Finders Resources updates Wetar Reserves

THE BOURSE WHISPERER: Finders Resources (ASX: FND) has released an updated Ore Reserve and Mineral Resource estimate for the company’s Wetar copper project in Indonesia.

The updated estimate is part of a feasibility study update Finders is conducting on the project.

The combined Ore Reserve now stands at 8.9 million tonnes at an average copper grade of 2.4 per cent for approximately 210,000 tonnes of contained copper, an increase of 10,000 tonnes.

The company indicated this equates to over US$50 million of incremental revenue and US$35 million of additional pre-tax cashflow at current copper prices.

According to Finders, its reporting of the new Mineral Resource estimates have been upgraded to follow JORC 2012 guidelines and have been restated at 9.2 million tonnes with an average copper grade of 2.4 per cent.

This has resulted in 97 per cent of the Mineral Resources having been converted into Ore Reserves.

“The updated Ore Reserve and Mineral Resource estimates represent the first tangible step in the efforts currently being undertaken by the development team at Finders to deliver a new enhanced and streamlined project development plan which will culminate in an updated Feasibility Study,” Finders Resources managing director Chris Farmer said in the company’s announcement to the Australian Securities Exchange.

“We expect to update the market on progress over the coming weeks.”

Finders said it has identified a number of promising prospects within its existing tenements, including Meron, Karkopang and the South Coast of Wetar, which have the company believes hold potential to expand the resource base of the project.