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 (ASX/ASX: FND) has identified a high grade gold-rich shoot from its 72% owned Ojolali gold-silver project in Sumatra, after recently completing the 18 hole 1717m program of infill RC drilling at Tambang.
Based on the results to date, the interpretation is that Finders could be at the top of a larger epithermal system - which could suggest large potential for additional discoveries at depth.
The drilling program was designed to test for near surface mineralization, with potential to provide additional feed for a start up mining operation based on the Jambi oxide gold resource.
Highlights include the new high grade gold-rich shoot that is completely open at depth with an intersection of 7m grading 5.62 g/t Au and 70 g/t Ag from 55m depth within a broader intercept of 24m grading 1.84 g/t Au and 38 g/t Ag and 0.56% Zn from 49m depth in TBGR 29.
Further high grade shallow silver intersections, including:
- 13m grading 184 g/t Ag and 0.41 g/t Au from 23m in TBGR 21;
- 20m grading 128 g/t Ag and 0.39 g/t Au from 52m depth in TBGR19; and
- 1m grading 658 g/t Ag and 0.52 g/t Au from 30m depth in TBGR 20.
Russell Fountain, chairman, said the results have demonstrated the ability to expand the inventory of near-surface oxide mineralization at Ojolali, and continue to emphasise the discovery potential of the project.
“This program tested approximately 600m of the known +2km strike length of the Tambang vein system."
"The results have highlighted the continuity of wide zones of near surface gold-silver mineralization, and importantly demonstrated previously unrecognized potential for gold rich shoots within the system, as evidenced by the intersections in TBGR25 and 29, which are completely open at depth."
“Based on these Tambang results and the previously announced Jambi drilling, we are now instituting a program of metallurgical test-work, including bottle roll testing, as a basis for a scoping study for development of a leaching operation based on both prospects.”
The Tambang mineralization comprises a west dipping fault controlled swarm of quartz and manganese veins, hosted mainly in a siltstone unit separating basement basalts from a locally tuffaceous andesitic rock sequence.