Positive Drilling Result
07 April 2008 - 6:51PM
UK Regulatory
Positive Drilling Result
FINDERS RESOURCES LIMITED
Greatly increased resource potential from new drill results
at Jambi Oxide Gold deposit, Ojolali Project
Highlights
* Final or preliminary gold assays have now been received for the
96 hole, 8237m Jambi reverse circulation drilling program. These
results:
* Confirm continuity of low grade gold mineralization in the
central mineralized zone
* Provide evidence of higher grade feeder vein systems at
depth (e.g. BKJR 125, 4m of 8.34 g/t Au from 100m depth),
and
* Define a coherent zone of high silver values through the
south-eastern portion of the drilled area.
* The resource remains open to the north-east, south and at depth.
In particular, intercepts in hole BKJR126 (14m at 2.76 g/t Au
from the surface and 6m at 2.2 g/t Au from 20m) are located
approximately 80m north-east of any previously known
mineralization at Jambi.
* This drilling will form the basis for a new resource estimate to
be undertaken by Hellman and Schofield Pty Ltd during April
The initial phase of resource drilling at the Jambi oxide gold-silver
project has been completed. Ninety six (96) RC drill holes
(BKJR35-130) have been completed at Jambi for a total of 8297m of
drilling; these complement 34 diamond holes completed by Finders
during 2006.
Final or preliminary gold assays have been received for all holes,
while silver assays are still awaited for holes 115-130. Results from
holes BKJR35-85 have been reported previously.
Key intercepts from new drilling include:
Hole From (m) Width (m) + Au g/t Ag g/t AuEq(50)+ g/t
BKJR87 104 6 5.11 9 5.29
BKJR89 114 19 1.60 94 3.48
BKJR97 11 22 2.07 3 2.13
BKJR98 4 8 5.50 4 5.58
Including 8 2 17.2 9 17.38
BKJR104 13 14 1.63 3 1.69
BKJR109 0 8 2.21 2 2.25
BKJR111 0 19 2.42 1 2.44
BKJR113 54 26 1.31 38 2.07
Including 73 6 2.15 132 4.79
BKJR114 100 12 0.42 180 4.02
BKJR117 23 3 6.75 ANR+ 6.75
Including 23 1 16.9 ANR 16.9
BKJR124 27 8 2.03 ANR 2.03
BKJR125 4 18 1.62 ANR 1.62
26 33 1.70 ANR 1.70
99 10 4.05 ANR 4.05
Including 100 4 8.34 ANR 8.34
BKJR126 0 14 2.76 ANR 2.76
20 6 2.28 ANR 2.28
BKJR130 14 30 1.34 ANR 1.34
+ Au equivalents are calculated using Ag g/t divided by 50 plus Au
g/t.
Intercepts quoted are down-hole widths, and will generally exceed the
true widths of mineralized zones.
"ANR" denotes assays not received.
Hellman and Schofield Pty Ltd have been retained to undertake a new
resource estimate, which is targeted for completion by early May,
subject to timely receipt of outstanding silver assays.
Pending this review of the resource potential of the central Jambi
zone, the drill rig has been transferred to Finders' Wetar project to
complete a two month sterilization and resource upgrade drill
programme. Afterwards, Finders plan to initiate a follow up program
at Jambi to assess the southern and north-east extensions of the
deposit.
Russell Fountain, Executive Chairman of Finders said:
"These results consolidate the excellent results reported from the
initial part of this drill program. We anticipate a significant
increase in the core Jambi resource from the previously reported
100,000 Oz gold Inferred Resource. Furthermore, we consider that the
failure of this program to establish the limits to the Jambi system,
laterally or at depth, highlights the significant potential for
additional discoveries."
For further information please contact
Finders Resources Ltd:
Russell Fountain, Executive Chairman, +61 2 9211 8299
Chris Farmer, Managing Director, info@findersresources.com
Financial PR:
Doug Macdonald, +61 424 255 959, Capital Group (in Australia)
Paddy Blewer or Nick Elwes, +44 20 7457 2020, College Hill (in the
UK)
RFC Corporate Finance Ltd - Nomad and Corporate Adviser:
Rob Adamson, +61 2 9250 0000 or Stuart Laing, + 61 8 9480 2500
Detailed Information follows:
Reverse Circulation Drilling Program
The RC drilling program at Jambi was originally designed based on 25m
x 25m drill centres for approximately 5,000m of drilling. The
objective was to better define interpreted high grade zones within
the existing Inferred Mineral Resource estimate of 3.2 Mt @ 1.0 g/t
Au, 6.9 g/t Ag at a 0.5 g/t Au cut-off (including mining dilution)
and to upgrade the Mineral Resource estimate to the Indicated
category. The program commenced on 21st November 2007.
Results from detailed mapping, geochemical and geophysical surveys
and drilling, indicate that the Jambi system is controlled by
intersecting northerly and north-easterly trending quartz and pyrite
veinlet swarms, and the system remains open to the west, southwest,
north and north-east.
Assays from the drilling confirm the continuity of high grade zones
within a broader lower grade oxide gold resource. Previously,
Finders have reported high metallurgical recoveries from test work on
the Jambi Oxide ore, with approximately 90% gold recoverable in CIP
processing and 70% in heap leach simulations. Significant gold and
silver intercepts are recorded from almost all holes in the current
program; a more detailed list of significant assays is tabulated
below. Reported thicknesses are down-hole intercepts. True
thicknesses will be generally less than the apparent thickness.
Jambi drilling: significant assay results (Au equivalents use Ag g/t
divided by 50 plus Au g/t)
Hole From (m) Width (m) Au g/t Ag g/t AuE(50) g/t
BKJR86 0 7 0.94 2 0.98
Including 35 3 0.75 4 0.83
BKJR87 0 8 1.98 2 2.02
13 5 0.66 5 0.76
22 3 0.78 1 0.8
56 3 0.77 1 0.79
104 6 5.11 9 5.29
117 4 1.22 4 1.3
BKJR88 15 1 1.57 2 1.61
26 3 0.55 1 0.57
36 1 0.87 12 1.11
40 5 0.46 14 0.74
56 1 4.2 17 4.54
59 10 0.34 43 1.2
114 1 0.5 40 1.3
BKJR89 0 1 0.55 1 0.57
12 4 0.45 10 0.65
19 5 0.76 3 0.82
30 4 0.55 13 0.81
42 3 0.71 5 0.81
49 3 6.43 1 6.45
59 2 0.78 29 1.36
79 6 0.97 1.6 1.00
98 1 0.5 1 0.52
114 19 1.6 94 3.48
BKJR90 0 13 1.95 3 2.01
54 3 1.19 6 1.31
BKJR91 20 1 2.69 2 2.73
32 16 1.19 2 1.23
50 1 0.69 1 0.71
56 6 1.46 6 1.58
BKJR92 0 3 0.72 1 0.74
12 6 0.69 2 0.73
21 2 0.9 1 0.92
26 1 1.01 1 1.03
34 3 1.94 6 2.06
40 6 0.75 4 0.83
57 15 0.37 24 0.85
BKJR93 6 14 1.11 1 1.13
70 8 0.7 54 1.78
BKJR94 0 3 0.87 1 0.89
6 3 0.88 0.2 0.88
10 1 0.72 1 0.74
56 4 1.2 6 1.32
BKJR95 7 5 0.67 0.2 0.67
16 6 1.65 1 1.67
27 1 0.49 5 0.59
39 1 0.53 6 0.65
BKJR96 29 4 0.98 2 1.02
35 1 0.63 2 0.67
BKJR97 11 22 2.07 3 2.13
BKJR98 4 8 5.5 4 5.58
Including 8 2 17.2 9 17.38
BKJR99 2 6 1.23 2 1.27
BKJR100 0 3 1.71 1 1.73
BKJR101 1 1 0.53 1 0.55
BKJR102 1 1 0.57 2 0.61
BKJR103 0 1 1.21 1 1.23
Hole From (m) Width (m) Au g/t Ag g/t AuE(50) g/t
BKJR104 7 1 0.55 0.5 0.56
13 14 1.63 3 1.69
32 3 1.13 3 1.19
44 1 0.84 1 0.86
55 1 0.48 22 0.92
65 2 1.55 13 1.81
82 4 1.01 39 1.79
93 1 0.55 3 0.61
BKJR105 21 1 1.76 1 1.78
31 1 3.26 7 3.4
33 2 2.25 6 2.37
39 1 0.59 20 0.99
BKJR106 0 3 0.51 14 0.79
BKJR107 0 3 0.82 2 0.86
12 1 4.44 4 4.52
16 1 0.59 0.2 0.59
BKJR108 2 6 0.82 1 0.84
21 1 0.94 2 0.98
39 1 2.51 2 2.55
BKJR109 0 8 2.21 2 2.25
Including 3 2 12.57 2 12.61
BJKR110 45 4 1.49 54 2.57
BKJR111 0 19 2.42 1 2.44
45 1 3.35 3 3.41
60 8 1.17 5 1.27
70 2 1.4 11 1.62
74 5 1.22 8 1.38
BKJR112 0 1 2.21 1 2.23
11 1 0.81 2 0.85
14 3 1.59 2 1.63
26 4 2.17 9 2.35
BKJR113 0 1 0.62 1 0.64
10 3 2.51 1 2.53
31 2 1.44 6 1.56
44 2 0.54 1 0.56
54 26 1.31 38 2.07
Including 73 6 2.15 132 4.79
90 2 0.43 51 1.45
94 3 0.6 12 0.84
103 1 0.58 18 0.94
139 6 0.33 61 1.55
BKJR114 0 7 0.78 1 0.8
25 6 0.56 18 0.92
33 6 0.72 14 1
41 3 0.62 13 0.88
63 2 0.44 32 1.08
80 6 0.69 73 2.15
88 8 0.72 9 0.9
100 12 0.42 180 4.02
115 2 0.19 48 1.15
BKJR115 5 1 0.8 1 0.82
20 3 0.85 1 0.87
25 11 1.4 4 1.48
39 17 0.67 9 0.85
58 2 0.2 33 0.86
62 2 0.85 19 1.23
67 1 0.93 89 2.71
143 2 2.08 13 2.34
Hole From (m) Width (m) Au g/t Ag g/t AuE(50) g/t
BKJR123 0 3 0.71 ANR 0.71
12 10 1.86 ANR 1.86
29 2 0.67 ANR 0.67
53 2 0.82 ANR 0.82
BKJR124 21 1 0.7 ANR 0.7
27 8 2.03 ANR 2.03
37 1 0.86 ANR 0.86
46 5 2.58 ANR 2.58
66 1 0.79 ANR 0.79
76 1 0.66 ANR 0.66
BKJR125 4 18 1.62 ANR 1.62
26 33 1.7 ANR 1.7
69 1 1.33 ANR 1.33
75 2 0.8 ANR 0.8
99 10 4.05 ANR 4.05
Including 100 4 8.34 ANR 8.34
110 3 0.97 ANR 0.97
121 4 0.91 ANR 0.91
BKJR126 0 14 2.76 ANR 2.76
20 6 2.28 ANR 2.28
BKJR127 1 8 0.57 ANR 0.57
11 2 0.53 ANR 0.53
18 1 4.37 ANR 4.37
50 7 0.82 ANR 0.82
BKJR128 0 1 0.78 ANR 0.78
31 3 0.72 ANR 0.72
44 4 0.54 ANR 0.54
BKJR129 1 3 0.95 ANR 0.95
BKJR130 0 9 0.92 ANR 0.92
14 30 1.34 ANR 1.34
Hole From (m) Width (m) Au g/t Ag g/t AuE(50) g/t
BKJR116 17 2 0.54 ANR 0.54
47 1 1.19 ANR 1.19
58 1 1.71 ANR 1.71
61 1 2.45 ANR 2.45
94 1 0.54 ANR 0.54
98 1 0.5 ANR 0.5
BKJR117 0 3 1.91 ANR 1.91
9 3 0.75 ANR 0.75
20 1 0.8 ANR 0.8
23 3 6.75 ANR 6.75
Including 23 1 16.9 ANR 16.9
30 5 0.73 ANR 0.73
44 2 2.32 ANR 2.32
52 19 1.32 ANR 1.32
ANR 0
73 1 0.73 ANR 0.73
BKJR118 0 2 0.76 ANR 0.76
6 1 0.74 ANR 0.74
25 1 1.78 ANR 1.78
29 3 0.81 ANR 0.81
43 1 0.94 ANR 0.94
96 1 0.67 ANR 0.67
BKJR119 66 1 0.56 ANR 0.56
BKJR120 73 8 1.25 ANR 1.25
BKJR121 0 1 0.65 ANR 0.65
8 3 0.7 ANR 0.7
17 6 1.32 ANR 1.32
27 1 0.86 ANR 0.86
BKJR122 9 1 0.71 ANR 0.71
24 2 0.62 ANR 0.62
35 1 0.78 ANR 0.78
Jambi drill hole collar locations (+ UTM Zone 48S, preliminary GPS
survey)
Hole East+ North+ RL (m) Depth (m) AZIM DIP
BKJR86 446499 9483050 244.5 103 90 -60
BKJR87 446485 9483025 258 133 90 -60
BKJR88 446415 9482972 240 127 90 -60
BKJR89 446392 9482902 227 133 90 -60
BKJR90 446357 9483052 208 60 90 -60
BKJR91 446384 9483025 223 85 90 -60
BKJR92 446373 9483005 219 85 90 -60
BKJR93 446358 9482975 204 91 90 -60
BKJR94 446341 9482950 198 70 90 -60
BKJR95 446333 9482975 197 70 90 -60
BKJR96 446428 9483050 224 85 90 -60
BKJR97 446466 9483100 224 91 90 -60
BKJR98 446485 9483125 223 67 90 -60
BKJR99 446500 9483150 214 60 90 -60
BKJR100 446480 9483200 190 85 90 -60
BKJR101 446530 9483200 188 55 90 -60
BKJR102 446580 9483200 182 43 90 -60
BKJR103 446630 9483200 178 43 90 -60
BKJR104 446563 9482950 241 103 90 -60
BKJR105 446580 9482875 210 49 90 -60
BKJR106 446555 9482875 209 37 90 -60
BKJR107 446530 9482875 209 40 90 -60
BKJR108 446455 9482875 221 55 90 -60
Hole East+ North+ RL (m) Depth (m) AZIM
BKJR109 446480 9482875 212 43 90
BKJR110 446505 9482875 209 70 90
BKJR111 446404 9482871 226 91 90
BKJR112 446430 9482875 224 79 90
BKJR113 446376 9482875 215 145 90
BKJR114 446355 9482875 199 127 90
BKJR115 446367 9482925 214 163 90
BKJR116 446342 9482925 198 163 90
BKJR117 446338 9482900 194 169 90
BKJR118 446330 9482875 190 167 90
BKJR119 446305 9482875 182 149 90
BKJR120 446328 9482800 176 85 90
BKJR121 446325 9482850 185 97 90
BKJR122 446300 9482900 181 58 90
BKJR123 446462 9483150 211 73 90
BKJR124 446415 9483025 229 85 90
BKJR125 446515 9482978 266 157 90
BKJR126 446677 9483075 187 49 0
BKJR127 446355 9483025 205 65 90
BKJR128 446375 9482850 210 60 90
BKJR129 446400 9482850 215 32 90
BKJR130 446349 9482850 193 157 90
Statements by Finders Resources Ltd
Geological information in this announcement is based on information
compiled by Dr R Fountain. 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.
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.
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.
Background
Finders, listed on AIM and ASX, is the operator of the Wetar Copper
(~73% and earning), and Ojolali Gold-Silver Projects (72% with
option) in Indonesia, and holds an investment in Geopacific Resources
NL, an ASX-listed company with active exploration programs for gold
and copper in Fiji.
At the Wetar Copper Project, Finders has previously announced
Measured, Indicated and Inferred Resources at a 0.5% copper cut-off
grade, of 9.8 million tonnes at 2.5% copper for 248,000 tonnes
contained copper in two deposits, Kali Kuning and Lerokis. The
company is planning to develop an open cut heap leach SX-EW copper
mining operation to produce 20-25,000 tonnes of cathode copper per
year from mid 2009. A key component of the feasibility study for this
project is the construction of a semi-commercial scale test heap and
pilot plant, designed to produce 5 tonnes per day of copper cathode
from July 2008, with an estimated capital cost of US$6.25 million.
At the Ojolali Project, Finders has previously announced Inferred
Resources at the Jambi Oxide gold deposit (3.2 Mt @ 1.0 g/t Au, 6.9
g/t Ag at a 0.5 g/t Au cut-off, and including mining dilution) and
Inferred Resources at the Tambang Prospect (7.9 Mt @ 167g/t Ag and
0.7 g/t Au at a 1 g/t Au equivalent cut-off using drilling data from
a previous explorer). Finders' believes that the Ojolali project has
strong potential to generate short-term cash flow through open pit
CIL/CIP development of the gold resource at the Jambi Oxide gold
deposit. Other prospects have outstanding potential for the discovery
of additional resources using modern geophysical techniques to
optimize drill targeting.
For further information on results previously reported and a full
resource statement please v
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