logo-loader
MiningGeneral mining & base metals
Asiamet Resources

Asiamet books new 509mln tonne resource for Beutong copper project

Chief executive Peter Bird referred to Beutong as a "large, high-quality copper-gold deposit"

1553505107_copper-periodic-table.jpg
Asiamet's Indonesian ground holds significant amounts of copper

Asiamet Resources Ltd (LON:ARS) has boosted the resource at its Beutong copper project in Indonesia to a total of over 500mln tonnes of ore.

Asiamet holds an 80% interest in Beutong through its local operating subsidiary PT Emas Mineral Murni.

WATCH: Asiamet opens the data room to potential partners for its BKM project​​

The new resource comprises 34mln tonnes of ​ore grading 0.67% copper, 0.13 grams per tonne gold, 1.68 grams silver and 90 parts per million molybdenum in the measured category.​

There are also 56mln tonnes grading 0.58% copper, 0.12grams gold, 2.07 grams silver and 104ppm molybdenum in the indicated category.

And in the inferred category, there are 419mln tonnes grading 0.45% copper, 0.13 grams gold, 1.14 grams silver and 125ppm molybdenum.

The grand total amounts to 509mln tonnes grading 0.48% copper, 0.13 grams gold, 1.28 grams silver, and 120ppm molybdenum.

The contained metal amounts to 2.43mln tonnes of copper, 2.11mln ounces of gold and 20.9mln ounces of silver.

“Junior companies with large, well-located development stage copper inventories such as Asiamet are rare and extremely well positioned to benefit from widely forecast stronger copper prices,” said Asiamet chief executive Peter Bird. 

“Beutong is a large high-quality copper-gold deposit well served with existing nearby infrastructure on a granted production licence. The 2018 drilling program has improved our geological understanding of the deposit and this updated mineral resource estimate in accordance with JORC 2012 provides strong support for the integrity, size, scale and upside potential of the project.”

In a note to clients, analysts at Liberum Capital said: “No material change to resource, still c.500mt at 0.6% Cu equiv. Important news will be around metallurgical testwork (i.e. is it leachable for SX-EW) and further exploration drilling which will come post next funding deal.”

They pointed out that the company is still awaiting the final bankable feasibility study, due in the second quarter, before being in a position to bring in a local partner.

Liberum repeated a ‘buy’ rating and 18p price target on Asiamet shares which in afternoon trading, were changing hands at 6.85p each, up 3.8% on Friday’s close.

 -- Adds analyst comment, share price --

 

Quick facts: Asiamet Resources

Price: £0.03

Market: AIM
Market Cap: £27.83 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Asiamet Resources named herein, including the promotion by the Company of Asiamet Resources in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Asiamet Resources announces maiden resource for BKZ deposit

Steve Hughes, VP of exploration for Asiamet Resources Ltd (LON:ARS), discusses with Proactive's Andrew Scott the maiden mineral resource estimate for the BKZ polymetallic deposit in Kalimantan, Indonesia. The initial Mineral Resource Estimate is subdivided into the BKZ upper polymetallic...

on 05/16/2018

2 min read