FEG digs up evidence of high-grade deposits, mobilises new drill

Aussie gold explorer Far East Gold has broken further ground in its highly prospective 24,260ha Woyla copper-gold project, with recent samples encouraging the deployment of a second drill to complete Phase 1 of its diamond drill program.

Aussie gold explorer Far East Gold has broken further ground in its highly prospective 24,260ha Woyla copper-gold project, with recent samples encouraging the deployment of a second drill to complete Phase 1 of its diamond drill program.

The initial diamond drill program aims to test the resource potential of the 4700m Anak Perak epithermal vein system in Indonesia.

Of the 18 holes to be drilled as part of Phase 1, Far East Gold (ASX: FEG) says the first two holes have now been completed. A second drill has been mobilised and will work in tandem with the first.

The company has forwarded 107 core samples from one of the drill holes to the PT Geoservices-GeoAssay laboratory in Jakarta to undertake assays, and core samples from the remaining hole were scheduled to be forwarded within the week from 29th September.

The rare presence of ‘ginguro banding’ within the observed samples indicates a textural feature common with other high-grade epithermal-type vein deposits.

Previous projects to show similar banding were Gosowong, also in Indonesia, which yielded 6Moz gold at grades of 20-40 g/t; and Hishikari in Japan, which yielded 8Moz gold at grades of 30-40g/t.

The commencement of drilling marks a historic moment in the Woyla project’s 25-year history, during which it has dodged the drills of Barrick Gold and Newcrest, mining heavyweights with market caps of $42 billion and $15 billion respectively (as at 4th October 2022).

The company recently hosted a religious and cultural celebration on-site for around 300 guests from the local community to celebrate FEG being the first to get drills to ground in Woyla.

“It’s a testament to the FEG team’s vast experience, significant efforts and strong relationships on the ground that we have received this administrative authority from the Indonesian Government,” FEG Chairman Paul Walker said.

The company is led by some of the biggest names in Australian mining, including Justin Werner of Nickel Mines (ASX: NIC), who, along with FEG’s other board members, has extensive experience operating in Indonesia.

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