AM Resources owns a 60% interest of the Esperanza asphaltite property, which covers 298 hectares. The property lies 70 km north-northwest of the city of Bucaramanga.
AM was prompted to invest in asphaltite projects by Colombia’s 4G program, which provides for the construction of more than 4,400 miles of new roads, 141 tunnels and 1,300 viaducts. The program was endorsed by the new government elected in May 2018.
Asphaltite is used as performance-enhancing agents for asphalt mixes. Asphaltite modified paving mixes achieve higher performance grades and incorporate into an asphalt blend with no need for high shear milling as in the case with some other modifiers. Asphaltite-modified asphalts can have higher stability, reduced deformation, reduced temperature susceptibility and increased resistance to water stripping as compared to non-modified asphalts.
The Esperanza property has the advantage of having an open pit mining license, which could enable AM to bring it faster to production and at a lesser cost.
Production at La Tigra, Esperanza’s neighbour, is estimated at about 3,000 tonnes per month.