www.findersresources.com
Finders is an emerging low cost copper cathode producer, developing a high grade 25,000 tpa copper mine on Wetar Island in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.
Finders Resources encouraged by high gold grades at Jambi prospect
Finders Resources (LON, ASX: FND) has reported encouraging drilling results from the Ojolali gold‐silver project in Sumatra, Indonesia, following a recent program of infill reverse circulation drilling at the Jambi oxide gold prospect.
The results delivered the best gold assays from the prospect to date, and strongly support the interpretation of high grade structurally controlled zones at Jambi. Assay highlights include:
- 24m @ 3.1 g/t Au at 9m depth in BKJR149, within a zone of 48m @ 2.0 g/t Au from surface
- 7m @ 9.6 g/t Au at 14m depth in BKJR138, within 19m @ 4.2 g/t Au from a depth of 11m
- 6m @ 7.1 g/t Au and 161 g/t Ag in BKJR148, within 21m @ 2.9 g/t Au & 85 g/t Ag from 90m depth
Russell Fountain, chairman, said the results underpin the strategy to unlock the value of the company's 72% owned-Ojolali project, where there are 20 named prospects located within a 10 x 4km mineralized district.
“The wide zones of near surface oxide gold mineralization will enhance the potential for a start‐up oxide gold mine at Jambi. In addition, resolution of the structural controls opens up the means for effective targeting of the outstanding deep exploration potential of the Ojolali area."
"The exploration success being achieved at Ojolali combined with the planned expansion at Finders’ Wetar copper project later this year leaves the company in an excellent position” he said.
In addition to the Jambi drilling, an 18 hole drill program was completed in June 2010 to test for near‐surface enriched silver mineralization at the nearby Tambang prospect. Results for these holes are awaiting assays which are expected within the next month.
The results of the 19‐hole program at Jambi will be incorporated into an updated resource estimate to be undertaken by Hellman & Schofield Pty Ltd.
The current Jambi JORC resource has a total combined indicated and inferred resource of 4.08 million tonnes at a grade of 1.05 g/t Au and 7.6 g/t Ag at a 0.5g/t Au cut off, containing 138,000 oz Au.
The district is typically characterized by widespread high gold and silver values in soil samples and these have been supported by encouraging rock channel samples from trenching activities previously reported.
Assays were undertaken by the Intertek Jakarta laboratory (ITS), using 50g fire assay (Code FA51) for gold, and ICP for other elements.
Finders believes that the Ojolali project has strong potential to generate cash flow through open pit CIL/CIP development of the gold resource at Jambi.
