Finders unveils high grade copper results from Lerokis
Monday, March 6 2017 - 05:01 AM WIB
ASX-listed Finders Resources Limited unveiled on Monday additional assay data from Lerokis Deposit within its Wetar Copper Project in Maluku Barat Daya Regency, Maluku Province, which suggests potential expansion of existing ore reserves.
?High grade copper mineralization intersected in geotechnical and metallurgical diamond drill holes signifying potential to expand the existing resource in the southwest and northeast portions of Zone 5, and in the north and west of Zone 1S,? the company said in an update statement on pre-development activities of the Lerokis Deposit.
Significant intersections included:
- 18m at 5.39% Cu, 0.97g/t Au, 56.8g/t Ag, 0.64% Zn, 0.55% Pb from 6m in LERGT012 ? Zone 1S
- 12m at 3.8g% Cu, 0.63g/t Au, 19.4g/t Ag, 2.41% Zn, 0.17% Pb from 26m in LERGT013 ? Zone 5
- 24m at 5.84% Cu, 0.48g/t Au, 25.3g/t Ag, 0.39% Zn, 0.16% Pb from 12m in LERGT014 ? Zone 5
- 26.2m at 8.01% Cu, 1.35g/t Au, 73g/t Ag, 2.6% Zn, 0.69% Pb from 4m in LERMH01 ? Zone 1S
- 34m at 5.28% Cu, 1.09g/t Au, 75g/t Ag, 3.59% Zn, 0.84% Pb from 10m in LERMH02A ? Zone 1S
- 18.4m at 2.22% Cu, 0.79g/t Au, 20g/t Ag, 0.65% Zn, 0.15% Pb from 15.6m in LERMH06
Finder said 2,000-meter RC drilling program scheduled to commence late March 2017 in advance of a Mineral Resource estimate update.
Managing Director Barry Cahill commented: ?Our focus at Wetar has now turned to pre-development activities associated with the second open pit mine at Lerokis following the successful completion of the first phase of development at Kali Kuning. The additional assay data acquired from the geotechnical and metallurgical cores from Lerokis, as outlined in this announcement, suggests that there is potential to expand the resource inventory. Any future incremental increase to the existing Ore Reserve from this work has the ability to translate directly to the bottom line for all shareholders.?
The Wetar Copper Project comprises the development, open pit mining and processing of the high-grade sulphide deposits at Kali Kuning and Lerokis located within 3 kilometers of the coast on Wetar Island. The project benefits from having existing infrastructure in place, particularly a wharf, camp and roads and partially exposed copper ore bodies from a prior gold mining era.
Finders is the operator of the Wetar Copper Project (73.5% interest) located in Maluku Barat Daya, Maluku Province.
Editing by Reiner Simanjuntak