Asiamet Resources (LON:ARS) reports an update on the feasibility drilling activity for the Beruang Kanan Main copper deposit on the island of Kalimantan. Four drill rigs are operational with 25 holes and 2558m of diamond core drilling completed to date. A further four holes are in progress. Five large diameter holes collecting bulk samples for copper leaching test work have also been completed with an additional 12 holes to follow.
Assays have been received for three infill holes in the BKO58 zone in the south continue to show strong grades in shallow mineralisation, including 22m at 1.07% Cu from 21m depth in hole BKM31700-03 and a further 6m of 1%Cu further downhole at 102m. Hole 04 nearby had 43m of similar grades starting at 15m depth.
The number and consistency of these high grade holes near surface, as well as the frequency of repeated high grade zones in the same hole, will directly impact the payback period of the future mine. This is a great start to this year’s program and we remain bullish on the outcome of the program and the DFS.
We retain our SPEC BUY recommendation and 6.2p price target.