (copper) and pyrite (Figure 2). This intersection confirms the geometry of mineralisation observed in BKZ33700-02, indicating the high-grade section of the quartz-sulphide body is approximately 30-40m in true thickness and dipping twenty-five degrees to the east.
The results of the first hole on section line BKZ33750 confirm zinc-rich polymetallic mineralisation extends 50m to the north of previous drilling. BKZ33750-01 (82.4m EOH) was collared near outcropping massive sulphide mineralisation, and intersected polymetallic mineralisation from just below the drill collar. It is interpreted that this hole pierced the western margin of the mineralised domain, and therefore further drilling to the east and northeast is required.
Drilling at BKZ continues to enhance our understanding of the character and scale of the base and precious metal mineralisation, the footprint of which remains open in all directions. Step-out drilling continues to the south and east and the drill rig is currently positioned on BKZ33600-02, testing southern extensions to the high-grade polymetallic mineralisation intersected on section line BKZ33650.
A drill hole location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively.
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:
-Ends-
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.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Table 1: Recent drill intercepts.
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HOLE ID
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From
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To
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Length
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Zinc
(%)
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Lead
(%)
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Silver
(g/t)
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Gold
(g/t)
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Copper
(%)
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BKZ33700-03
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14.00
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44.00
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30.00
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8.30
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3.31
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38.7
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0.51
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0.16
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Including
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15.00
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28.00
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13.00
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12.53
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4.70
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55.6
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0.58
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0.19
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Including
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39.00
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42.00
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3.00
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13.24
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6.61
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30.2
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0.26
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0.12
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BKZ33700-03
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50.00
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54.00
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4.00
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1.62
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0.00
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4.3
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0.13
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NSA
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BKZ33700-03
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57.00
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59.00
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2.00
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1.20
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0.00
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2.4
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0.12
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NSA
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BKZ33750-01
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1.25
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9.50
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8.25
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4.04
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1.92
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41.9
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0.19
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NSA
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BKZ33750-01
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48.50
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49.50
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1.00
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12.70
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4.22
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27.0
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NSA
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0.18
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Notes: Grade intercepts are calculated as a weighted average grade >=1.0% Zinc (uncut). True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated. Orientation of the mineralised domain is estimated to have an azimuth of 340 degrees and a dip of -25 degrees to the northeast.
Figure 1: Location map showing strong zinc in soil geochemistry over the BK district with prospects & drill collars. To view the graphic, please open the link here http://www.asiametresources.com/i/maps/2017-10-18_NR-Fig1.jpg
Figure 2: Semi-massive Sphalerite (Zn sulphide) and Galena (Pb sulphide) mineralisation in BKZ33650-01. The weighted average grade for the interval 61 - 65 metres (4 metre interval) is 14.4% Zn, 1.3% Pb and 34g/t Ag. To view the graphic, please open the link here http://www.asiametresources.com/i/maps/2017-10-18_NR-Fig2.jpg
Glossary of Technical Terms
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"anomaly or anomalous"
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something in mineral exploration that geologists interpret as deviating from what is standard, normal, or expected.
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"assay"
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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.
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"azimuth"
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the "compass direction" refers to a geographic bearing or azimuth as measured by a magnetic compass, in true or magnetic north.
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"bornite"
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Bornite, also known as peacock ore, is a copper sulphide mineral with the formula Cu5FeS4.
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"breccia"
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Breccia is a rock classification, comprises millimetre to metre-scale rock fragments cemented together in a matrix, there are many sub-classifications of breccias.
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"chalcocite"
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Chalcocite is a copper sulphide mineral with the formula Cu2S, and is an important copper ore mineral. It is opaque and dark-gray to black with a metallic luster.
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"chalcopyrite"
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Chalcopyrite is a copper sulphide mineral with formula CuFeS2. It has a brassy to golden yellow colour.
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"channel sample"
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Samples collected across a mineralised rock exposure. The channel is typically orientated such that samples are collected perpendicular to the mineralised structure, if possible.
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"chargeability"
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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.
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"CIM"
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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.
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"covellite"
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Covellite is a copper sulphide mineral with the formula CuS. This indigo blue mineral is ubiquitous in some copper ores.
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"diamond drilling"
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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.
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"dip"
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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.
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"g/t"
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grams per tonne; equivalent to parts per million ('ppm').
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"galena"
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Galena is the natural mineral form of lead (II) sulphide, with formula PbS. It is the most important ore of lead and an important source of silver. It has a silver colour.
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"grab sample"
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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.
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"grade"
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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).
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"hypogene"
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Hypogene ore processes occur deep below the earth's surface, and form deposits of primary minerals, such as chalcopyrite and bornite.
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"Indicated Resource"
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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.
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"Induced Polarisation Geophysics"
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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.
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"Inferred Resource"
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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.
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"Intercept"
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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.
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"lbs"
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Pounds (measure of weight)
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"massive"
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In a geological sense, refers to a zone of mineralisation that is dominated by sulphide minerals. The sulphide-mineral-rich material can occur in centimetre-scale, meter-scale or in tens of meters wide veins, lenses or sheet-like bodies containing sphalerite, galena, and / or chalcopyrite etc.
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"Measured Resource"
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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.
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"Mineral Resource"
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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.
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"Mineralisation"
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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.
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"mlbs"
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Million pounds (measure of weight)
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"open pit mining"
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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).
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"outcrop"
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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.
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"polymetallic"
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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.
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"polymict"
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A geology term, often applied to breccias or conglomerates, which identifies the composition as consisting of fragments of several different rock types.
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"Preliminary Economic Assessment"
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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".
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"sediments"
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Sedimentary rocks formed by the accumulation of sediments. There are three types, Clastic, Chemical and Organic sedimentary rocks.
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"sequential assays"
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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 behaviour displayed by the prevalent copper minerals to solutions containing sulphuric acid and sodium cyanide. Results from sequential analyses can theoretically determine the amounts of leachable oxide minerals, leachable secondary sulphide minerals, and primary copper minerals, respectively.
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"sphalerite"
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Sphalerite is a zinc sulphide in crystalline form but almost always contains variable iron, with formula (Zn,Fe)S. It can have a yellowish to honey brown or black colour.
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"supergene"
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Supergene ore processes occur near surface, and form deposits of secondary minerals, such as malachite, azurite, chalcocite, covellite, digenite, etc.
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"surface rock chip samples"
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Rock chip samples approximately 2kg in size that are typically collected from surface outcrops exposed along rivers and mountain ridgelines.
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"veins"
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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.
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"volcanics"
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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.
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.