Finders Resources commences drilling at Ojolali gold-silver project
Tuesday, November 20 2007 - 09:11 AM WIB
Finders Resources Ltd is pleased to announce the commencement of a major reverse circulation drilling program at its 72% owned Ojolali gold-silver project in southern Sumatra, aimed at upgrading and extending the known +100,000 oz Au Jambi resource and defining additional near surface oxide gold resources.
The initial program is in three parts:
1. 26 holes (~2600m) targeting newly defined targets at the Kencur, Cugah, Belida and Jambi south areas, and
2. 56 holes (~4600m) as definition drilling designed to give 25x25m coverage over the Jambi oxide resource to bring the Jambi prospect up to at least JORC Indicated Resource status
3. On-going systematic exploration of local mining areas and geophysical anomalies in a north easterly trending area measuring 7km by 4km using a combination of soil geochemistry, detailed ground magnetics and 3D IP continues to generate new drilling targets
Managing Director, Chris Farmer, said ?With the long awaited arrival of a multi-purpose drilling rig capable of reverse circulation drilling our exploration at Ojolali will make a major step forwards.
Our initial focus is to define sufficient reserves of oxide gold mineralization from Jambi and other defined targets to justify establishing a 50,000 oz Au per year mining operation.
In addition to the 4 new areas targeted in this initial drilling phase we have an exciting pipeline of additional targets defined by our initial IP surveys and local miner workings.
Our on going field work continues to define a pipeline of quality new targets within the 28 square kilometer area containing known gold workings, and support our view that the Ojolali field has potential for discovery of multi-million ounce gold-silver resources?
The Kencur prospect comprises numerous clusters of local miner pits over an area of approximately 700m x500m corresponding to the central portion of a complex NE trending 2km x 500m IP resistivity anomaly. The southern 600m of this IP anomaly covers alluvial flats, where numerous pits to +10m deep occur, where local miners report recovery of alluvial gold.
Finders initial drill test at Kencur will comprise 7 holes, testing 3 clusters of local workings, where channel sampling by Finders has produced widespread values >1g/t Au with isolated values up to 14 g/t Au.
The Belida prospect comprises several clusters of local pitting in an 400 x 500m area of very poor outcrop which lie within a larger area of complex IP and resistivity anomalies. Initially 4 holes will be drilled to test structures indicated by local miner pitting.
The Cugah prospect occurs in a zone of no outcrop and deep weathering, with abundant silicified float. Soil sampling by finders has so far defined a 600m long gold-silver-arsenic anomaly, trending 0600 coincident with a strong IP chargeability anomaly similar to that at Jambi. An initial 6 hole program is planned to test this target over a 500m strike length. There are no local workings at Cugah.
The Jambi South prospect comprises a 550 x 200m gold-arsenic-silver geochemical anomaly which extends to the southwest from the current southern limit of the Jambi prospect, in an area of largely transported soils and no outcrop. 9 holes in two fences will be drilled to test this target . (end of excerpt)