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Asiamet Resources drill results enhance the potential of its Indonesia copper deposit

Published: 02:52 15 Jun 2017 EDT

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The rig has stopped turning and the data garnered will now be added to the company's feasibility study

Asiamet Resources Limited (LON:ARS) said the infill and expansion drilling on its BKM copper project in Indonesia has met and some cases exceeded expectations.

The stand-out result came from the BKM058 Zone where twin drill holes confirmed the existence of high-grade, near-surface mineralisation.

In late morning trading, Asiamet shares were 2.3%, or 0.1p higher at 4.5p.

The highlights of the final batch of assays for BKM included 58 metres grading 1.45% copper, including a 20.5-metre section at 2.24%.

WATCH: Asiamet's Peter Bird on 'excellent' infill results at BKM

A separate hole returned 17.5 metres at 1.57% copper, within in which there was 4.5 metres that graded a bumper 4.15%.

The latest drilling programme comprised of 122 holes for just under 12,500 metres. The data will now be fed into the company’s feasibility study that will “refine and potentially improve” BKM’s already favourable economics.

The full, “bankable” study should be complete by the year-end. It is pivotal to the development of the 65mln-tonne BKM copper deposit on the island of Kalimantan.

"The resource infill and expansion drilling completed as part of the BKM feasibility study has consistently delivered results that have met or exceeded our expectations,” said chief executive Peter Bird.

READ: Proactive's overview of the Asiamet proposition 

“The thickness, continuity and grade of copper mineralisation has proven to be very robust and we are expecting a high level of conversion from inferred resource to the higher confidence level measured and indicated resources as the updated resource estimate for BKM is completed shortly.”

Bird said the BKM mineralisation remained open in several areas, while exploration of the wider BK District remains in its infancy.

“Asiamet is very excited by the opportunity to begin testing some of these high potential targets in the second half of 2017," he added.

Analysts at SPAngel said: "We look forward to the new resource estimate for BKM to provide further insight into the continuity of grade and mineralisation."

 -- Adds share price, analyst comment, video link --

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