FEG’s flagship project delivers, visible gold rush continues

Aussie gold explorer Far East Gold Ltd (ASX: FEG) has been digging up multiple instances of visible gold, reporting three separate occasions in May alone at the 24,260-hectare Woyla project in Indonesia – further enforcing the company’s belief in its highly prospective nature.

Aussie gold explorer Far East Gold Ltd (ASX: FEG) has been digging up multiple instances of visible gold, reporting three separate occasions in May alone at the 24,260-hectare Woyla project in Indonesia – further enforcing the company’s belief in its highly prospective nature.

The most recent visible gold hit was identified within a drill core (AGM017) from the project’s Rek Rinti prospect as part of Woyla’s Phase 2 resource delineation drill program focused on the Agam Zone.

Drill hole AGM017 intersected a quartz vein with interpretations of high-grade Au-Ag mineralisation and occurrences of visible gold intersected in holes AGM007 and AGM014, situated about 50 metres and 75 metres to the northeast of AGM017. AGM007 had previously returned an intersection of 0.5m at 81g/t Au and 734 g/t Ag from 201.2m.

Far East Gold believes the identification of visible gold in AGM017 confirms lateral extension of high-grade gold-silver mineralisation in the Agam Zone and continuation of the interpreted east-west trending structure that appears to control the mineralisation.

Image: Far East Gold, plan map of Rek Rinti. ASX release 31 May 2023.

Phase 2 drilling delivering the hits

Woyla’s Phase 2 drilling at Woyla is delivering in terms of the frequency of new discoveries. On 18th May 2023, the company confirmed visible gold at another prospect area, Aloe Eumpeuk, and on 5th May, an instance of visible gold also within Rek Rinti in drill hole AGM014.

The 60% complete 10,000-metre Phase 2 drill program has uncovered five of the six instances of visible gold across Far East Gold’s Woyla campaign, which happens to be the first ever drilling to take place in the project’s 25-year history, despite previous exploration by Barrick Gold and Newcrest.

“Few exploration geologists these days get an opportunity to see visible gold from the drill tip. We now have five instances of visible gold from different drill intercepts across two separate prospect areas at our Woyla project. These are very exciting times for Far East Gold,” FEG’s Chief Executive Officer, Mr Shane Menere said.

AGM014 intersected the interpreted extension of a high-grade Au-Ag mineralized zone intersected in the Phase 1 drillhole RRD004 which had previously intersected a 61-metre (apparent 56-metre true width) wide quartz vein/breccia as part of the Agam zone.

Compiled assays across the quartz /breccia zone returned a 30-metre (drilled width) zone (98-128m) at 3.43 g/t AuEq (2.83 g/t Au, 49.73 g/t Ag), that included 8.1 metres at 8.9 g/t AuEq (102.4-110.5m) and 2 metres at 27 g/t AuEq (108-110m).

Aloe Eumpeuk – another highly-prospective area

Far East Gold confirmed a lateral extension of a visible gold zone from initial scout drilling in another highly prospective prospect area within Woyla – Aloe Eumpeuk. Drill hole AED007 intersected a zone of visible Au-Ag mineralisation associated with ginguro bands within a narrow quartz vein intersected over a drilled width of 0.5 metres.

The extension is part of a 4.8-metre-wide zone of quartz veins and stockwork intersected from a 108.9-113.7-metre downhole and effectively extends the high-grade gold-silver zone intersected in hole AED002 (announced on 1st May 2023) located approximately 100 metres to the north which had returned up to 18.46 g/t Au and 1,539 g/t Ag over a 1-metre interval from 74.5 metres.

Drill hole AED002 intersected two veins as part of the Meuh vein zone with the hanging wall quartz vein intersecting multiple intercepts of visible gold-silver as part of a 11.6-metre wide intersection of multiphase quartz from 75.4 metres to 87 metres. AED007 intersected a single vein.

On May 26th 2023, Far East Gold confirmed the occurrence of high-grade quartz veins south of Aloe Eumpeuk, indicating a the potential for a link up with the Aloe Rek prospect area located to the southwest, significantly increasing the 13-kilometre defined strike length of the Woyla project’s vein system.

Initial sampling of quartz stockwork veins has returned bonanza grade assay results. Detailed mapping and rock sampling at the new Kareung Reuboeh prospect approximately 1.5 kilometres south of Aloe Eumpeuk has led to the discovery of two quartz veins for which assay results indicate significant gold concentration.

“This is a very significant discovery as the veins were not previously identified by historical exploration and effectively confirms continuation of the structural corridor between the Aloe Eumpeuk and Aloe Rek prospect areas and the potential for additional veins within,” Mr Menere said. “Far East Gold will continue to identify drill targets and quickly test them. There is plenty of exploration ahead of us.”

FEG’s assets in Indonesia outside of Woyla

Far East Gold has secured commercial rights for the acquisition, exploration, and development of two other advanced mining projects: the 3,928-hectare Wonogiri and the 12,813-hectare Trenggalek.

Wonogiri has a 1.15 million oz gold equivalent JORC mineral resource comprising 996 thousand oz of gold (53% measured and indicated) and 190 million pounds of copper (43% measured and indicated).

The project has returned ‘excellent’ metallurgical results of up to 89.0% recovery of gold and 93% of copper via flotation, with potential for 55% recovery of gold by gravity. The company believes the project has potential for near term mine development.

Trenggalek has been identified as a Top 3 Priority greenfield gold project by the Indonesian Government (ESDM). It has multiple prospects, many of which remain undrilled and holds a significant database of previous exploration work, including some with Anglo American (2012-2014).

Strong support from government and community

FEG’s board of directors and senior management met with the regional leaders of the Pidie Regency of Aceh Province where Woyla is located, and explained its commitment to the Woyla project in balancing the importance of safety as well as environmental stewardship and enhancing the local community.

Currently, a large portion of Woyla’s exploration support services is being sourced through the local communities via a co-op program initiated by FEG to assist in enhancing local prosperity and capabilities.

The company interacted with Pidie Regent Wahyudi Adisiswanto, district and senior village leaders, accompanied by the Pidie Police Chief and the Commander of the Army (Dandim), who collectively agreed with Far East Gold’s approach to community and public relations, and noted it was the ‘first time they could meet directly with the senior management of companies operating in their area, different from the companies before FEG.’

The Pidie Regent expressed his gratitude for the Company’s commitment to investing in Aceh and his hopes that FEG will commence production at Woyla, in order to improve the welfare of the surrounding community. The Police Chief and Dandim also offered their full support to FEG in conducting its operations.

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.

 

This Week’s News

News

16 April 2024

Gold at record highs – so why aren’t gold stocks?

News

22 November 2023

Rare Earths Industry Review: Part 2

News

22 November 2023

Rare Earths Industry Review

General Advice Warning

Any advice provided by Reach Markets including on its website and by its representatives is general advice only and does not consider your objectives, financial situation or needs, and you should consider whether it is appropriate for you. This might mean that you need to seek personal advice from a representative authorised to provide personal advice. If you are thinking about acquiring a financial product, you should consider our Financial Services Guide (FSG)

including the Privacy Statement and any relevant Product Disclosure Statement or Prospectus (if one is available) to understand the features, risks and returns associated with the investment.

Please click here to read our full warning.