Tambang Drilling Results
09 September 2010 - 5:38PM
UK Regulatory
TIDMFND
For Release: 9 September 2010
FINDERS RESOURCES LIMITED
Tambang Drilling Results
Finders Resources Limited (FND AIM/ASX) is pleased to announce the latest
drilling results from its 72% owned Ojolali gold-silver project in Sumatra,
Indonesia following the recently completed 18 hole 1717m program of infill
reverse circulation drilling at the Tambang gold-silver vein system. 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 identification of a 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
* 1m grading 658 g/t Ag and 0.52 g/t Au from 30m depth in TBGR 20
Figure 1-Cross section showing newly defined gold shoot at Tambang
Finders Chairman, Russell Fountain, 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.
"This drilling, supported by ongoing surface geological mapping and trenching,
has now defined the principal ore controls at Ojolali. We believe that we are
looking at the very top of a large epithermal system, with great potential for
additional discoveries 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," he said.
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 (see figure 1).
Holes TBGR14, 15 and 16 were designed to test a geophysical anomaly, and
intersected only minor mineralization.
The remaining holes confirmed the presence of wide zones, with true widths
ranging from 8 to 21m at a 0.5 g/t gold equivalent (Au +Ag/60)cut-off, of low
grade gold and silver mineralization, with local high grade silver spikes to
658 g/t.
In addition, high grade gold (7m @ 5.6 g/t Au, 70 g/t Ag) was intersected from
55m depth in TBGR29, indicating potential for significant gold rich zones within
the generally silver dominated Tambang vein system. Additional drilling will be
required to evaluate this potential.
The gold and silver values are accompanied by significant zinc and lead below
the base of oxidation, which extends to around 25m depth within the vein zone.
The company plans to carry out a program of metallurgical testing using
material from this drilling, to check recoveries of both gold and silver across
the oxide-sulphide boundary at Tambang prior to follow up drilling.
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 gold equivalent minimum intercept, are appended below. A plan and
additional section illustrating the Tambang drilling are shown in Figures 2 and
3 and below.
Assays were undertaken by the Intertek Jakarta laboratory, using 50g fire assay
(Code FA51) for gold, and ICP for other elements.
Table 1. Summary drill results for 2010 Tambang RC drilling. Intercepts using a
0.5 g/t gold equivalent (Au +Ag/60) cut-off, and a minimum intercept of 5 g*m Au
equivalent intercept. Intercept lengths are down hole distances, true widths are
estimated to be about 90% of down-hole intercepts.
=--------------------------------------------------------------------------
From Length Au Ag AuE_60 AuEq
Hole_ID (m) (m) (ppm) (ppm) (ppm) (g*m) Pb% Zn%
=--------------------------------------------------------------------------
TBGR17 77 20 0.25 62.19 1.29 25.77 0.34 1.21
TBGR18 63 22 0.20 67.14 1.32 29.12 0.28 0.99
TBGR19 0 7 0.34 32.24 0.87 6.11 0.19 0.03
TBGR19 52 20 0.39 128.60 2.53 50.60 0.68 1.68
TBGR19 88 14 0.09 41.54 0.78 10.92 0.02 0.04
TBGR19 104 6 0.20 52.37 1.07 6.44 0.10 0.03
TBGR20 30 1 0.52 658.00 11.48 11.48 0.00 0.01
TBGR20 43 13 0.37 174.82 3.28 42.63 0.73 0.28
TBGR21 0 5 0.51 70.84 1.69 8.47 0.30 0.07
TBGR21 23 13 0.41 184.15 3.48 45.22 0.62 0.14
TBGR22 0 14 0.56 25.95 1.00 13.96 0.05 0.01
TBGR22 16 7 0.22 72.60 1.43 10.01 0.14 0.07
TBGR22 26 4 0.29 71.20 1.48 5.91 0.18 0.08
TBGR25 27 9 0.94 54.08 1.84 16.56 0.05 0.18
including 32 3 2.43 114.53 4.33 13.00 0.12 0.44
TBGR27 39 5 1.38 55.20 2.30 11.49 0.10 0.10
TBGR28 22 10 0.66 43.75 1.39 13.90 0.06 0.03
TBGR29 49 24 1.84 38.05 2.48 59.42 0.13 0.56
including 55 7 5.62 69.69 6.78 47.44 0.23 0.98
TBGR30 62 11 0.52 43.38 1.24 13.69 0.29 0.24
TBGR30 79 6 0.39 48.40 1.20 7.19 0.07 0.11
TBGR31 19 14 0.43 31.89 0.97 13.51 0.15 0.13
=--------------------------------------------------------------------------
Table 2. Drill Coordinates ( UTMWGS84, Zone48S. NB Coordinates subject to
detailed survey pick-up)
=--------------------------------------------------
Hole ID East North RL TD Az Dip
=--------------------------------------------------
TBGR14 444262 9480635 165 100 90 -60
TBGR15 444225 9480635 165 100 90 -60
TBGR16 444187 9480635 165 120 90 -60
TBGR17 444061 9480541 170 106 90 -60
TBGR18 444075 9480540 170 85 90 -60
TBGR19 444087 9480539 170 110 90 -60
TBGR20 444102 9480538 170 90 90 -60
TBGR21 444127 9480535 171 70 90 -60
TBGR22 444128 9480655 170 100 90 -60
TBGR23 444225 9480818 162 97 90 -60
TBGR24 444177 9480818 163 94 90 -60
TBGR25 444117 9480818 157 109 90 -60
TBGR26 444150 9480818 163 69 90 -60
TBGR27 444130 9480377 202 88 90 -60
TBGR28 444155 9480385 200 79 90 -60
TBGR29 444092 9480818 157 94 90 -60
TBGR30 444192 9481005 158 100 90 -60
TBGR31 444222 9480998 157 103 90 -60
=--------------------------------------------------
Figure 2. Plan of new Tambang Drilling
Figure 3. Cross section A-B
Further details for all projects may be found on the Finders website
atwww.findersresources.com
Finders Resources Ltd:
Russell Fountain Non-Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
Financial PR:
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
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#1443406]
Figure 1-Cross section showing newly defined gold shoot at Tambang:
http://hugin.info/138746/R/1443406/387555.docx
Figure 3. Cross section A-B:
http://hugin.info/138746/R/1443406/387557.docx
Figure 2. Plan of new Tambang Drilling:
http://hugin.info/138746/R/1443406/387556.docx
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(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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