Finders updates Lampung drilling results
Thursday, July 22 2010 - 05:16 AM WIB
The results are extremely encouraging, delivering the best gold assays from the prospect to date, and strongly support the interpretation of high grade structurally controlled zones at Jambi.
Assay highlights include:
? 24m @ 3.1 g/t Au at 9m depth in BKJR149, within a zone of 48m @ 2.0 g/t Au from surface
? 7m @ 9.6 g/t Au at 14m depth In BKJR138, within 19m @ 4.2 g/t Au from a depth of 11m
? 6m @ 7.1 g/t Au and 161 g/t Ag in BKJR148, within 21m @ 2.9 g/t Au & 85 g/t Ag from 90m depth
? 7m @ 4.3 g/t Au from surface in BKJR154, within 17m @ 2.6 g/t Au from surface
? 6m @ 3.8 g/t Au from surface in BKJR137, within 10m @ 2.2 g/t Au from surface.
Finders? Chairman, Russell Fountain, said the results underpin the strategy to unlock the value of the Ojolali project, where there are 20 named prospects located within a 10 x 4km mineralized district.
?The wide zones of near surface oxide gold mineralization will enhance the potential for a start-up oxide gold mine at iambi. In addition, resolution of the structural controls opens up the means for effective targeting of the outstanding deep exploration potential of the Ojolali area.
The exploration success being achieved at Ojolali combined with the planned expansion at Finders? Wetar copper project later this year leaves the company in an excellent position? he said.
In addition to the Jambi drilling, an 18 hole drill program was completed in June 2010 to test for near-surface enriched silver mineralization at the nearby Tambang prospect. Results for these holes are awaiting assays which are expected within the next month.
The results of the 19-hole program at Jambi will be incorporated into an updated resource estimate to be undertaken by Hellman & Schofield Ply Ltd.
The current Jambi JORC resource has a total combined indicated and inferred resource of 4.08 million tonnes at a grade of 1.05 g/t Au and 7.6 g/t Ag at a 0.5g/t Au cut off, containing 138,000 oz Au.
The recent Jambi prospect drilling was centered on the intersection of major north south and northeasterly fault systems and assays show a strong increase in silver to gold ratios with depth in the central part of the prospect, indicative of large scale mineral zoning.
The high gold and silver values in BKJR148 comprise the first indication of a feeder structure for the Jambi mineralization, and opens up a clear target for significant depth extensions.
The improved understanding of the structural controls for mineralization greatly enhances the prospectivity of the Ojolali project area for additional resource discoveries.
The district is typically characterized by widespread high gold and silver values in soil samples and these have been supported by encouraging rock channel samples from trenching activities previously reported.
Drill collar locations and a full listing of the significant assay results, using a 0.5 g/t Au cut off, maximum 1m of internal dilution, and a minimum of 5 gram*meters minimum intercept, are appended below with accompanying drill plan.
Assays were undertaken by the Intertek Jakarta laboratory (ITS), using 50g fire assay (Code FA51) for gold, and ICP for other elements. (end of release)