News

Gold explorer gathers momentum with projects here and abroad

August 3, 2022

Gold explorer gathers momentum with projects here and abroad

ASX-listed exploration company Far East Gold has taken further steps towards initial drilling at its highly prospective Woyla project in Indonesia following promising epithermal sample metallurgical test results and formal government approval on air emissions.

ASX-listed exploration company Far East Gold has taken further steps towards initial drilling at its highly prospective Woyla project in Indonesia following promising epithermal sample metallurgical test results and formal government approval on air emissions.

In its June 2022 quarterly report, the company announced that the initial drilling program is proposed to be conducted by government agencies to evaluate Indonesia’s energy and mineral resources and assess their potential value to the country.

To better understand how gold is distributed within the Woyla project, the company completed a five-sample study, which confirmed the presence of gold in all the defined Woyla vein systems consistent with high-grade, low-sulphidation type epithermal vein deposits.

“Woyla is one of the most highly prospective undrilled copper-gold projects in South-East Asia,” chairman Paul Walker said.

“It represents an opportunity for Far East Gold to secure its place alongside globally significant explorers.”

Far East Gold currently holds 51% interest in the project, which will increase to 80% following the completion of a feasibility study and JORC resource estimate.

Also in June, Far East Gold received technical government approval on its environmental management plan for the Randu Kuning deposit in Wonogiri, which shows high gold recoveries of 96%, with 75% of the gold recoverable by gravity – suggesting fast and low-cost recovery.

The company now only needs to secure a final approval for toxic and hazardous waste management to receive its environmental permits for the Wonogiri project and is continuing to evaluate proposals for mining infrastructure and processing plants.

New discovery unearthed during Cultural Heritage surveys

Closer to home in Queensland, a new zone of epithermal-type quartz veins was discovered in Far East Gold’s advanced Hill 212, where the company is undertaking an initial 2000-metre drill program – part of 50 finalised locations for drill holes.

Geological survey results from Q4 FY22 led to the discovery of the new quartz vein and breccia zone titled ‘Bobcat’ with vein textures larger than previous veins sampled suggesting a deeper level of formation.

Hill 212 is within the same geological region as the Pajingo Gold mine, which has produced more than three million ounces of gold at 10 grams per tonne.

Far East Gold has mapped only 25% of the potential 10,000 metres it has traced across a structural corridor believed to contain quartz veins and breccia zones.

The Hill 212 drill program is scheduled to begin in early September and the company has issued a notice of exploration to the Jangga people in relation to the program.

Contiguous to the Hill 212 project tenement, the company’s early-stage Bluegrass Creek project was previously explored by mining heavyweight BHP and mapping suggests the possibility of Hill 212’s epithermal veins extending into the tenement along with similar qualities. 

At the Mount Clark West property, also in Queensland, a plan has been finalised to complete a 21-line kilometre highly advanced MIMDAS geophysical survey – which will commence in July 2022 and be used to identify drill targets.

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 may receive fees for its services.

Sources


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.

Investor Briefing

Learn how data centres are shaping Australia's business growth

Leave a comment