Finders Resources (ASX:FND, LON:FND) expects to complete its current reverse circulation drilling program at the Ojolali gold-silver project in Sumatra by Friday 25th June and aims to increase open-pittable oxide resources to a level sufficient to support a viable start–up mining operation.
At the Ojolali Project (72% owned with option), Finders controls what it considers to be a major new epithermal gold district with strong potential to generate cash flow through open pit CIL/CIP development of the gold resource at the Jambi Oxide gold deposit.
To date 36 holes totaling 3,550m have been completed, with a final hole currently in progress. This work has focused on testing a previously unrecognized north-easterly trending vein system within the known oxide gold/mineralisation at the Jambi prospect.
It has also tested for high grade supergene enriched silver mineralisation within the top 100m of a 600m strike length of the extensive Tambang gold-silver vein system.
Visually, the drilling has supported the target geological concept in both cases, including a vein zone of approximately 20m true width at Tambang.
The company said the significance of the drilling will depend on establishing continuity of potential ore grades between holes.
Finders does not plan to release results for either system until all assay results are received, approximately 2 weeks for the Jambi drilling, and approximately 4 weeks for Tambang.
Disclosure: The author holds no positions in the company