Ojolali Update
February 25 2008 - 8:01AM
UK Regulatory
Ojolali Update
For Release: 25th FEBRUARY 2008
Finders Resources Limited
More High Grade intercepts from Jambi Oxide Gold deposit, Ojolali
Project
Highlights
Excellent assay results have been received from resource drilling at
the Jambi oxide gold deposit at the Ojolali Au-Ag Project.
Key intercepts include:
Hole From (m) Width (m) Au g/t Ag g/t AuEq(50)+ g/t
BKJR44 36 17 2.31 30 2.91
including 41 9 3.04 46 3.95
BKJR46 16 30 1.51 4 1.58
BKJR60 29 2 6.23 7 6.38
BKJR64 85 2 6.37 63 7.63
BKJR71 58 17 1.29 361 8.50
including 67 2 2.15 2185 45.85
BKJR72 87 4 8.94 12 9.18
including 89 1 32.30 31 32.93
BJKR73 54 15 3.65 3 3.70
including 54 6 6.91 4 6.99
BKJR74 0 31 5.72 2 5.77
BKJR76 72 18 2.43 44 3.31
BJKR83 0 73 1.67 10 1.88
including 67 6 7.94 23 8.40
BKJR84 26 6 8.99 3 9.06
+ Au equivalents are calculated using Ag g/t divided by 50 plus Au
g/t
Eighty-nine (89) RC drill holes have been completed for a total of
7,705m of drilling, with assays received from the first fifty (50)
holes.
The drilling program has been extended to reflect new discoveries of
high grade gold and silver mineralisation found adjacent to the
established resource envelope and is forecast to be completed by
mid-March leading to a revised Mineral Resource estimate in April.
Russell Fountain, Executive Chairman of Finders said:
"These results are extremely encouraging; not only do they confirm
the continuity of high grade shoots within wider zones of greater
than 0.5g/t Au in the known resource area, but they also provide
great encouragement for a much larger resource base with new
extensions apparent to the west, south west, north and north east of
the drilling area.
In addition, a zone of strong silver grades in the southern part of
the prospect area is indicative of a supergene enriched blanket of
silver mineralization around the base of oxidation. BKJR71 has a new
intercept of 2m @ 2,100 g/t Ag and this is located approximately 30m
south west of the previously announced 3m @ 2,929 g/t from BKJ22."
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.
Since the last Quarterly Report (December 2007) results have been
received from a further 41 drill holes. The newly reported holes are
largely located within a 350m x 350m drilling area incorporating the
existing Inferred Resource envelope and new extensions. A full list
of drill collars is presented in Appendix 1.
Plan view of current drilling at Jambi - see link at the end of
release
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.
Jambi drilling: significant assay results (Au equivalents use Ag g/t
divided by 50 plus Au g/t)
From Width Au Ag AuE(50) From Width Au AuE(50)
Hole (m) (m) g/t g/t g/t Hole (m) (m) g/t Ag g/t g/t
BKJR44 2 4 1.35 0.3 1.35 BKJR69 0 18 0.96 2.2 1.01
BKJR44 27 2 0.77 1.3 0.79 BKJR70 6 4 0.92 2.3 0.97
BKJR44 36 17 2.31 29.8 2.91 BKJR71 10 2 0.71 0.5 0.72
including 36 2 4.78 25.0 5.28 14 2 0.88 0.4 0.89
including 41 9 3.04 45.8 3.95 19 5 1.03 1.5 1.06
BKJR45 14 6 0.85 0.5 0.86 43 2 0.78 8.0 0.94
including 14 4 1.34 0.6 1.35 58 17 1.29 360.7 8.50
BKJR45 43 6 1.28 1.8 1.32 including 67 2 2.15 2185.0 45.85
BKJR46 1 3 0.63 0.8 0.65 BKJR72 0 27 1.70 4.3 1.78
BKJR46 6 1 1.19 0.7 1.20 57 3 1.23 9.3 1.42
BKJR46 16 30 1.51 3.6 1.58 87 4 8.94 11.9 9.18
including 16 1 2.04 0.6 2.05 Including 89 1 32.30 31.4 32.93
including 18 6 1.51 0.6 1.52 119 1 1.79 5.3 1.90
including 25 14 2.24 5.0 2.34 BJKR73 0 4 2.07 1.9 2.11
BKJR47 0 3 0.68 0.5 0.69 BJKR73 6 5 1.57 1.7 1.60
BKJR48 44 3 0.63 6.3 0.76 13 10 1.07 55.4 2.18
BKJR48 51 3 1.33 1.6 1.36 54 15 3.65 2.7 3.70
BKJR48 62 8 0.11 23.0 0.57 Includes 54 6 6.91 3.8 6.99
BKJR54 0 6 2.38 1.3 2.41 BKJR74 0 31 5.72 2.2 5.77
BKJR55 0 6 1.22 1.4 1.25 68 2 1.36 1.0 1.38
BKJR56 0 6 0.61 2.7 0.66 72 3 0.99 0.5 1.00
21 5 2.11 2.4 2.15 94 2 0.91 1.3 0.93
BKJR57 0 6 0.61 1.4 0.64 104 4 0.96 15.5 1.27
13 2 0.76 0.1 0.76 BJKJR75 24 1 1.76 2.1 1.80
25 2 3.12 16.6 3.45 32 2 1.09 3.1 1.15
31 5 2.38 10.9 2.60 BKJR76 0 4 0.69 1.2 0.72
BKJR58 0 2 0.75 1.0 0.77 40 2 1.02 1.2 1.04
42 1 1.00 2.2 1.04 59 11 1.05 24.3 1.53
BKJR59 25 3 0.99 0.3 1.00 BKJR76 72 18 2.43 43.8 3.31
30 6 2.70 8.4 2.87 BKJR77 40 7 1.61 36.8 2.34
BKJR60 29 2 6.23 7.2 6.38 65 6 2.59 13.4 2.85
38 2 0.91 2.9 0.97 83 8 0.86 12.5 1.11
55 5 1.03 8.9 1.21 99 6 0.75 64.9 2.04
BKJR61 18 1 1.64 0.8 1.66 113 2 1.31 20.9 1.72
24 3 0.93 5.2 1.03 BKJR78 3 3 0.72 3.1 0.79
45 1 2.14 5.1 2.24 12 6 0.61 7.8 0.77
61 1 8.10 23.5 8.57 28 2 0.60 0.6 0.62
73 8 1.48 8.7 1.65 32 3 2.69 2.0 2.73
86 5 1.15 5.9 1.27 40 2 2.61 1.5 2.64
95 2 1.00 5.1 1.10 47 2 4.73 3.1 4.80
BKJR62 15 11 1.00 3.4 1.07 BKJR79 0 8 0.90 2.0 0.94
54 2 0.59 46.6 1.52 60 9 0.94 29.7 1.53
BKJR63 8 12 2.58 7.1 2.72 BKJR81 0 5 1.02 2.6 1.07
BKJR64 0 6 0.63 1.8 0.67 BKJR82 2 3 1.54 1.8 1.58
20 1 1.76 6.1 1.88 11 1 1.65 1.1 1.67
25 3 0.52 1.2 0.54 20 3 0.67 1.4 0.70
48 7 1.55 1.7 1.59 42 14 0.37 27.7 0.92
74 3 0.75 2.6 0.80 64 9 0.44 57.6 1.59
85 2 6.37 63.2 7.63 77 11 0.14 105.4 2.25
98 9 2.07 11.8 2.31 BJKR83 0 73 1.67 10.4 1.88
BKJR65 3 6 2.00 6.8 2.13 Including 67 6 7.94 22.9 8.40
66 5 0.72 10.4 0.93 BKJR84 14 9 1.12 4.6 1.21
77 10 1.29 24.8 1.78 BKJR84 26 6 8.99 3.2 9.06
89 5 0.40 69.1 1.78 41 4 1.94 11.9 2.17
BKJR66 12 3 0.92 1.4 0.95 93 3 0.88 1.6 0.91
BKJR67 0 3 0.74 1.8 0.78 BKJR85 0 3 0.92 0.9 0.94
30 4 1.27 3.0 1.33 7 2 0.86 2.3 0.90
BKJR68 0 12 2.44 5.0 2.54 17 5 1.11 10.1 1.31
Statements by Finders Resources Ltd
Geological information in this announcement is based on information
compiled by Dr R Fountain who is a Fellow of the Australasian
Institute of Geoscientists and a Director of Finders. 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.
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 visit our website www.findersresources.com
Appendix 1: Jambi Drill Collars
Hole East+ North+ RL (m) Depth (m) AZIM DIP
BKJR37 446304 9482851 182 113 135 -60
BKJR38 446340 9482814 182 100 135 -60
BKJR39 446375 9482777 182 37 135 -60
BKJR40 446410 9482744 181 100 135 -60
BKJR41 446161 9482708 130 100 135 -60
BKJR39A 446373 9482779 182 53 135 -60
BKJR42 446196 9482674 135 151 135 -60
BKJR43 446233 9482639 143 100 135 -60
BKJR44 446313 9483000 182 61 90 -60
BKJR45 446332 9483025 182 65 90 -60
BKJR46 446308 9482975 183 62 90 -60
BKJR47 446325 9483100 177 60 90 -60
BKJR48 446422 9483155 196 70 90 -60
BKJR49 446445 9483150 203 67 90 -60
BKJR50 446420 9483125 198 65 90 -60
BKJR51 446379 9483150 185 60 90 -60
BKJR52 446380 9483125 190 65 90 -60
BKJR53 446380 9483097 193 80 90 -60
BKJR54 446380 9483075 200 90 90 -60
BKJR55 446428 9483100 207 90 90 -60
BKJR56 446447 9483123 208 67 90 -60
BKJR57 446445 9483103 209 90 90 -60
BKJR58 446427 9483075 214 90 90 -60
BKJR59 446390 9483050 208 50 90 -60
BKJR60 446367 9482951 210 80 90 -60
BKJR61 446364 9482903 212 146 90 -60
BKJR62 446454 9483073 225 85 90 -60
BKJR63 446482 9483101 224 79 90 -60
BKJR64 446545 9483025 237 115 90 -60
BKJR65 446576 9483025 238 103 90 -60
BKJR66 446563 9483053 227 79 90 -60
BKJR67 446553 9483075 221 91 90 -60
BKJR68 446478 9483150 211 49 90 -60
BKJR69 446472 9483125 217 60 90 -60
BKJR70 446385 9482976 226 38 90 -60
BKJR71 446388 9482924 225 81 90 -60
BKJR72 446481 9482998 269 133 90 -60
BKJR73 446468 9482973 261 70 90 -60
BKJR74 446570 9482998 252 111 90 -60
BKJR75 446571 9482975 252 59 90 -60
BKJR76 446423 9482900 235 90 90 -60
BKJR77 446433 9482925 244 120 90 -60
BKJR78 446461 9482900 233 91 90 -60
BKJR79 446500 9482900 227 90 90 -60
BKJR80 446542 9482900 218 79 90 -60
BKJR81 446555 9482925 224 60 90 -60
BKJR82 446410 9482925 236 103 90 -60
BKJR83 446523 9482951 242 120 90 -60
BKJR84 446443 9483024 243 110 90 -60
BKJR85 446461 9483050 237 43 90 -60
+ UTM Zone 48S, WGS84 preliminary GPS survey
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