‘The hits keep coming’ says the title of an announcement released on 5th May 2023 by Aussie junior explorer Far East Gold Ltd (ASX: FEG) detailing how the company identified visible gold in a drill core (named AGM014) at its flagship Woyla project for the fourth time since commencing drilling at the Indonesian prospect in September 2022.

The announcement came less than a week from Far East Gold intersecting a 11.6-metre-wide quartz zone in the Woyla project’s Aloe Eumpeuk prospect which contained high grade gold and silver mineralisation with assays returning up to 18.46 g/t Au and 1,539 g/t Ag. The results confirmed Far East Gold’s initial findings from surface vein exposures and artisanal mining.

In addition to multiple intercepts of visible gold from a single drill hole (AED002) at Aloe Eumpeuk, this is the third intercept of visible gold in a drill core at the Rek Renti area within the Aloe Eumpeuk prospect. The preceding drill cores returned assay results of 0.5 metres at 81 g/t Au and 734 g/t Ag and 78 g/t Au and 631 g/t Ag.

As at 1st May 2023, Far East Gold has completed two of the six planned drill holes to test two parallel veins at Aloe Eumpeuk’s Mueh quartz vein zone over a strike length of 300 metres. The occurrence of two distinct veins suggests the presence of additional veins that are not exposed at the surface.

Newcrest Mining geologists previously noted similarities of the quartz-adularia colloform texture and crustiform banding seen at Aloe Eumpeuk to textures associated with high-grade vein sections with the Gosowong district in North Maluku which at 6 Moz Au @ >20 g/t Au is one of the biggest and highest grade underground epithermal gold mines in the world.

Far East Gold’s advantage in Indonesia

Considered one of South-East Asia’s most prospective (then) undrilled copper-gold projects, Woyla was previously explored by mining giants Newcrest Mining and Barrick Gold. However, Far East Gold is the only explorer to be able to proceed to advanced exploration and get drills to ground in the entire life of the Woyla Project.

Much of the company’s success so far can be attributed to the Board’s and Senior Management’s rich experience operating in the Indonesian and Asia Pacific mining industry – particularly Chairman Paul Walker, CEO Shane Menere and Non-Executive Director Justin Werner who is also the Managing Director of $2.8 billion Nickel Industries Ltd (ASX: NIC).

Image: Far East Gold

Recently, Far East Gold’s Board and Senior Management, along with a number of cornerstone investors, visited Woyla where they witnessed firsthand the progress since commencement of drilling. The delegation also met with local officials and community stakeholders – relationships with whom were crucial to the progress made in Woyla.

Image: Far East Gold

“It is excellent to see how well managed and advanced this phase of the project’s exploration is progressing. What was especially pleasing was seeing the positive safety culture that exists on the site and the harmonious interactions we had with the local community,” Chairman Paul Walker said.

“Overall the site visit was a great success that was made even better by being there when the drilling team identified another intercept of visible gold.”

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