Thursday, 24th August 2006 (2399 views)

The company operating the Ojolali gold and silver project in Indonesia, Finders Resources, has confirmed the presence of gold at the site.

Drilling at the property has shown wide zones of near-surface oxide gold mineralisation at its Jambi bulk open pit prospect in the area and the company intends to undertake further exploration to determine the exact specifications of the find.

Metallurgical testing is now underway, the Finders Resources said, and a "systematic drill-out" of the deposit was just beginning.

The company also noted that the deposit had excellent potential, based on initial results, and that mineralisation that was close to the surface could yield up to 50,000 ounces of gold and silver production per year.

The fact that the deposit was not deep would also make the prospect that much more cost-effective as it would negate the need for deep drilling or complex exploration techniques.

In addition, Finders Resources also said it has new vein targets in the surrounding area that it would also look into in due course.

 

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