Ojolali Update
04 Dezember 2009 - 9:15AM
UK Regulatory
TIDMFND
For Release: 4 December 2009
FINDERS RESOURCES LIMITED (ASX & AIM Code: FND)
Diamond drill testing to commence on high grade gold vein targets at
Ojolali
Finders Resources Limited ("Finders") is pleased to announce that a
man-portable diamond drill has arrived on site at Ojolali and that
first pass drill testing of high grade vein targets indicated by
surface channel sampling will commence immediately.
The initial program will comprise approximately 1500m of diamond
drilling, commencing with 6 holes for a total of 650m to test the Way
Neki prospect. The balance of the drilling will be allocated to
prioritized holes at the Jambi, C1 and Belida prospects.
The overall diamond drilling program is expected to take about three
months to complete, with initial results available around the end of
January.
An additional program of around 5,000m of reverse circulation
drilling, focused on extensions to the Jambi oxide deposit and
Tambang vein supergene zone is also planned pending sourcing of a
suitable drilling rig.
Finders' exploration target at Ojolali is to increase oxide gold
resources to +300,000 Oz Au, to provide the basis for an initial low
cost 30-50,000 Oz gold per year open pit mine, whilst also continuing
to identify, prioritise and test other gold and silver targets within
the Ojolali epithermal district. Previous regional exploration by
Finders, using both soil geochemistry and ground geophysics has
identified numerous targets with excellent potential for the
discovery of additional resources
Way Neki - targeting high grade quartz vein hosted gold-silver
mineralisation
At Way Neki, mapping and trenching following up local miner workings
has identified a significant zone of relatively well defined quartz
veins, with relatively narrow alteration selvages, hosted by more
massive basement basaltic host rocks than the strongly altered
andesitic host for Jambi mineralization. The veins occur in an area
at least 900m north-south by 800m east-west, which may extend
northwards to link up with the previously drilled Batu Kuning
prospect. The target at Way Neki is high grade quartz vein hosted
gold-silver mineralization similar to that being developed by
Kingsrose Mining at the Way Linggo prospect about 30 km south of
Ojolali.
Channel sampling results received to date are highly encouraging,
with highlights including 2m @ 50 g/t Au, 2m @ 38 g/t Au, 2m at 8 g/t
Au, 1m at 11.9 g/t Au, 2m @ 11.7 g/t Au, 1m @ 23 g/t Au, 1m @ 6.25
g/t Au, 1.1m @ 11.1 g/t Au, 1m at 12.4 g/t Au and 1m @ 6.25 g/t Au,
303 g/t Ag.
The initial proposed Way Neki drill hole locations are tabulated
below and shown in Figure 1. The program is designed to test the
grade, thickness and depth continuity of the narrow vein systems
sampled on surface.
H_ID_Plan Easting Northing Rl Azimuth TD (m)
WNK_A 446633.8 9481022.3 132 130 75
WNK_B 446582.6 9481069.7 137 130 150
WNK_C 446690.5 9481117.5 137 90 125
WNK_D 446672.2 9481308 160 90 150
WNK_E 446746.6 9481308 170 90 100
WNK_F 446260.7 9481059 163 90 50
Figure 1. Way Neki surface assays, with planned drill hole
locations.
For further information please contact
Finders Resources Ltd:
Russell Fountain Non-Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
Financial PR:
Doug Macdonald Capital Group (in +61 424 255 959
Australia)
Nick Elwes College Hill (in the UK) +44 20 7457 2020
RFC Corporate Finance Ltd - Nomad::
Rob Adamson Managing Director +61 2 9250 0000
Stuart Laing Executive Director +61 8 9480 2500
FinnCap - Finders' Broker for the AIM market:
Mathew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
Background on Finders Resources
Finders, listed on AIM and ASX, is the operator of the Wetar Copper
Project (94% and earning), and the Ojolali Gold-Silver Project (72%
with option), both located in Indonesia.
At the Wetar Project, as part of a definitive feasibility study, a
demonstration SX-EW plant with 5t per day copper cathode capacity was
commissioned in February 2009 and is permitted to process 100,000t of
ore from the Kali Kuning deposit. The demonstration plant is
producing LME Grade A copper cathode at planned rates. The Company
is targeting commercial production of 20-25,000 tonnes per year
cathode by 2010, subject to final feasibility, permitting and project
funding.
At the Ojolali Project, Finders controls what it considers to be a
major new epithermal gold district, and has been undertaking an
extensive exploration program comprising detailed drilling to
establish an initial mining resource, supported by extensive surface
geophysical and geochemical surveys. Finders believe that the Ojolali
project has strong potential to generate cash flow through open pit
CIL/CIP development of the gold resource at the Jambi Oxide gold
deposit.
For further information on results previously reported and a full
resource statement please visit our website www.findersresources.com.
Competent Person Statement
Geological and Mineral Resource information in this announcement and
comments relating to exploration potential and the project in general
are based on information compiled by Dr Russell Fountain, who also
accepts responsibility for the data on which the Mineral Resource is
based. Dr Fountain is a Director of Finders and a Fellow of the
Australasian Institute of Geoscientists. Dr Fountain has sufficient
experience that is relevant to the styles of mineralisation and types
of deposits under consideration and to the activity that he is
undertaking to qualify as Competent Person as defined in the JORC
Code. He consents to the inclusion in this announcement of the
matters based on his information in the form and context in which
they appear.
Disclaimer
This announcement may or may not contain certain "forward looking
statements". All statements, other than statements of historical
fact, which address activities, events or developments that Finders
believes, expects or anticipates will or may occur in the future, are
forward looking statements. Forward looking statements are often, but
not always, identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "targeting", "expect",
and "intend" and statements that an event or result "may", "will",
"can", "should", "could", or "might" occur or be achieved and other
similar expressions. These forward looking statements reflect the
current internal projections, expectations or beliefs of Finders
based on information currently available to Finders. Statements in
this document that are forward-looking and involve numerous risks and
uncertainties that could cause actual results to differ materially
from expected results are based on the Company's current beliefs and
assumptions regarding a large number of factors affecting its
business. Actual results may differ materially from expected results.
There can be no assurance that (i) the Company has correctly measured
or identified all of the factors affecting its business or the extent
of their likely impact, (ii) the publicly available information with
respect to these factors on which the Company's analysis is based is
complete or accurate, (iii) the Company's analysis is correct or (iv)
the Company's strategy, which is based in part on this analysis, will
be successful. Finders expressly disclaims any obligation to update
or revise any such forward looking statements.
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