Copper company Finders has reported increases in measured, indicated and inferred resources of up to 34 per cent at its Lerokis deposit. The Lerokis deposit is the second proposed mine of the company’s Wetar copper project in Indonesia.
Overall, copper metal (measured, indicated, inferred) has increased by 20,800 tonnes to 81,800 tonnes of metal from 2.92 million tonnes of ore at 2.8 per cent copper yield, representing the above-mentioned boost by 34 per cent.
Proved and probable reserves increased by 17,200 tonnes to 76,200 tonnes of metal from 2.71 million tonnes of ore at 2.81 per cent copper yield, an increase of 29 per cent.
Ore reserve grade also increased by 22 per cent from 2.3 per cent to 2.81 per cent copper.
Barry Cahill, managing director of Finders, explained that the project update confirmed a long-held belief that there was good opportunity for significant increases in contained copper.
“The magnitude of these increase and the favourable results from the metallurgical testwork program are pleasing,” he said, “and demonstrates potential for further upside to the Wetar copper project’s mine life and future earnings.”
Last month, Perth-based Finders became the target of potential takeover from Indonesian shareholder consortium Eastern Field, which owns 19.8 per cent of the company at present.