Far East Gold (ASX: FEG) has made a major greenfield discovery at their flagship Woyla project, with bonanza gold and silver grades being received in the first round of assays, reaching up to 78g/t Au and 631g/t Ag. 

A standout assay of considerable width intersected at Rek Rinti came in at 30m @ 3.43g/t AuEq from 98m, including 8.1m @ 8.9g/t AuEq from 102.4m and 2m @ 27g/t AuEq from 108m. 

Another significant discovery hole at Rek Rinti came back with 13m @ 4.9g/t Au, 68.6g/t Ag including 7.6m @ 8.1g/t Au, 113.8g/t Ag and 0.5m @ 78g/t Au, 631g/t Ag. Anak Perak also came back with significant assays, intersecting 10.75m @ 3.2g/t Au, 10.4g/t Ag, including 3.5m @ 7.8g/t Au, 17.5g/t Ag and 0.3m @ 24.91g/t Au, 25.2g/t Ag. 

Woyla has never been drilled before, and FEG have managed to successfully produce a discovery hole in three different veins across two separate vein systems. Importantly, FEG reported that the mineralised zones intercepted remain open along strike and to depth.

They also advise that there are still more assays pending from the first phase of the drilling campaign, but the company has already confirmed the interpreted nature of the deposit. It is clear that high grade mineralisation occurs in quartz textures, and the styles of mineralisation are consistent with both what was observed from surface sampling and what has been identified at other high grade low sulphidation quartz vein systems. FEG has now confirmed that Woyla has the potential to host a significant gold-silver resource.

Woyla is located on the highly prospective Sumatran Fault, which hosts numerous other multi million ounce deposits of the same structure. Its structure is remarkably similar to Gosowong, the world renowned behemoth of a 7Moz gold resource, that has already produced over 6Moz as stated in their 2021 press release.

Very detailed exploration is usually required to identify high grade vein type gold deposits in tropical climates, so the FEG team has so far accomplished their goals on their first drilling campaign. Newcrest Mining and Barrick Gold tried for years to get drilling permits for Woyla (but were not able to).

Far East Gold still has drill rigs working on both Anak Perak and Rek Rinti, with a total of 28 out of 32 holes completed so far. Once the company has received all the assays, they will finalise the phase two plan and launch into a resource definition drilling campaign that will hopefully put Woyla on the map as a significant South-East Asian precious metals deposit.

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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.

Sources

• • ASX Announcement, Woyla project update
  • NHM, Resources and reserves
  • Discovery and exploration of the Gosowong epithermal gold deposit, Journal of Geochemical Exploration