Jambi drilling results deliver high gold grades
22 Juli 2010 - 9:24AM
UK Regulatory
TIDMFND
22 July 2010
FINDERS RESOURCES LIMITED
Finders Resources Limited (FND AIM/ASX) is pleased to announce the latest
drilling results from the Ojolali gold-silver project (FND 72%) in Sumatra,
Indonesia following a recent program of infill reverse circulation drilling at
the Jambi oxide gold prospect.
The results are extremely encouraging, delivering 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
· 7m @ 4.3 g/t Au from surface in BKJR154, within 17m @ 2.6 g/t Au from surface
· 6m @ 3.8 g/t Au from surface in BKJR137, within 10m @ 2.2 g/t Au from surface
Finders' Chairman, Russell Fountain, said the results underpin the strategy to
unlock the value of the 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.
=-------------------------------------------------------------------------------
Table 1 : Jambi Resource Estimates
=-----+------------------+----------------+-----------------+---------+---------
Cut | Indicated | Inferred | Total |Contained| Attrib.
off | | | | | FND
| | | | |
Au g/t| Mt Au g/t Ag g/t|Mt Au g/t Ag | Mt Au g/t Ag | Au koz |(72%) Au
| | g/t | g/t | | koz
| | | | |
0.5 |2.98 1.1 8.3 |1.1 0.9 5.7 |4.08 1.05 7.6 | 138 | 99
| | | | |
1.0 |1.13 1.74 8.5 |0.3 1.6 6.7 |1.43 1.71 8.1 | 79 | 57
=-----+------------------+----------------+-----------------+---------+---------
The recent Jambi prospect drilling was centered on the intersection of major
north south and north-easterly fault systems and assays show a strong increase
in silver to gold ratios with depth in the central part of the prospect,
indicative of large scale mineral zoning.
The high gold and silver values in BKJR148 comprise the first indication of a
feeder structure for the Jambi mineralization, and opens up a clear target for
significant depth extensions.
Figure 1: Cross Section at Jambi (For location of A-B see Figure 3).
The improved understanding of the structural controls for mineralization greatly
enhances the prospectivity of the Ojolali project area for additional resource
discoveries.
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.
Drill collar locations and a full listing of the significant assay results,
using a 0.5 g/t Au cut off, maximum 1m of internal dilution, and a minimum of 5
gram*meters minimum intercept, are appended below with accompanying drill plan.
Assays were undertaken by the Intertek Jakarta laboratory (ITS), using 50g fire
assay (Code FA51) for gold, and ICP for other elements.
Table 2: Drill Locations
(UTM WGS84, Zone48S. NB Coordinates subject to detailed survey pick-up)
=---------+--------+---------+---------+-----+-----------------+-----
Hole_ID | East | North | Azimuth | Dip | Total depth (m) | RL
=---------+--------+---------+---------+-----+-----------------+-----
BKJR136 | 446512 | 9482951 | 90 | -60 | 77 | 252
=---------+--------+---------+---------+-----+-----------------+-----
BKJR137 | 446571 | 9482994 | 320 | -60 | 115 | 253
=---------+--------+---------+---------+-----+-----------------+-----
BKJR138 | 446545 | 9482980 | 320 | -60 | 97 | 260
=---------+--------+---------+---------+-----+-----------------+-----
BKJR139 | 446586 | 9482970 | 320 | -60 | 133 | 251
=---------+--------+---------+---------+-----+-----------------+-----
BKJR140 | 446568 | 9482955 | 320 | -60 | 121 | 252
=---------+--------+---------+---------+-----+-----------------+-----
BKJR141 | 446584 | 9482941 | 320 | -60 | 112 | 237
=---------+--------+---------+---------+-----+-----------------+-----
BKJR142 | 446600 | 9482920 | 320 | -60 | 133 | 227
=---------+--------+---------+---------+-----+-----------------+-----
BKJR143 | 446542 | 9482925 | 320 | -60 | 121 | 225
=---------+--------+---------+---------+-----+-----------------+-----
BKJR144 | 446443 | 9482871 | 320 | -60 | 121 | 220
=---------+--------+---------+---------+-----+-----------------+-----
BKJR145 | 446647 | 9483031 | 320 | -60 | 97 | 205
=---------+--------+---------+---------+-----+-----------------+-----
BKJR146 | 446666 | 9483049 | 320 | -60 | 103 | 190
=---------+--------+---------+---------+-----+-----------------+-----
BKJR147 | 446665 | 9483013 | 320 | -60 | 109 | 193
=---------+--------+---------+---------+-----+-----------------+-----
BKJR148 | 446461 | 9482852 | 320 | -60 | 124 | 205
=---------+--------+---------+---------+-----+-----------------+-----
BKJR149 | 446506 | 9482952 | 320 | -60 | 58 | 252
=---------+--------+---------+---------+-----+-----------------+-----
BKJR150 | 446490 | 9482977 | 320 | -60 | 85 | 270
=---------+--------+---------+---------+-----+-----------------+-----
BKJR151 | 446472 | 9483072 | 140 | -60 | 108 | 233
=---------+--------+---------+---------+-----+-----------------+-----
BKJR152 | 446554 | 9483024 | 320 | -60 | 75 | 241
=---------+--------+---------+---------+-----+-----------------+-----
BKJR153 | 446334 | 9483050 | 90 | -60 | 75 | 190
=---------+--------+---------+---------+-----+-----------------+-----
BKJR154 | 446287 | 9483050 | 90 | -60 | 75 | 177
Table 3: Significant intercepts using a 0.5 g/t Au cut-off
(Max. 1m internal dilution, min. intercept 5 gram*meter AuEq. All intercepts are
down hole lengths and may exceed the true thickness. Gold equivalents (AuEq) are
calculated using the formula Au + Ag/60)
=-------------------------------------------------------------------------------
Hole_ID From Length Au Ag AuEq AuEq From Length Au Ag AuEq
(m) (m) (ppm) (ppm) (ppm) (g*m) (m) (m) (ppm) (ppm) (ppm)
+-----------------------------------------+-----------------------------+
| Main Intercept | Including |
=------+---------------------------+-------------+-----------------------------+
BKJR136| 0 77 0.8 9.3| 1.0 77.0| |
| | | |
BKJR136| 0 9 1.3 1.9 1.4 12.3| |
| | |
BKJR136| 15 8 0.8 1.9 0.9 6.8| |
| | |
BKJR136| 27 25 0.7 23.4 1.1 27.8| 31 2 1.5 59.2 2.5|
| | |
BKJR136| 57 20 1.2 3.5 1.2 24.8| 59 3 2.7 5.3 2.8|
=------+-----------------------------------------+-----------------------------+
BKJR137| 0 10 2.2 1.1 2.2 22.0| 0 6 3.8 0.8 3.8|
| | |
BKJR137| 16 12 1.4 3.8 1.5 17.9| |
| | |
BKJR137| 30 20 1.7 0.8 1.7 33.4| |
=------+-----------------------------------------+-----------------------------+
BKJR138| 2 7 0.8 2.3 0.9 6.2| |
| | |
BKJR138| 11 19 4.2 6.5 4.3 82.3| 14 7 9.6 3.8 9.7|
| | |
BKJR138| 33 2 3.1 2.3 3.2 6.3| 34 1 5.3 3.4 5.4|
=------+-----------------------------------------+-----------------------------+
BKJR139| 30 7 0.8 4.6 0.9 6.1| |
| | |
BKJR139| 40 11 1.0 12.0 1.2 12.9| 47 2 2.7 51.8 3.6|
| | |
BKJR139| 54 5 1.3 43.6 2.0 10.0| 55 2 2.6 59.3 3.6|
| | |
BKJR139| 72 4 1.9 5.4 2.0 7.8| 75 1 4.5 4.7 4.6|
=------+-----------------------------------------+-----------------------------+
BKJR140| 37 8 3.0 1.3 3.1 24.4| 41 1 11.8 3.1 11.8|
| | |
BKJR140| 64 3 4.3 6.9 4.4 13.2| |
| | |
BKJR140| 70 9 1.4 15.9 1.7 15.1| 70 1 4.1 18.6 4.4|
| | |
BKJR140| 101 5 1.0 14.9 1.3 6.4| 101 1 3.3 65.9 4.4|
=------+-----------------------------------------+-----------------------------+
BKJR141| 3 16 1.1 2.8 1.1 18.1| |
| | |
BKJR141| 49 13 2.2 4.0 2.2 29.1| 49 3 7.0 3.5 7.1|
| | |
BKJR141| 67 11 1.2 18.5 1.5 16.4| 76 1 5.3 40.6 5.9|
| | |
BKJR141| 87 14 0.8 3.4 0.9 12.3| |
=------+-----------------------------------------+-----------------------------+
BKJR142| 102 8 0.9 10.1 1.1 8.8| |
=------+-----------------------------------------+-----------------------------+
BKJR143| 31 6 1.1 11.6 1.3 7.7| |
=------+-----------------------------------------+-----------------------------+
BKJR144| 18 11 1.3 5.8 1.4 14.9| |
| | |
BKJR144| 37 5 1.1 2.2 1.1 5.5| |
| | |
BKJR144| 57 5 0.9 10.9 1.1 5.4| |
| | |
BKJR144| 76 9 0.7 19.6 1.1 9.5| |
=------+-----------------------------------------+-----------------------------+
BKJR145| 0 4 2.3 1.1 2.3 9.1| 0 1 7.1 2.1 7.1|
| | |
BKJR145| 39 6 0.8 13.0 1.0 6.1| |
=------+-----------------------------------------+-----------------------------+
BKJR148| 19 2 4.0 4.0 8.1| |
| | |
BKJR148| 90 21 2.9 85.4 4.3 89.3| 91 6 7.1 161.6 9.8|
| | |
BKJR148| 115 9 0.9 14.8 1.2 10.4| |
=------+-----------------------------------------+-----------------------------+
BKJR149| 0 48 2.0 5.0 2.1 101.8| 9 24 3.1 1.7 3.2|
=------+-----------------------------------------+-----------------------------+
BKJR150| 0 17 1.7 2.0 1.7 28.7| |
| | |
BKJR150| 21 20 1.5 11.2 1.7 34.0| 27 2 8.6 8.4 8.7|
=------+-----------------------------------------+-----------------------------+
BKJR151| 0 10 1.4 1.6 1.5 14.5| |
| | |
BKJR151| 12 7 1.6 8.2 1.8 12.4| 14 1 7.4 9.4 7.5|
=------+-----------------------------------------+-----------------------------+
BKJR153| 43 2 4.3 4.5 4.4 8.7| |
=------+-----------------------------------------+-----------------------------+
BKJR154| 0 17 2.6 3.9 2.7 45.8| 0 7 4.3 0.2 4.3|
| | |
BKJR154| 21 5 1.3 9.0 1.4 7.1| |
=------+-----------------------------------------+-----------------------------+
Further details for all projects may be found on the Finders website at
www.findersresources.com
Finders Resources Ltd:
Russell Fountain Non-Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
Financial PR:
Stuart Carson FD Third Person (in Sydney) +61 2 8298 6100
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:
Matthew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
Finders Resources Ltd through its subsidiary PT Batutua Tembaga Raya and
partner PT Batutua Kharisma Permai are proud sponsors of Sail Banda 2010
sailbanda.com
Background Information on Finders
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 Company is targeting commercial production in two stages of expansion to
reach 23,000 tonnes per year cathode, subject to 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.
Competent Person Statements
The information in this report that relates to exploration potential, mineral
resource and ore reserve estimation is the responsibility of Dr Russell
Fountain. Dr Fountain is a Director of Finders and a Fellow of the Australian
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 in the 2004 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves' (JORC Code) and as a
Qualified Person as defined in the AIM Rules. He consents to the inclusion in
this report of the matters based on his information in the form and context in
which they appear. All assaying of drill core samples was undertaken by the ITS
laboratory in Jakarta. ITS is one of the world's largest product and commodity
testing, inspection and certification organizations. The Jakarta laboratory is
ISO 17025 accredited and employs a Laboratory Information Management System
(LIMS) for sample tracking, quality control and reporting.
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, including those with respect to permitting and
development timetables, mineral grades, metallurgical recoveries, potential
production 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
No Representation, Warranty or Liability
Whilst it is provided in good faith, no representation or warranty is made by
Finders or any of its advisers, agents or employees as to the accuracy,
completeness, currency or reasonableness of the information in this Announcement
or provided in connection with it, including the accuracy or attainability of
any Forward Looking Statements set out in this Announcement.
Finders does not accept any responsibility to inform you of any matter arising
or coming to Finders' notice after the date of this Announcement which may
affect any matter referred to in this Announcement.
Any liability of Finders, its advisers, agents and employees to you or to any
other person or entity arising out of this Announcement including pursuant to
common law, the Corporations Act 2001 and the Trade Practices Act 1974 or any
other applicable law is, to the maximum extent permitted by law, expressly
disclaimed and excluded.
Distribution Restrictions
The distribution of this Announcement may be restricted by law in certain
jurisdictions. Recipients and any other persons who come into possession of this
Announcement must inform themselves about, and observe any such restrictions.
[HUG#1433402]
Figure 2: Ojolali prospect areas and soil geochemistry: http://hugin.info/138746/R/1433402/379267.doc
Figure 1: Cross Section at Jambi : http://hugin.info/138746/R/1433402/379266.doc
Figure 3: Plan of new Jambi Drilling: http://hugin.info/138746/R/1433402/379268.doc
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Finders Resources Limited via Thomson Reuters ONE
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