RECENT results from the Lerokis deposit of Finders Resources’ Wetar Copper Project signify potential to expand existing resources. Lerokis will be the second open pit mine at the project following completion of the first phase of development at Kali Kuning deposit.
Drilling at the Trenggalek project in the Southern Mountains of East Java.
Finders says the geotechnical and metallurgical drill results are likely to expand the resource in the southwest and northeast portions of Zone 5, and in the north and west of Zone 1S.
|Copper cathode production at Finders Resources Wetar Copper Project on Wetar Island.|
Best intersections from Zone 1S were: 18 metres from 6 metres @ 5.39% copper, 0.97 g/t gold, 56.8 g/t silver, 0.64% zinc and 0.55% lead; 26.2 metres from 4 metres @ 8.01% copper, 1.35 g/t gold, 73 g/t silver, 2.6% zinc and 0.69% lead; and 34 metres from 10 metres @ 5.28% copper, 1.09 g/t gold, 75 g/t silver, 3.59% zinc and 0.84% lead.
Best intersections from Zone 5 were: 12 metres from 26 metres @ 3.8% copper, 0.63 g/t gold, 19.4 g/t silver, 2.41% zinc and 0.17% lead; 24 metres from 12 metres @ 5.84% copper, 0.48 g/t gold, 25.3 g/t silver, 0.39% zinc and 0.16% lead; and 18.4 metres from 15.6 metres @ 2.22% copper, 0.79 g/t gold, 20 g/t silver, 0.65% zinc and 0.15% lead.
Finders intends to prepare an updated resource estimate and is conducting a 2000 metre RC drilling program.
Managing director Barry Cahill said, “Our focus has now turned to pre-development activities associated with the second open pit mine at Lerokis following the completion of the first phase of development at Kali Kuning.
“The additional assay data acquired from the geotechnical and metallurgical cores from Lerokis 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.”
During the December quarter Finders mined and stacked 949,269 tonnes of ore and stripped 6159 tonnes of copper cathode at Wetar. The company achieved a 54% increase in copper cathode stripping, compared to 3987 tonnes during the September 2016 quarter.
The project comprises open pit mining and processing of the high-grade sulphide deposits at Kali Kuning and Lerokis within 3km of the coast.