Finders enhances resource potential at Ojolali project
Wednesday, January 28 2015 - 01:09 AM WIB
ASX-listed Finders Resources Ltd provided Wednesday update on the assay results from the current exploration program at the Ojolali Project in the Sumatran Gold Belt, Indonesia (Finders 72% economic interest).
The company said in a statement that the work comprises of a systematic trenching and rock channel sampling program within a 12km2 area characterized by anomalous soil assays for a cumulative length of 4,393 meters. The focus of the program was to upgrade the potential of satellite prospects surrounding the existing 176,000 Oz Au oxide gold Mineral Resource at the Jambi prospect and the Ag-Au-Zn deposit at Tambang.
Assays from each of the prospect areas returned multiple zones with significant assays. Highlights from over 2,500 individual assays include 1:
Bulk Oxide targets
o 76m @ 1.88 g/t Au (trench TBLD66, Belida)
o 52m @ 1.4 g/t Au (trench TSPR31, Supri)
o 56m @ 1.25 g/t Au (trench TBKT68, Way Neki)
o 12m @ 1.3 g/t Au (trench TTLH71, Talang Harno)
Vein targets
o 4m @ 26 g/t Au, 18 g/t Ag (trench TBKT23, Batu Kuning)
o 2m @ 9.03 g/t Au, >100 g/t Ag (channel CBKT88, Batu Kuning)
o 2m @ >50 g/t Au, 90 g/t Ag (channel CWUJ61, Wujun)
o 2m @ 13 g/t Au, 47 g/t Ag (channel CKCR150, Kencur)
Finders said the results have underlined the potential for additional bulk oxide gold resources at Belida-Talang Harno and Supri, which are easily accessible and in closeproximity to the Jambi resource (<800m). Potential for high grade vein style mineralization is further established in the Batu Kuning-Way Neki vein swarm and at Wujun and Kencur.
The company said it is currently completing a study to evaluate 30,000 Oz Au production from heap leach operations at the Jambi prospect and concurrently concluding an AMDAL (environmental impact study) with view to lodging an application for a mining license (IUP Production) in the Ojolali tenement area in the first quarter of 2015.
Managing Director, Barry Cahill commented ?The results from the trenching and rock channel sampling program show potential for resource upside via satellite deposits at the Jambi prospect. Work is ongoing to complete a study looking at a potential 30kozpa heap leach project at Jambi and potential resource additions provide scope for a longer operation life.
Editing by Reiner Simanjuntak