Aussie junior gold explorer Far East Gold (ASX: FEG) edged closer to completing its initial drilling program this week, observing the presence of visible gold and silver bearing minerals associated with ginguro banding in drill core.

The findings are consistent with surface samples of ginguro banded quartz vein that assayed up to 38 grams per tonne (g/t) of gold and 581 g/t of silver.

The diamond drill program is being conducted at the company’s Woyla project in Indonesia, a 24,260-hectare copper gold project with four identified and mapped epithermal vein systems: Anak Perak, Rek Rinti, Aloe Eumpeuk and Aloe Rek. The prospect areas have a combined strike length of over 13,000 metres.

Rek Rinti’s drill program has successfully intersected quartz veins as defined on the surface, in line with Far East Gold predictions, and confirmed the veins to have lateral and depth extent. The current drill program will test several quartz veins to approximately 50 and 100 metre depths.

The company used a portable, hand-held XRF analyser which indicated the presence of visible gold and silver bearing minerals within a Rek Rinti drill hole. The presence of ginguro-banded quartz zones have been confirmed in the drill core.

At Anak Perak, Far East Gold intends to complete an additional two holes to target the southern extent of the vein/breccia system to test specific targets in the area where previous surface rock sampling returned assays of up to 119 g/t gold and 361 g/t silver.

With a combined six drill holes of drilling remaining at Anak Perak and Rek Rinti, Far East Gold aims to conclude this phase of the drill programs and release preliminary assay results before the end of the year.

The company’s Wonogiri copper gold project, also in Indonesia, has 21,771 metres of drilling

completed and a JORC 2012 resource estimate equating to 996,500 ounces of gold and 190 million pounds of copper.

The right people in the right place

Prior to Far East Gold’s initial drilling programs, Woyla was described as one of the most highly-prospective undrilled prospects in south-east Asia.

The tenement is proximal to multiple large resources in the region, including Miwah (3.14Moz Au, 8.9Moz Ag), Beutong (2.31Moz Au, 0.51Blbs Cu) and Martabe (6.49Moz Au, 66.2Moz Ag) and was once owned by mining giants Newcrest and Barrick Gold.

However, Far East Gold is the only company to be able to secure drilling permits for Woyla, a feat that could be accredited to the board and management team’s extensive on-ground experience and relationship with the Indonesian Government.

Listing on the ASX in March this year, the company soon came to be recognised as one of the most successful new listings for investors in 2022, up ~185% since listing (as at 29 November 2022).

On 17th November 2022, the company’s Woyla project was a finalist and runner-up for ‘Discovery of the Year’ at the 2022 Australian Mining Prospect Awards.

In further recognition of Far East Gold’s success in progressing the Woyla Project, the Indonesian Government’s Directorate General of Mineral and Coal invited FEG to participate as a delegate in the Indonesian National Seminar ‘The 1st Indonesia Minerals Mining Industry Conference-Expo 2022’ to be held in Jakarta on 30th November.

Join Chairman Paul Walker for an investor briefing this Friday 2nd November at 12pm (AEDT) where he will discuss the Woyla project and 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

• • Law insider, Bonanza-grade definition
  • ASX Announcement, WOYLA PROJECT UPDATE 
  • ASX Announcement, 2022 Annual report
  • Far East Gold, INDONESIAN PROJECTS
  • ipowatch, ASX Floats 2022
  • MINISTRY OF ENERGY AND MINERAL RESOURCES, Directorate General of Mineral and Coal