Asiamet Resources Limited (LON:ARS) said the additional resource evaluation drilling required to complete the bankable feasibility study being undertaken on the Beruang Kanan Main (BKM) copper deposit in Central Kalimantan, Indonesia is progressing to plan, with initial results positive and in line with expectations.
The AIM-listed group said a total of 22 holes for 2,975 metres of diamond core drilling have been completed to date and drilling is continuing with a further 1,825 metres planned.
It pointed out that five drill rigs are being utilised in order to the complete all of the proposed drilling, including a number of additional geotechnical holes, in the first quarter of 2019.
The firm said results from the first four holes drilled in the southern part of the BKM deposit confirm continuity of mineralisation consistent with the proposed pit shell, and are also consistent in tenor to previous moderate to strong results from this particular zone in the southern end of BKM.
It added that moderate to strong chalcocite-covellite mineralisation was intersected just below the zone of oxidation, with individual samples (1-metre intervals) returning up to 5.52% copper in a broad zone of strong copper mineralisation.
The group said a consistent flow of assay results is anticipated over the coming weeks.
Peter Bird, Asiamet's chief executive officer commented: "Following on from previous announcements, Asiamet is pleased to report that the limited programme of additional drilling required to enhance geological and geotechnical inputs into the BKM BFS open pit mine design is well advanced and initial results have been positive and in line with expectations.:
He added: “The rework of the mine design aims to upgrade and capture additional Inferred Resource currently sitting both inside and on the edges of the current pit shells for assessment and incorporation into the mine plan.
“A successful outcome from this work is expected to significantly enhance project economics and the robustness of the BKM BFS ahead of project financing.”