Feasibility drilling at Asiamet Resources Limited’s (LON:ARS; CVE:ARS) Beruang Kanan Main project in Indonesia has revealed further high-grade copper intercepts.
The project is currently the subject of a feasibility study.
A total of 70 holes for 7,030 metres (m) of diamond core drilling have now been completed with two currently in progress. A further 48 holes for 3,970m are planned.
Among the better, high grade results reported today was 26.9m at 2.34% copper, 4.4m at 4.93% and 30m at 0.75% copper.
Several 1m intervals also returned grades of up to 7.8% copper.
“The drill results have again exceeded our expectations and provide further confirmation of the high quality characteristics of the BKM deposit,” said chief executive Tony Manini.
“The higher grade BKM044 Zone has demonstrated excellent continuity of copper mineralization over more than 500m of strike length and is up to 325m wide and 100m thick in parts.
“This continuity coupled with the consistently shallow nature of the mineralization is expected to have a strong positive impact on project economics as mine engineering studies are completed.”
On the ground, Manini added that the study is being progressed “at pace on all fronts”, while in the boardroom Asiamet has been working on the funding options for the development of BKM.
To help speed up the process and make sure the feasibility study resource evaluation program is finished before the end of March, a third drill rig has been mobilised.
Shares opened 9% higher at 4.25p on Thursday morning.
Story by ProactiveInvestors