Asiamet Resources Ltd’s (LON:ARS) third quarter was dominated by continuing to advance a feasibility study to develop a 25,000tpa heap leach copper mine at its Beruang Kanan Main (BKM) deposit in Indonesia.
Drilling has shown excellent continuity of copper mineralization across a large area of the deposit with high rates of conversion into higher confidence categories anticipated when a new estimate is completed.
As well as resource drilling, bulk samples were collected using large diameter core drilling and sent to Australia for detailed test work.
The period also saw further measures to further strengthen the group’s project delivery capability, project development funding, and on converting the Beutong and Jelai exploration IUPs to production IUPs.
The group began the fiscal year with $778,634 in cash, and ended with $701,354 cash.
During the nine months to end September, the group spent $2.106mln on operating activities, $21,565 on buying equipment and completed a share placing for net proceeds of $2.050mln.
Story by ProactiveInvestors