Far East Gold begins scout drilling at highly-prospective Aloe Eumpeuk

Aussie gold explorer Far East Gold (ASX: FEG) has commenced scout drilling at the Aloe Eumpeuk prospect area within its Woyla tenement, which the company believes is one of the best prospects in South-East Asia.

Aussie gold explorer Far East Gold (ASX: FEG) has commenced scout drilling at the Aloe Eumpeuk prospect area within its Woyla tenement, which the company believes is one of the best prospects in South-East Asia.

Comprising an initial six-hole, 650-metre program, the Phase Two scout drilling will test two parallel veins over a strike length of 300 metres. The quartz veins containing sulphide-rich ginguro bands recently yielded coarse visible gold and electrum found in samples of loose vein material from artisanal miner workings.

The company’s geologists undertook detailed mapping which returned peak results of 131 grams per tonne (g/t) gold (Au) and 1,508 g/t silver (Ag) – well above the requirement to qualify as bonanza grade – and associated with the aforementioned coarse visible gold samples.

Far East Gold is not the only explorer to be drawn to Woyla’s potential. The project had previously caught the attention of global mining giant Barrick Gold in 1997 after which it changed hands to Newcrest Mining in 1998.

Under Barrick Gold, historical trench sample assays reported 2.93 g/t Au and 2g/t Ag at 16 metres, 5.16 g/t Au and 2.41 g/t Ag at 9 metres and 28.3g/t Au and 9.9 g/t Ag at 1 metre. 

Highly prospective Aloe Eumpeuk

Specifically at Aloe Eumpeuk, historical and recent exploration activities indicate the presence of at least two quartz veins where surface samples show ginguro textures and mineralogy consistent with vein formation at a high level within an epithermal system. 

‘Ginguro’ is the Japanese word for silver black and in mining signifies colloform bands with an abundance of ore minerals and can be identified in specimens based on their colour.

Newcrest geologists noted that the banding seen at Aloe Eumpeuk had textures similar to that of high-grade vein sections within the Gosowong gold district in North Maluku – also a former operation of Newcrest.

Far East Gold believes the structural setting of the Aloe Eumpeuk veins are analogous to that of the Kencana gold deposit, also within the Gosowong gold district and, on a larger scale, that Woyla has the potential to host Gosowong style bonanza mineralisation (6Moz Au @ >20 g/t Au).

In addition to Woyla, Far East Gold has a portfolio of five other projects across Indonesia and Australia, including four with advanced exploration (including drilling) done, two with complete scoping studies and one with a 1.15 Moz Au equivalent JORC resource estimate.

To stay up to date with the latest Far East Gold news and announcements, update your details on the Far East Gold investor portal.

 

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.

 

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