After making a major greenfield discovery at their flagship Woyla project, Far East Gold (ASX: FEG) finished up the second quarter of FY23 with a plan to launch into a resource definition drilling campaign that will hopefully provide a tangible glimpse of the significant gold-silver resource potential that FEG has confirmed Woyla possesses.

A standout assay of considerable width intersected at Rek Rinti came in at 30m @ 3.43g/t AuEq from 98m, including 8.1m @ 8.9g/t AuEq from 102.4m and 2m @ 27g/t AuEq from 108m. Another significant discovery hole at Rek Rinti returned 13m @ 4.9g/t Au, 68.6g/t Ag including 7.6m @ 8.1g/t Au, 113.8g/t Ag and 0.5m @ 78g/t Au, 631g/t Ag. Anak Perak also came back with significant assays, intersecting 10.75m @ 3.2g/t Au, 10.4g/t Ag, including 3.5m @ 7.8g/t Au, 17.5g/t Ag and 0.3m @ 24.91g/t Au, 25.2g/t Ag.

FEG expects an updated scoping study for the advanced Wonogiri project to deliver some favourable metrics and is due to be released this quarter. The project already hosts 996koz of gold and 190mlbs of copper, and the company hopes that they will be able to swiftly move into a feasibility study with the aim to become operational in the near future.

Activities are heating up at FEG’s Queensland copper project, Mount Clark West. They currently have an exploration target of 400Mt @ 0.4% CuEq – 650Mt @ 0.6% CuEq. It’s a porphyry-style project, and while they are typically low grade, they can be processed at large scale for minimal cost, usually by open pit mining. After completing a MIMDAS survey in 2022, the company is now seeking approval to conduct an 8-hole reverse circulation drilling campaign to effectively test the conceptual porphyry targets, which will then be followed by a diamond drilling program.

FEG is hoping to receive approval to drill the 12,813 ha Trenggalek project, which already has a mining license. The project was previously explored by Anglo American, who came back with some standout assays including 9.65m @ 4.51 g/t Au, 8 g/t Ag incl 2m @ 17.2 g/t Au, 13 g/t Ag and 13.7m @ 3.2 g/t Au, 60 g/t Ag incl 2m @ 8.7 g/t Au, 48 g/t Ag. The company is also in the process of completing the share transfer required to finalise 100% economic interest in the project.

The company finished the quarter with a strong cash position of $10.4 million, following the raise of over $6.5 million in capital in the quarter. Far East Gold are now focused on deploying their cash across the multiple aggressive drilling campaigns that are planned for 2023.

Join Chairman Paul Walker for an investor briefing this Thursday 2nd February at 12pm (AEDT) where he will discuss the Woyla project and the company’s progress in more detail. Register for the session or request a replay here.

Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Far East Gold Ltd and may receive fees for its services.

Past performance is not a reliable indicator of future performance.

Sources

• • ASX Announcement, Woyla project update
  • Investing News, Types of Copper Deposits in the World
  • ListCorp, Australian Projects Update