Geotechnical and metallurgical diamond drilling at the Lerokis deposit within Finders Resources Wetar Copper Project in Indonesia has intersected high grade copper mineralisation. These results signify potential to expand existing resources at the deposit.
Lerokis will be the second open pit mine at Wetar following the successful completion of the first phase of development at the Kali Kuning deposit.
Finders says the 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.
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 plans to begin a 2000 metre RC drilling program in late March with the aim of advancing a mineral resource estimate update.
Managing director Barry Cahill said, “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 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 Wetar project comprises open pit mining and processing of the high-grade sulphide deposits at Kali Kuning and Lerokis within 3km of the coast on Wetar Island.
The company currently operates two copper cathode solvent extraction plants with a combined annual production capacity of 28,000 tonnes of copper cathode.