Asiamet Resources (LON:ARS) has released further drill results from its current resource infill and extension programme on the Beruan Kanan Main deposit in Central Kalimantan, Indonesia. A further five holes have been completed since the previous update, with ten assays released today which brings the total to 38 over 3.8km while a further 80 remain to be drilled. The latest results largely relate to infill drill holes or those drilled at different orientations and angles designed to test the robustness of prior results. These results which increase our confidence that a significant resource upgrade will be achieved by this programme include.
• 20.4m @ 1.75% from 1.6m depth
• 5.3m @ 1.27% Cu from 28m
• 38m @ 0.58% Cu from 18m
The latter result reflects the first hole drilled on line BKM32000 and extends the current mineralisation beyond the current resource boundary. We also note that the programme is likely to result in a reduction to the already low strip ratio on the planned project. These results show that ARS continues to make solid progress towards developing a low cost copper project.
We reiterate our Spec Buy recommendation and 6.2p/sh. target price.
Goldplat (LON:GDP)
Goldplat (LON:GDP) announced in July 2016 a letter of intent had been signed by Ashanti Gold (AGZ CN) (formerly Gulfshore Resources) for an earn-in agreement on GDP’s Anumso project in Ghana. GDP has today announced that this earn-in option agreement has been executed. GDP has a 90% interest in Anumso, a ten year renewable mining lease covering an area of 29km2. Anumso already has a current JORC compliant resource of 166,865oz of gold at 2.04g/t. AGZ now has the exclusive option to earn 75% of GDP’s interest in Anumso by spending US$3m over two periods. During the first 18 months AGZ may earn 51% of GDP’s interest via US$1.5m of expenditure. AGZ may terminate the agreement in the first six months. In the subsequent period of 12 months AGZ will have the option to earn the remaining 24% via expenditure of US$1.5m on exploration of the project. AGZ will be the operator during the option periods.
The execution agreement offers the potential for GDP to realise value from the Anumso project, to which no capital for development was currently dedicated. AGZ having raised £450k in Q2 2106 has recently announced a non-brokered private placement to raise up to £750k.