Asiamet Resources Limited (LON:ARS) said it has successfully intersected strong copper mineralisation at a depth well beyond the 2014 resource envelope at the easterly extensions of the Beutong West Porphyry (BWP) in Indonesia.
In a statement, the AIM-listed miner said drill hole BEU1350-02 intersected 118.0 metres at 0.71% CuEq (0.60% Copper, 0.05g/t gold and 255ppm molybdenum) to the bottom of hole from 632.0m within a broader interval of 398.0 metres at 0.46% CuEq (0.39% Copper, 0.04g/t gold) from 352.0 metres.
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The group added that strong copper mineralisation remains open to depth with the final four metres of the hole assaying high-grade mineralisation at 1.00% CuEq (0.82% copper, 0.03g/t gold and 75ppm molybdenum).
It said the presence of strong molybdenum mineralisation in the deeper parts of BEU1350-02 highlights the potential for extensions of the high-grade copper core to the Beutong system at depth and suggests that the BWP and BEP (Beutong East Porphyries) may join in this area.
Asiamet said the hole was terminated in mineralisation at a depth of 750 metres due to rig capacity.
Peter Bird, Asiamet's chief executive officer commented: "This latest drill result highlights the potential for significant further upside to the Beutong deposit(s) and confirms our thoughts that the BEP and BWP may coalesce at depth.
“Our 2018 drilling programme continues to extend mineralisation well beyond the current Resource envelope and a significant uplift in the overall deposit tonnage is expected as further rounds of drilling and Resource modelling and estimation are completed.”
He added: “The ongoing success of our 2018 drill program at Beutong continues to highlight the unique nature of Asiamet's diversified portfolio with a near-term copper development and a suite of large and medium-scale growth options.
“We look forward to keeping all stakeholders updated as the drilling and metallurgical test work programmes at Beutong continue over the coming 4 to 5 months."