Beutong Copper Gold

Beutong Copper Gold

Beutong Copper Gold – Overview

The Beutong copper gold project (“Beutong”) is a large is a large porphyry copper-gold system located in Nagan Raya Regency, Aceh on the island of Sumartra, Indonesia. Beutong comprises the Beutong East Porphyry (“BEP”), Beutong West Porphyry (“BWP”) and the Beutong Skarn (“BSK”). Beutong has JORC compliant Resources containing 2.4Mt (5.3Blb) copper, 2.1Moz gold and 20.6Moz silver on a 100% basis and 1.95Mt (4.30Blb) copper, 1.69Moz gold and 16.73Moz silver on an 80% attributable basis.

In January 2018, Asiamet and its Indonesian partner PT Emas Mineral Murni (EMM) were granted the key production licence, Izin Usaha Pertambangan Operasi Produksi IUP-OP required to advance the project to the development stage. The IUP-OP provides for an initial 20 years of licence tenure which may be extended twice, each for a period of 10 years, totalling 40 years. The Beutong license is held by PT Emas Mineral Murni (“EMM”), in which Asiamet hold an 80% interest through its Singaporean registered subsidiary Beutong Resources Pte. Limited.

The Beutong project covers 10,000 hectares and is located in Nagan Raya Regency, Aceh, Indonesia in close proximity to existing infrastructure and only 60 kilometres from a large power station and seaport.

Project Highlights

  • Beutong is a large high-quality copper, gold, silver, molybdenum deposit outcropping at surface and remaining open laterally and at depth.
  • Beutong 2019 Mineral Resources (JORC 2012) at a 0.3% Cu cut-off grade (on a 100% basis) comprise:
    • 34Mt @ 0.67% Cu, 0.13g/t Au, 1.68g/t Ag and 90ppm Mo in the Measured category
    • 56Mt @ 0.58% Cu, 0.12g/t Au, 2.07/t Ag and 104ppm Mo in the Indicated category
    • 419Mt @ 0.45% Cu, 0.13g/t Au, 1.14/t Ag and 125ppm Mo in the Inferred category
    • Total Resources 509Mt @ 0.48% Cu, 0.13g/t, 1.28g/t Ag and 120ppm Mo
  • Contained metal in Resource on a 100% basis comprises 2.43Mt (5.3BIb) copper, 2.11Moz gold and 20.9Moz silver (1.95Mt (4.30Blb) copper, 1.69Moz gold and 16.73Moz silver on an 80% attributable basis)
  • The Beutong porphyry and skarn system(s) remains open to the east, west and at depth. The deepest drilling completed to date has intersected porphyry mineralisation to around 800 metres below surface and approximately 200-300 metres below the depth of Resource delineation drilling completed to date.
  • Strong copper, gold and molybdenum grades and the presence of highly mineralised chalcopyrite-bornitemagnetite bearing breccia clasts proximal to a large magnetic body modelled at depth below current drilling highlight excellent potential for the discovery of a high grade core similar to that seen in world class porphyry systems such as Wafi Golpu, PNG (Newcrest) and Cascabel, Ecuador (Solgold).

The surface mineralisation at the Beutong East Porphyry (“BEP”), Beutong West Porphyry (“BWP”) and the Beutong Skarn (“BSK”) comprises chalcocite, covellite and digenite mineralisation with lesser chalcopyrite. At 600m-700m depth there is a notable transition to chalcopyrite-bornite mineralisation, similar to the deeper sections of other porphyry systems in Southeast Asia such as the giant high-grade Grasberg Indonesia (Freeport-McMoRan Copper & Gold), Wafi-Golpu PNG (Newcrest Mining) and Tujah Bukit Indonesia (Merdeka Resources) porphyry deposits.

At depth in the BEP, large clasts of potassic altered (biotite, potassic feldspar and magnetite) diorite porphyry with intense stockwork chalcopyrite-bornite mineralisation occur within a diatreme breccia and are interpreted to have bee transported from a high-grade potassic core at depth. The BEP and BWP systems remain open in several directions and the interpreted BEP high-grade core remains untested at depth.

As part of the IUP-OP grant EMM is committed to meeting in-country processing requirements and will pursue opportunities for copper metal production via heap-leach, SX-EW while simultaneously commencing discussions with several companies that have pledged to build local smelters to process copper concentrate.

Beutong is very favourably located from a transport and logistics and general infrastructure perspective and development activities incorporating evaluation drilling, metallurgy and geotechnical activities are currently progressing

Based upon results of JORC (2012) Mineral Resource Estimate released March 2019

Ownership 80%
Licence The Beutong project is held under a Mining Business License (Izin Usaha Pertambangan Operasi Produksi– “IUP-OP”)
Licence - Key Features The IUP-OP licence provides for an initial 20 years of licence tenure which may be extended twice, each for a period of 10 years, totalling 40 years The holder of the Beutong IUP is PT Emas Mineral Murni, ("PT EMM") an Indonesian company. PT EMM is owned 80% by Beutong Resources Pte Ltd. ("Beutong Singapore") a Singapore company. Beutong Singapore is owned 50% by Tigers Copper Singapore No. 1 Pte Ltd. ("Tigers Singapore"). Tigers Singapore is owned 100% by Asiamet Resources Limited. Therefore, Asiamet holds an effective 80% interest in the Beutong IUP. PT Media Mining Resources ("PTM") owns the remaining 20% of the shares of PT EMM. Beutong is a large high-quality copper, gold, silver, molybdenum deposit which outcrops at surface and remains open in several directions including to depth. Current JORC compliant Resources contain 2.4Mt (5.3BIb) copper, 2.1Moz gold and 20.6Moz silver.
Resource Beutong's Mineral Resource on a 100% basis comprises:
  • Measured and Indicated Resources of 93Mt at 0.61% Cu, 0.13ppm Au, 1.97ppm Ag and 97ppm Mo (0.3% Cu Reporting Cut) for contained metal of 1,241MIbs copper, 373koz gold, 5,698koz silver and 20MIbs molybdenum (0.3% Cu Reporting Cut); and
  • Inferred Resources of 418Mt at 0.45% Cu, 0.13ppm Au, 1.11ppm Ag and 129ppm Mo (0.3% Cu Reporting Cut) for contained metal of 4,092MIbs copper, 1,746koz gold, 14,903koz silver and 112MIbs molybdenum (0.3% Cu Reporting Cut).
Primary Metals Large scale copper-gold-molybdenum resource with a high grade core and potential for significant additional upside
Location The Beutong Project is located within the Beutong IUP-OP located in Aceh in Indonesia, some 60 kilometres inland from the coastal city of Meulaboh on the island of Sumatra
Infrastructure The Beutong deposit is very well located with respect to existing infrastructure i.e. adjacent to a sealed road and approximately 60km from a large power station and seaport
Status Asiamet's increased its interest 40 to 80% and published a new JORC (2012) compliant Resource Statement in March 2019.