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Far East Gold races ahead with exploration work at Wonogiri and Woyla

May 11, 2022

Far East Gold races ahead with exploration work at Wonogiri and Woyla

Far East Gold has appointed consultants to update old scoping studies to reflect today’s higher gold prices – the latest in a series of exploration milestones the company has passed in recent  weeks.

Far East Gold has appointed consultants to update old scoping studies to reflect today’s higher gold prices – the latest in a series of exploration milestones the company has passed in recent  weeks.

Mining One Consultants will review the 2016 scoping study of the Wonogiri site – originally conducted by Augur Resources using a gold price of US $1,350 per ounce and copper prices of US $5,500 per tonne – and reassess the project based on current prices and more recent metallurgical test results.

The consultancy has previously worked with Far East Gold on a pit optimisation study for the Wonogiri project, and expects this latest work will be completed in July this year.

Wonogiri reinterpreted

Far East Gold noted reinterpretation of geophysical data has identified three new porphyry drill targets to the southeast of the Randu Kuning copper-gold Porphyry deposit.

The company also announced the commencement of metallurgical test work on porphyry and epithermal drill core samples. Initial test work has indicated up to 50% gravity recoverable gold with 90-91% overall gold recovery.

The potential for resource extension comes hot on the heels of the successful launch of new exploratory work at Far East Gold’s other major Indonesian project site, Woyla.

 Source: Far East Gold Wonogiri project update

First IP Survey in Woyla’s history

The company last week gave an update on the Woyla project after they commenced an induced polarisation (IP) survey program at the Anak Perak prospect, in its Indonesian Woyla project site.

IP surveys are conducted by forming an electrical circuit within the land mass being surveyed and measuring the voltage still being released at different stages after the initial current pumped into the soil is switched off.

Different materials found in gold prospects – including pyrite and arsenopyrite – will affect the rate at which the voltage decays, giving surveyors a clearer picture of what lies beneath the ground.

Far East Gold began this work in its Anak Perak prospect towards the end of April, with assistance from the geological agency within Indonesia’s Ministry of Energy and Mineral Resources (ESDM).

The results of this testing are expected to be available by June this year, and the company anticipates they will be of “great benefit” to both Far East Gold and ESDM, which has taken an interest in the site’s geology.

The ESDM hopes the results of Far East Gold’s testing will better inform their efforts to identify and develop additional resources in the country.

Woyla assays deliver bonanza grades

The company’s IP survey work follows rock chip sampling at the Aloe Eumpeuk and Rek Rinti prospects – which also fall within the 24,260 hectare Woyla project.

Assays from both sites delivered ‘bonanza’ gold grades – meaning more than 34 grams of gold per tonne of rock. Aloe Eumpeuk delivered assay results as high as 63g/T, while Rek Rinti returned 38.14g/T.

Assay results from both sites also demonstrated silver grades higher than 500g/T, with one site in the Aloe Eunpeuk prospect returning 1,179g/T of the precious metal.

The company added that field observations made during testing suggest “the potential to establish structural continuity” between vein systems located at the two prospects.

A third prospect, Aloe Rek, could also be included within this, the company said. 

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

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

Sources


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