Kalimantan Gold Corporation Ltd.

Published : September 15th, 2015

Asiamet Reports Further High Grade Copper Mineralization at BKM

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Keywords :   Copper | Indonesia | Recovery |

Asiamet Reports Further High Grade Copper Mineralization at BKM


Asiamet Resources Limited ("ARS" or the "Company") is pleased to announce that recent drilling as part of the Resource evaluation program in progress on the Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan, Indonesia has identified a second zone of higher grade copper mineralization within the BKM Resource. The delineation of these two shallow, higher grade zones is expected to have a very positive impact on the BKM project economics.

Assay results were received for an additional nine holes drilled to increase confidence and expand the BKM Resource. In total, 66 holes and 5605 meters of the planned 80 hole/ 6500 meter resource evaluation drilling program have now been completed and two holes are currently in progress.

Higher grade copper mineralization has now been identified in two separate parts of the BKM deposit, namely the northern BK044 Zone and the southern BK058 Zone (refer Figure 1). Within the BK044 Zone, hole BKM32350-02 (125.9m end of hole ("EOH")) intersected shallow, high grade copper mineralization very similar to that reported previously to the northwest in hole BKM32450-01 (refer ARS Press Release Wednesday May 13, 2015) and southwest in hole BK045 (refer ARS Press Release Monday June 10, 2013). Better results include:

BKM32350-02 35.0 meters at 1.73% Cu, (from 20 meters depth)
  • Including 11 meters at 3.49% Cu (from 20 meters)
  • Includes 2 meters at 10.15% Cu (from 20 meters)

BKM32350-02 14.0 meters at 1.42% Cu, (from 65 meters depth)
  • Including 6 meters at 2.53% Cu (from 72 meters)


Two additional holes have also been completed on this line and assays are expected shortly.

A drill hole location plan and a table of full assay results are provided in Figure 1 and Table 1 respectively. An updated list of drill hole details is provided in Table 2.

Infill and expansion drilling at the BKM deposit will be completed by mid-September and an updated Resource estimate is being prepared for release in late September or early October subject to receipt of final assays for all drill holes. Scout drilling of the BKS and BKW targets is expected to commence by the end of September.

Tony Manini, Asiamet Resource's Chief Executive Officer commented:

"The delineation of these two discrete areas of higher grade copper mineralization within the BKM Resource envelope is a promising development for the Beruang Kanan copper project. With further drilling we expect the continuity of these two shallow zones to be confirmed and anticipate that they will have a highly positive impact on the project economics when our evaluation of various mining scenarios commences in Q4, 2015. Asiamet looks forward to providing further results from ongoing drilling and metallurgical test work, and a Resource update for BKM, in the coming weeks"

Table 1: Recent drill intercepts.
HOLE ID From To Length Copper (%) Cumulative Cu Mineralized Interval
BKM31850-03 14.5 24.5 10.0 0.93 10 Meters
BKM31850-04 74.5 77.5 3.0 0.68 4 Meters
BKM31850-04 88.2 892 1.0 1.69
BKM31850-05 No Significant Intervals
BKM32050-03 No Significant Intervals
BKM32150-01 No Significant Intervals
BKM32150-02 3.15 55.0 51.85 0.46 51.85 Meters
Including 9.0 22.0 13.0 0.65
BKM32200-01 2.0 57.0 55.0 0.58 64.0 Meters
Including 4.0 11.0 7.0 0.86
Including 36.0 45.0 9.0 0.72
BKM32200-01 76.0 82.0 6.0 2.47
Including 76.0 77.0 1.0 12.50
BKM32200-01 89.0 92.0 3.0 1.06
BKM32350-02 20.0 55.0 35.0 1.73 57.0 Meters
Including 20.0 31.0 11.0 3.49
Includes 20.0 22.0 2.0 10.15
BKM32350-02 65.0 79.0 14.0 1.42
Including 72.0 78.0 6.0 2.53
BKM32350-02 84.0 92.0 8.0 0.72
BKM32350-03 4.5 14.5 10.0 0.78 72.0 Meters
BKM32350-03 22.5 37.5 15.0 0.42
BKM32350-03 45.5 54.5 9.0 0.93
BKM32350-03 60.5 66.0 5.5 0.79
BKM32350-03 104.0 119.0 15.0 0.53
Including 109.0 115.0 6.0 0.83
BKM32350-03 124.0 141.5 17.5 0.42
Notes: Grade intercepts are calculated as a weighted average grade ≥0.3% copper (uncut). True widths are interpreted to be between 80-100% of the reported lengths, unless otherwise stated.

Figure 1: Location map showing section lines and drill collars

Table 2: Updated Drill Hole Details
Hole ID Easting Northing RL Depth Azi Dip Status Assays
BKM31550-01 768877.2 9931550.0 428.0 75.0 270 -60 Completed Assays Pending
BKM31550-02 769078.3 9931550.0 379.1 70.4 270 -60 Completed Assays Pending
BKM31650-01 768684.3 9931647.4 403.7 81.9 270 -60 Completed Final Assays Received
BKM31650-02 768766.2 9931653.3 435.6 81.3 270 -60 Completed Final Assays Received
BKM31650-03 768824.1 9931652.5 427.2 69.3 270 -60 Completed Final Assays Received
BKM31650-04 768883.2 9931653.2 426.0 72.6 270 -60 Completed Final Assays Received
BKM31650-05 768999.3 9931648.3 408.9 81.6 270 -60 Completed Final Assays Received
BKM31650-06 769093.6 9931649.3 358.7 90.2 270 -60 Completed Final Assays Received
BKM31750-01 769085.8 9931753.1 375.6 75.1 270 -60 Completed Final Assays Received
BKM31750-02 769001.2 9931758.6 400.5 85.0 270 -60 Completed Final Assays Received
BKM31750-03 768950.0 9931764.0 418.9 75.0 270 -60 Completed Final Assays Received
BKM31750-04 768892.2 9931750.8 419.1 75.3 270 -60 Completed Final Assays Received
BKM31750-05 768839.9 9931751.0 417.1 90.3 270 -60 Completed Final Assays Received
BKM31750-06 768786.9 9931756.6 402.1 90.4 270 -60 Completed Final Assays Received
BKM31750-07 768706.0 9931746.2 394.8 90.2 270 -60 Completed Final Assays Received
BKM31750-08 768656.7 9931753.0 388.8 88.1 270 -60 Completed Final Assays Received
BKM31750-09 769202.6 9931750.0 333.6 56.3 270 -60 Completed Final Assays Received
BKM31800-01 769008.5 9931799.9 401.7 85.8 270 -60 Completed Assays Pending
BKM31800-02 769069.4 9931800.0 375.2 80.1 270 -60 Completed Assays Pending
BKM31800-03 769119.9 9931799.0 353.5 65.8 270 -60 Completed Assays Pending
BKM31850-01 769201.6 9931850.0 339.0 75.7 270 -60 Completed Final Assays Received
BKM31850-02 769106.0 9931850.0 377.4 69.6 270 -60 Completed Final Assays Received
BKM31850-03 769019.1 9931850.0 426.0 101.1 270 -60 Completed Final Assays Received
BKM31850-04 768900.9 9931850.0 415.3 97.7 270 -60 Completed Final Assays Received
BKM31850-05 768797.0 9931850.1 430.1 75.5 270 -60 Completed Final Assays Received
BKM31850-06 769157.2 9931850.0 318.0 50.0 270 -60 Completed Assays Pending
BKM31850-07 769060.5 9931850.0 351.0 46.6 270 -60 Completed Assays Pending
BKM31950-01 769094.6 9931950.0 380.5 75.2 270 -60 Completed Final Assays Received
BKM31950-02 768991.0 9931950.0 417.4 100.9 270 -60 Completed Final Assays Received
BKM31950-03 768888.0 9931950.0 447.9 75.0 270 -60 Completed Final Assays Received
BKM31950-04 768779.0 9931950.0 462.4 75.0 270 -60 Completed Final Assays Received
BKM32050-01 768702.3 9932050.0 485.2 71.6 270 -60 Completed Final Assays Received
BKM32050-02 768854.6 9932050.0 441.1 104.3 270 -60 Completed Final Assays Received
BKM32050-03 768998.2 9932050.0 397.8 70.2 270 -60 Completed Final Assays Received
BKM32150-01 768970.3 9932150.0 410.9 100.5 270 -60 Completed Assays Pending
BKM32150-02 768922.1 9932150.0 427.0 110.1 270 -60 Completed Assays Pending
BKM32150-03 768828.5 9932150.0 458.4 120.0 270 -60 Completed Assays Pending
BKM32150-04 768729.5 9932150.0 479.5 100.3 270 -60 Completed Assays Pending
BKM32200-01 768835.2 9932201.1 470.9 110.2 270 -60 Completed Final Assays Received
BKM32200-02 768901.0 9932200.9 463.2 110.2 270 -60 Completed Assays Pending
BKM32200-03 768949.7 9932200.8 426.0 111.0 270 -60 Completed Assays Pending
Hole ID Easting Northing RL Depth Azi Dip Status Assays
BKM32250-01 768731.7 9932249.9 504.1 84.3 270 -60 Completed Assays Pending
BKM32250-02 768836.9 9932250.0 483.3 110.8 270 -60 Completed Assays Pending
BKM32250-03 768881.0 9932249.9 457.6 101.9 270 -60 Completed Assays Pending
BKM32250-04 768973.8 9932249.9 402.9 25.0 270 -60 In-Progress Assays Pending
BKM32350-01 768999.7 9932350.0 386.5 45.7 270 -60 Completed Final Assays Received
BKM32350-02 768896.7 9932350.0 447.3 125.9 270 -60 Completed Final Assays Received
BKM32350-03 768839.3 9932350.0 460.0 143.1 270 -60 Completed Final Assays Received
BKM32350-04 768737.7 9932350.1 489.6 111.5 270 -60 Completed Assays Pending
BKM32350-05 768666.0 9932350.1 517.0 124.7 270 -60 Completed Assays Pending
BKM32450-01 768849.2 9932443.7 422.4 92.4 270 -60 Completed Final Assays Received
BKM32450-02 768745.4 9932452.6 442.5 70.6 270 -60 Completed Final Assays Received
BKM32450-03 768710.3 9932454.5 451.3 75.2 270 -60 Completed Final Assays Received
BKM32450-04 768616.4 9932457.4 484.7 65.4 270 -60 Completed Final Assays Received
BKM32450-05 768567.6 9932457.5 495.6 65.4 270 -60 Completed Final Assays Received
BKM32450-06 768519.9 9932462.8 521.9 75.8 270 -60 Completed Final Assays Received
BKM32450-07 768470.7 9932455.1 536.8 50.5 270 -60 Completed Final Assays Received
BKM32450-08 768423.1 9932457.5 544.7 46.6 270 -60 Completed Final Assays Received
BKM32450-09 769101.1 9932450.0 374.7 46.4 270 -60 Completed Final Assays Received
BKM32450-10 768978.2 9932450.0 395.6 33.5 270 -60 Completed Final Assays Received
BKM32500-01 768674.4 9932503.0 460.3 116.7 270 -60 Completed Assays Pending
BKM32500-02 768775.6 9932502.0 427.7 120.9 270 -60 Completed Assays Pending
BKM32550-01 768523.7 9932550.5 505.4 65.2 270 -60 Completed Final Assays Received
BKM32550-02 768623.2 9932550.3 475.1 75.5 270 -60 Completed Final Assays Received
BKM32550-03 768782.1 9932550.2 432.1 125.8 270 -60 Completed Final Assays Received
BKM32550-04 768883.7 9932550.2 407.0 125.3 270 -60 Completed Final Assays Received
BKM32550-05 768991.9 9932526.7 381.2 50.7 270 -60 Completed Final Assays Received
BKM32550-06 768934.5 9932550.0 391.8 0.0 270 -60 In-Progress Assays Pending

Qualified Person

Data disclosed in this press release have been reviewed and verified by ARS's qualified person, Stephen Hughes, P. Geo, Vice President Exploration of the Company and a Qualified Person within the meaning of NI 43-101 and for the purposes of the AIM Rules.

ON BEHALF OF THE BOARD OF DIRECTORS

Tony Manini, Deputy Chairman and CEO

For further information please contact:

-Ends-

Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email:

VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email:

Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: /

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Indonesia | All
Gold and Silver Prices for these countries : Indonesia | All

Kalimantan Gold Corporation Ltd.

CODE : KLG.V
ISIN : BM4834061049
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Kalimantan Gold is a gold exploration company based in Canada.

Kalimantan Gold holds various exploration projects in Indonesia.

Its main exploration properties are JELAI MEWET SIPP and KSK COW in Indonesia.

Kalimantan Gold is listed in Canada, in United Kingdom and in United States of America. Its market capitalisation is CA$ 12.5 millions as of today (US$ 9.6 millions, € 8.7 millions).

Its stock quote reached its highest recent level on December 31, 2004 at CA$ 0.71, and its lowest recent point on September 26, 2014 at CA$ 0.01.

Kalimantan Gold has 622 984 168 shares outstanding.

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Financings of Kalimantan Gold Corporation Ltd.
5/6/2011Closes Private Placement With Freeport
4/29/2011Prices Private Placement With Freeport
5/22/2008Private Placement
Nominations of Kalimantan Gold Corporation Ltd.
7/5/2011Appoints Commissioner to Subsidiary
Project news of Kalimantan Gold Corporation Ltd.
2/5/2008(Jelai Mewet Sipp)Continued drilling at Jelai encounters near-surface signific...
Corporate news of Kalimantan Gold Corporation Ltd.
2/1/2016Asiamet clarifies previous technical disclosure
1/6/2016Preliminary Economic Assessment Underway on BKM Copper Depos...
12/3/2015Asiamet Resources Files Technical Report for the Beruang Kan...
11/27/2015Asiamet's Third Quarter Results 2015
11/6/2015Asiamet Resources Closes Private Placement
10/30/2015Asiamet Resources Financing
10/21/2015Asiamet Resources BKM Deposit Mineral Resource Update
10/14/2015BKM -- Latest Drill Results Confirm and Extend High Grade Co...
10/8/2015Asiamet Drilling Confirms High Grade Copper Zone at BKM
9/15/2015Asiamet Reports Further High Grade Copper Mineralization at ...
9/4/2015Asiamet CEO Share Purchase
9/1/2015Asiamet Resources Grants Options
9/1/2015Asiamet Resources Half-Year Results 2015
8/26/2015High Grade Copper Zone Identified at BKM
8/21/2015Asiamet Signs MOU for Contract of Work Amendments
7/30/2015BK Copper Project -- Positive Initial Metallurgical Testwork...
7/24/2015Kalimantan Gold changes name to Asiamet Resources
7/22/2015Positive Drill Results Expand Near Surface Copper at BKM
7/17/2015BK Copper Project -- Positive Initial Metallurgical Testwork...
7/17/2015BK Copper Project - Positive Initial Metallurgical Testwork ...
4/8/2015Beurang Kanan Copper Project - 2015 Program Update
12/24/2014IIROC Trading Resumption - KLG
12/24/2014IIROC Trading Halt - KLG
7/31/2014KSK Copper Project Update
4/16/2014Kalimantan Gold Board Changes
3/26/2014Kalimantan Gold - Jelai Gold Project
3/26/2014Kalimantan Gold - Jelai Gold Project
7/13/2011Copper and Coal Project Updates
6/23/2011Extends Jelai Gold Mining Exploration Licence
6/17/2011Reports CEO Buys Shares
4/19/2011Signs Definitive Agreement With Freeport
2/21/2011on KSK Joint Venture Option
2/16/2011Signs Definitive Agreement
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