Asiamet Faces Surge In Trading Volume Following Protest Rumours
Trading volume in Asiamet shares are 600% above the monthly average, as investors look to take advantage of the recent dip in price the company experienced following the speculation regarding protests in the Nagan Raya area where its Beutong asset is located.
However according to a company statement, its Beutong license is “in good standing and in full compliance with all rules and regulations set by the Indonesian Ministry of Energy and Mineral Resources”.
Asiamet lifted its stake in the Beutong Copper-Gold Project to 80% in June 2018. It has an initial 20 year license with an option to extend it twice to total 40 years.
On the same day as the speculative share price drop, the company released the results of its drilling at the Beutong project. The report resulted in an intersection of broad copper intervals, identifying an exciting deep drill target.
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Shares were up 7% trading at 6.85p a share
Results the drilling include: 596.6m at 0.53% CuEq from 153.4m, 79.0m at 0.84% CuEq from 155m, 54.5m at 0.73% CuEq from 245.5m and 62m at 0.75% CuEq from 540m.
“Extensive oxide gold mineralization was also intersected from near surface above the copper mineralisation” including 136.0m at 0.46 g/t Au from 2.0m.
The company as a result has significantly increased its confidence in the Beutong Resource and identified targets with potential to significantly expand the size of the current deposit.
All seven holes (3,528 metres) drilled to date by the company have intersected wide intervals of porphyry copper-gold-molybdenum mineralisation.
Peter Bird, Asiamet's Chief Executive Officer commented: "The 2018 drilling program at Beutong has consistently met or exceeded expectations and provided greatly improved definition across the Beutong East and Beutong West porphyry deposits.”
He added: “Strong copper, gold and molybdenum grades and the presence of highly mineralised magnetite bearing breccia clasts proximal to a large magnetic feature modelled below current drilling are very exciting as such features are often associated with the high grade cores of world class porphyry systems such as Newcrest's Wafi-Golpu and Solgold's Cascabel.”
“As such Asiamet is evaluating various options including partnering to test this deeper potential and more rapidly progress the development of Beutong in the near term."
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