Finders updates Indonesian gold project activities
Thursday, February 24 2011 - 11:17 AM WIB
Wetar Ore Reserves (FND95%)
8 7yrs LOM JORC reserves to produce 146,000t cathode.
Exploration programme of near-mine targets to recommence Q1 2011 targeting additional minable resources. Meron prospect has potential size of 0.5mt - 1.5mt at 1-3% Cu based on historical drill results (2km from Kali Kuning).
| (0.5 Cu Cut-off) | Category | Tonnes (m) | Grade % Cu | Contained Copper (kt) |
| Kali Kuning Pit | Proved | 4.91 | 2.5? | 123 |
| ? | Probable | 0.85 | ?? 2 2???? | 19 |
| ? | Sub-Total | 5.76 | ? 2.5??? | 142 |
| Leokis Pit | Proved | ?2.05? | 2.4? | ?49 |
| ? | Probable | 6.37 | 2.3 | ?9 |
| ? | Sub-Total | 2.42 | ?2.4? | 58 |
| Combined??? | Proved ? | 6.96 | 2.5 | 172 |
| ? | Probable? | 1.22 | 2.2 | ?28 |
| ? | Total??? | 8.18 | 2.5 | ?205 |
Project Overview
Project location is a former Billiton gold mine:
? Key infrastructure in place - camp, wharf and roads.
? Simple open cut mining, deepening existing pits
?Long established relationship with local community.
Project development now significantly de-risked. Demonstration SX-EW plant since late February 2009. Proven leaching of chalcopyrite, covellite and chalcocite at - 80?C
DES completed for 2-stage development. Environmental permit granted for full scale 23ktpa project.
Awaiting mining permit approvals, and clarification of jurisdiction over land administration: after former mining activities. Documentation for Pinjam Pakai complete, no red flags conversion forest classified as bushland and open ground
Provincial re-zoning plan : Kali Kuning/ Meron in non-forest area. Minimal Stage 2 delay hence minimal value impact.
| ? | Timing* |
| Prefeasibility Studies????? | Complete |
| Demonstration Plant (l7mths operation)? | Complete |
| Environmental Permit Approval (AMDAL)???????? | Complete |
| Definitive Feasibility Study??? | Complete |
| Detailed Engineering? - Stage 1??? | Complete |
| Mine Development Permit | Target ? Q1 2011 |
| Detailed Engineering - Stage 2???? | Target - early Q2 2011 |
| Project Financing? | Target - Mandate Q1 2011 |
| Project Financing??? | Target - Close Q2 2011 |
| Stage 1 Production??? | Target - Q1 2012 |
| Construction Completion Stage 2?????? | Target - Q4 2012 |
| Stage 2 Production??????????? | Target - Q1 2013 |
| *Subject to all required permitting, bank finance & no forestry moratorium | |
Wetar Development Programme
Ojolali Gold-Silver Project
Project Overview (FND 72% with option for 100%)
Structurally controlled, high level epithermal gold-silver mineralized system in the highly prospective Sumatran gold belt.
Low strip ratio 175,000 oz Au Indicated an Inferred resource at Jambi prospect, excellent metallurgy, and high grade feeder structures open at depth.
Major 2km long vein swarm at Tambang with high grade gold and silver shoots, and variable leach response requires additional drilling to bring to resource status.
Numerous additional drill ready exploration targets with strong surface showings of Au and Ag from surface trenching and soil geochemistry. Over 1 million oz Au equivalent discovery potential.
Ojolali - Exploration Target
Finders current target is to define 500,000oz Au Eq resources to support a viable start-up mining operation.
59 km2 land position- whole field controlled by Finders
Main structure traced over 9km with numerous splays, jogs, kinks forming high potential target structures.
Potential for high grade vein and bulk low grade discoveries
High grade drill intercepts at Tambang - both gold and silver rich shoots- on-going metallurgical test work focused on floatation.
Numerous additional drill ready exploration targets with strong surface showings of Au and Ag from surface trenching and soil geochemistry.
Recent Tambang Drill interceptst
? 7m @ 5.6 g/t Au and 70 g/t Ag at 55m depth
? 13m @ 184 g/t Ag and 0.41 g/t Au at 23m depth
? 20m @128 g/t Ag and 0.39 g/t Au at 52m depth
Ojolali Gold-Silver Project
Project Overview (FND 72% with option for 100%)
Structurally controlled, high level epithermal gold-silver mineralized system in the highly prospective Sumatran gold belt.
Low strip ratio 175,000 oz Au Indicated an Inferred resource at Jambi prospect, excellent metallurgy, and high grade feeder structures open at depth.
Major 2km long vein swarm at Tambang with high grade gold and silver shoots, and variable leach response requires additional drilling to bring to resource status.
Numerous additional drill ready exploration targets with strong surface showings of Au and Ag from surface trenching and soil geochemistry. Over 1 million oz Au equivalent discovery potential.
Ojolali - Exploration Target
Finders current target is to define 500,000oz Au Eq resources to support a viable start-up mining operation.
59 km2 land position- whole field controlled by Finders
Main structure traced over 9km with numerous splays, jogs, kinks forming high potential target structures.
Potential for high grade vein and bulk low grade discoveries
High grade drill intercepts at Tambang - both gold and silver rich shoots- on-going metallurgical test work focused on floatation.
Numerous additional drill ready exploration targets with strong surface showings of Au and Ag from surface trenching and soil geochemistry.
Recent Tambang Drill interceptst
? 7m @ 5.6 g/t Au and 70 g/t Ag at 55m depth
? 13m @ 184 g/t Ag and 0.41 g/t Au at 23m depth
? 20m @128 g/t Ag and 0.39 g/t Au at 52m depth. (end of edited excerpt)