FEG discovers two new veins, presses on with Phase 2 drilling

Aussie explorer Fast East Gold Limited (ASX: FEG) has revealed two new vein discoveries within its highly prospective Woyla project in Indonesia, which has returned bonanza grade gold and silver assay results and is gaining momentum with its Phase 2 drill program.

Aussie explorer Fast East Gold Limited (ASX: FEG) has revealed two new vein discoveries within its highly prospective Woyla project in Indonesia, which has returned bonanza grade gold and silver assay results and is gaining momentum with its Phase 2 drill program.

Recent surface mapping and sampling exploration of Woyla’s four defined epithermal prospect area unearthed a quartz vein ~200 metres northwest of the Rek Renti prospect area, where the bonanza grade gold and silver was intersected during the company’s Phase 1 drill program.

The new quartz vein is situated adjacent to the northeast extent of a 1.8-kilometre long Induced Polarisation (IP) resistivity anomaly zone interpreted from an IP survey completed in 2022. The vein is characterised by crystalline, massive quartz with minor chalcedonic bands.

The second new quartz vein, identified as ‘Aloe Kamara’, was discovered ~3 kilometres southeast of Rek Renti and opens a potential new fifth epithermal prospect area for detailed exploration and drill testing within the Woyla project.

Initial mapping indicates the Aloe Kamara vein to be ~10 metres wide and characterised by massive crystalline quartz and local breccia that contains coarse blebs of galena and sphalerite up to 10% with pyrite.

Aloe Kamara is also located within a permitted area of the Peta Indikatif Penundaan Pemberian Izin Baru (PIPPIB) Moratorium map intended to protect primary forest or peatland areas. This allows Far East Gold to explore the forested area immediately.

“We expect to see additional new veins being discovered within Rek Renti as detailed surface mapping proceeds, which is extremely exciting for Far East Gold and our shareholders,” Chairman Paul Walker said.

As at 16 February 2023, assay results were pending for samples from both new veins. 

Phase 2 drill program plans solidify

Far East Gold is continuing its Phase 2 drill program using three diamond drills to complete a combined 10,000 metres including a detailed resource delineation drilling within Rek Renti’s Agam vein which had earlier returned peak assays of 78 g/t gold and 631 g/t silver.

Two drill rigs will assess the resource potential of the Agam vein at Rek Rinti, as a follow-up to Au-Ag mineralisation intersected in its RRD004 and RRD007 drill holes during Phase 1 drilling.

A block ~500 metres long, 150-metres wide and 150-metre deep is planned for drilling along 11 50-metre spaced drill sections across the Agam and Pertama veins. Approximately 5,000 metres of drilling is planned for this program which the company expects to complete early in Q2 2023.

The third ‘scout’ drill will be deployed in a 4-6 hole (~1,200-metre) drill program to test defined target areas within the Anak Perak prospect before it is moved to Rek Rinti to continue testing defined vein targets, including untested veins and follow-up to intervals of significant Au-Ag mineralisation intersected during the company’s Phase 1 drill program.

The 5,000-metre scout drill program will also test new target areas starting with the Aloe Eumpuek prospect area south of Rek Rinti, where previous surface rock sampling has returned high-grade Au-Ag assays from samples of ginguro-banded quartz vein rubble.

“The initial scout drilling at Aloe Eumpuek is an important step for Far East Gold. This prospect area has not yet been drill tested and we expect detailed surface mapping and sampling will confirm drill hole locations,” Mr Walker said.

Far East Gold expects to have a drill onsite at the Aloe Eumpuek prospect area early in Q2, 2023.

Join an interactive investor briefing with chairman Paul Walker on Thursday, 23rd February at 12pm (AEDT). Click here to register.

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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