Finders Resources Ltd. said Dec. 16 that it has upgraded the mineral resource and ore reserve estimates of the Wetar copper project in southeast Indonesia.
As of June 30, the company said that the Wetar project has an estimated total mineral resource of 8.9 million tonnes at 2.4% copper for 210,000 tonnes of copper across its Kali Kuning and Lerokis pits and heap leach pads. Measured resources was reported at 7.5 million tonnes at 2.4% copper, indicated resources stood at 1.2 million tonnes at 2.3% copper and inferred resources was said to be 200,000 tonnes at 1.7% copper.
The total ore reserve estimate, meanwhile, amounted to 8.6 million tonnes at 2.3% copper for 202,000 tonnes of copper. Proved reserves was reported at 7.4 million tonnes grading 2.4% copper while probable reserves stood at 1.2 million tonnes at 2.2% copper.
Finders Resources recently raised about A$12 million following a placement of 100 million common shares to fund drilling activities at the site.