Finders Resources (ASX:FND) operations include development of the Wetar Copper Project and the Ojolali Gold/Silver project. The Company has 95% interest in the Wetar Copper Project, Indonesia which has completed its demonstration phase and is moving into the construction phase of its 250,000 tpa SX-EW operation.
Ojolali is a highly promising gold/silver prospect in South Sumatra.
Finders Resources to commence diamond drill testing on high grade gold vein targets at Ojolali
Finders Resources (ASX: FND) will commence the first pass drill testing of high grade vein targets indicated by surface channel sampling at Ojolali Gold-Silver Project, following the arrival of a man-portable diamond drill.
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.
Finders intends to increase the oxide gold resource at Ojolali to +300,000 ounces of gold. The objective is to provide the basis for a low cost 30-50,000 ounce per year open pit mine based on the Jambi oxide resource.
Meanwhile, 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.
