Asiamet Resources Ltd (LON:ARS) told investors the latest results from drilling at the group’s 40%-owned Beutong project in Indonesia.
Drill hole BEU0900-08 encountered high-grade copper gold mineralisation near surface and the mineralisation, which also includes molybdenum, continues into the full drilled interval through to the end of the hole.
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The hole was drilled in the Beutong East Porphyry or BEP deposit, cut 456 metres of mineralisation and the drilling was curtailed as a result of rig capacity constraints.
Asiamet highlighted that the mineralisation exists beyond the boundaries of the current resource envelope and it remains open (the final 2.3 metres measured 1.14% copper).
The company also said that there’s still potential for Beutong Resource expansion. Meanwhile, further drilling will aim to expand the boundaries of the mineralisation at the BEP and the Beutong West Porphyry (BWP).
"Results received from the current round of drilling at Beutong East demonstrate both the robustness of the central mineralised core and the substantial Resource upside potential that remains to be delineated,” said Peter Bird, Asiamet chief executive.
“Mineralisation has already been extended well beyond the 2013 resource envelope with exceptional continuity … Beutong's large copper-gold Resource base, when coupled together with nearby infrastructure (road, power and seaport) and the potential to assess a copper leaching process, as demonstrated by the initial sequential copper assaying results, positions the project as an increasingly rare copper development opportunity.”
He added: “This is at a time when the copper market is forecast to be moving into a substantial supply deficit and a stronger copper price environment.
“Asiamet looks forward to keeping all stakeholders updated as the drilling and metallurgical test work programs continue over the coming 4 to 5 months."